Deloitte published a good article relating to financial strategies as operating and capital costs rise.
1. Use data analytics tools to track hidden costs, gaining ability to reduce costs.
2. Automate: There are now many tools out there to reduce labor costs while improving productivity at the same time.
3. Streamline operating models to take advantage of synergies in core areas such as HR, finance and IT.
4. Adopt reliability-centered maintenance programs: sometimes, repairs in major components in equipments cost more than planned overhaul; adopting a good maintenance program will not only make the mining companies have constant productivity control, but also reliable equipments.
5. Streamlining supply chain logistics perspective from pit to port to customer is incredibly important in saving millions of dollars by efficiently managing inventories.
6. Collaborating – one company doesn’t necessarily have to do all upstream, midstream, and downstream work alone; collaborating with industry peers will not only have effective processing, but you will also be sharing the costs – thus minimizing it.