Mainland Machinery Ltd

Canadian Women in Oil and Gas Industry

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Canadian Women in Oil and Gas IndustryCanadian Women in Oil and Gas Industry

Women have traditionally been a minority in mining, especially in executive leadership positions. However, there has been a change in recent years as many mining companies are altering their attitudes towards women in the industry. Many studies have proven that women have certain superior qualities to men. Therefore, including women in any working group, results in better performance. As oil and gas companies have recognized the benefits of including women in the oil and gas industry’s work force, it has become one of the main reasons that the Canadian oil and gas industry has seen a spike in female recruitment.

Current Statistics of Positions Held by Women  

The Canadian mining industry was among the first to include women in mining work. Women participating, in what was traditionally a male job, have been recognized in Canada for several decades now. Women began entering the male dominated industry with the modernization of mining equipment, which made mining easier and safer. Since then, many other industries have followed suit as it has become clear that women are capable of handling most jobs when offered the opportunity. Women are encouraged to take up jobs in both administrative and manual positions. Currently, women take up 19% of the positions in the mining industry, with 12% filling senior executive positions and 6% in board of director positions. Although the oil and gas mining industry still accounts for a smaller number of women, intensive efforts are being put in towards encouraging women to join the petroleum industry. The efforts have not gone unnoticed, with each of the four petroleum related programs doubling enrollment over a 10 year period.

Gender Dis-aggregated Enrollment in Petroleum-Related Programs University of Calgary

Program 1987 Enrollment 1997 Enrollment
 Chemical Engineering Total: 123 Female: 20 (16.3%)Male: 103 (83.7%) Total: 211 Female: 76 (36.0%)Male: 135 (64.0%)
 Geology/Geophysics Total: 183 Female: 40 (21.9%)Male: 143 (78.1%) Total: 192 Female: 79 (41.1%)Male: 113 (58.9%)

Source: NSERC/Petro-Canada Chair for Women in Science and Engineering, Department of Geo-metrics Engineering, University of Calgary University of Alberta

Program 1987 Enrollment 1997 Enrollment
 Chemical Engineering Total: 123 Female: 20 (16.3%)Male: 103 (83.7%) Total: 211 Female: 76 (36.0%)Male: 135 (64.0%)
 Chemical Engineering Total: 194 Female: 37 (19.1%)Male: 157 (80.9%) Total: 270 Female: 95 (35.2%)Male: 175 (64.8%)
 Geology Total: 120 Female: 24 (20.0%)Male: 96 (80.0%) Total: 117 Female: 41 (35.0%)Male: 76 (65.0%)
 Geophysics Total: 29 Female: 4 (13.8%)Male: 25 (86.2%) Total: 20 Female: 9 (45.0%)Male: 11 (55.0%)

Sources: Office of the Registrar, Institutional Analysis, University of Alberta. Faculty of Science, University of Alberta Reasons Behind the Increasing Demand for Female Workforces

Gone are the days when women were thought to only be good at housekeeping. There have been many studies that have proven that in regards to business, women are even more successful than men. It has been proven that males and females do thing in different ways; bringing out some important benefits, if harnessed in the correct manner. A study done in 2012, Leadership: Women Do it Better than Men by Jack Zenger and Joseph Folkman, clearly demonstrated that women excelled in 15 of the 16 characteristic required to be an excelling leader. This also means that work groups that have more women, tend to be more successful than those bearing fewer women. This is linked to certain skill sets which women tend to have, that are shown to be superior to men in planning and working. Below are some of these important aspects:

  • Strategic planning : The Zenger and Folkman study clearly demonstrated that women tend to be better strategic planners then men. The study showed that men tend to want to continue trying a certain approach, even after falling twice or trice, with the hope of finding a solution. Women will return to the drawing board and attempt to determine what went wrong the first time round, which results in less time lost and more money saved.
  • Risk management: Women also scored higher ratings when it came to risk assessment and management. The study did not go further to determine what made women better at taking more calculated risks, but hopefully future studies will determine the reason. Risk management decisions made by women tend to bear half the risk linked to decisions made by men.
  • Openness to new ideas and approaches: Women are also much better at learning new skills that they are interested in. They showed an overall better willingness towards learning and developing new ideas and approaches linked to the projects at hand.
  • Better at emotional management: Another very important skill that women tend to be superior at is emotional management. Unlike men, who get overwhelmed by anger or excitement, women tend to remain calm until the task is completed. This was clearly demonstrated in games held between the men and women, whereby the women retained focus on the competition at all stages. On the other hand, men came under pressure towards the end or when competition was intense, causing them to make major mistakes and even lose.
  • Better financial acumen: Finally, comes money management. Most women tend to plan and spend limited financial resources in a better way than men. Women planned to spend the money with long term plans in mind, while men tended to observe the shorter term perspective, resulting in financial shortfalls over the long term.

Scope for a Female Workforce Improving the Canadian Oil Mining Industry The above are just a few of the skills that make women strong contenders for enrollment in the Canadian oil and gas industry. In February 2014, the female leadership program offered $250,000 in federal funding towards female scientists and engineers, as a way of attracting more women to take up petroleum and mining related programs in the future. The increasing influx of women getting involved in traditionally male dominated jobs is on the rise across all industries; with many observing major positive changes. It’s important that not only the Canadian oil and gas mining industry consider including more women, but all Canadian industrial sectors.

Mainland Machinery Ltd

Canadian LNG Exports: Asia Seeking LNG

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canadian lng exportsCanadian LNG Exports: Asian Buyers Seeking LNG

Liquid Natural Gas, or LNG, has seen a sharp rise in consumption in recent years. With Canadian gas deposits considered to be the largest in the world, most developed and developing nations are in the bid to secure the LNG from Canada for a cheaper price. Due to countries like China and India going through a period of booming development, as well as the recent need for energy after the Fukushima nuclear disaster, Asia has the largest demand for LNG. Therefore, the race to secure cheaper Canadian gas deposits is at the top of Asia’s agenda.

Rapid Development in India and China

Currently, India and China are the most rapidly developing countries, resulting in an insatiable demand for energy to drive the countries and their industries. Both countries mainly use LNG for domestic cooking and heating purposes. However, in India, a new source of demand has been noted in recent years.

With the government stepping up on environmental pollution, many vehicles are being converted to use liquid natural gas. This demand is spiking the countries need to secure the gas at lowered prices. LNG being used in the automobile industry, coupled with domestic use, has resulted in huge demand for a new supplier. This has prompted India to be among the biggest contenders in looking to secure Canadian gas contracts.

The Recent Nuclear Disaster and Energy Shortage in Japan

Japan has been driven by nuclear energy for several decades, with the country rarely considering importing or using other forms of energy or fuel. The recent Fukushima nuclear disaster resulted in the closure of all nuclear energy plants in Japan, which has literally ground the country to a halt. However, industrial development, manufacturing and consumer electrical consumption hasn’t abated; so they have resorted to using other forms of energy, one being LNG. This has also brought Japan in to the competition to secure LNG supply contracts from Canada. As they are facing an extreme energy shortage, they have been aggressively trying to negotiate Canadian gas contracts.

Group Purchasing Power

Since it’s clear that Asian countries show the highest interest in Canadian gas, it’s important that the involved nations consider taking a different approach towards securing the LNG contracts. Rather than scrambling to secure individual contracts, it may be worthwhile to approach negotiating the contracts as a purchasing group. Thus, allowing them to bargain for LNG contracts as a group, cutting off competition amongst themselves and ensuring they both get the LNG contracts for the same price and equal quantity.

As the gas reserves are found in BC, the money involved in the projects is huge. This would be considered the largest spend in the history of British Columbia for its natural resource. The prospect of billions of dollars in investments, high paying jobs and the potential of erasing government debt, has made this a high profile issue for the province.

Mainland Machinery Ltd

Potential Marine Port Trucking Crisis

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marine port trucking crisisPotential Marine Port Trucking Crisis   

Could there be a crisis in the North American port trucking industry? According to Phil Davies of Davies Transportation Consulting, there is. The recent strike taken by Vancouver port truckers could be just the tip of the iceberg, according to Davies. In fact, truckers engaged in a stoppage at ports in New York, New Jersey, Georgia, and Seattle.

One of the primary areas of concern has to do with the reduction of productivity across many North American container terminals. In markets with weak numbers, terminal operators are forced to bring their own labor costs under control. Obviously, the truckers will be the first to take a hit and that doesn’t sit well with that group.

Another issue appears to be time management. There are too many trucks sitting idle outside of terminals because of a rise in turn times (PDF report). Since truck owners are paid by the trip, anytime they are delayed because of terminal congestion, it costs them money. They want to get in and get out as quickly as possible.

In a recent report, Phil Davies points out various factors that can contribute to poor productivity in truck handling. These include the following:

  • Large container ships: When larger container vessels become the focus of a terminal, congestion is created as resources are deployed for those kinds of ships; while others wait their turn.
  • Restrictive union contracts: The average shift for a truck gate is 8 hours. Apparently, that’s only the situation in North America. Around the rest of the globe, you’ll find that gate operations are ongoing around the clock. One of the reasons that North American operations haven’t adopted this strategy is because of challenges with adapting long-shore collective agreements. At current contract rates, it becomes cost prohibitive to incur overtime. Ironically, this is what is contributing to those longer turn times which the truckers have an issue with.
  • No proper incentives for efficiency: A lack of financial incentives at North American terminals means operators aren’t likely to go the “extra mile” to change the status quo. Down under, at Port Botany Australia, financial penalties that are tied to mandatory performance standards have actually dropped the turn times to 30 minutes or less. Compare that with the average 64 minute turn time at the Port of Vancouver and the 90 minute turn time at Los Angeles and you can see why those incentives could motivate better productivity.

Then there is the issue of the logistics service “blame game” to contend with. This crisis factor was highlighted in the Surface Transportation Annual Review 2014. This survey found that the warehouse distribution centers laid blame with the rail sector for delays. On the other side, the container sector found fault with the level of service delivered from drayage companies.

Clearly, these entities need to be brought to the table for a dialogue about how to improve the situation. None of these problems are insurmountable, as long as concessions are made and everyone keeps their eye on the big picture of improved productivity. 

Mainland Machinery Ltd

Mining Company Challenges

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mining company challengesMining Company Challenges

There is no escaping the reality that mining is an extremely complex business. From exploration to processing, staffing, equipment management, and environmental policies that have to be dealt with on a daily basis, there are many challenges that mining companies face. Just when a mining operation gets up and running, it could be hit with a drop in commodity pricing. This type of unforeseeable economic issue can have a huge impact on a mine.

Does this mean that any startup mining company needs to throw in the towel? Not at all. In order to avoid a disruption in their operations they just need to be aware of how to tackle these issues head on.

The Mining Workforce Gap

A recent report issued by the Society For Mining, Metallurgy and Exploration (SME) found that by 2019, mining operations will need to find upwards of 80,000 new workers to take the place of the retiring workforce. Right now in the US, accredited universities are handing out degrees to around 140 mining engineers each year. To meet the employment demands of the future, those numbers need to hit around 300 engineers.

To fill these widening gaps, the mining industry has to step up its recruitment programs. Many high school graduates haven’t chosen a particular career path. These students are potentially suitable for mine employment, assuming the proper development and training is pursued. It may come down to a matter of providing more high schools and community colleges with the resources and information needed for these undecided grads to make an informed decision about joining the mining industry. If they have the facts about the rewards and benefits, it will be easier for them to make a decision about joining the family of mining operators.

The Water Supply Problem

Not many people outside of the mining industry realize how crucial water supplies are to the excavation process. The United States Geological Survey found that in 2005, up to 4,020 million gallons of water were being used every day in mining operations. How is this a challenge for mines? The first area of concern is availability. Just because a site is rich in ore doesn’t mean there will be easy access to water sources. There are several mining operations that compensate for water stress by utilizing seawater. However, this needs to be done with caution as the corrosive nature of seawater needs to be taken into account.

Even before the first tunnel can be dug, management needs to develop the proper simulation models for how they’ll gain access to water. This certainly can’t be an afterthought. Then, the challenge is to build a model of an interconnected system that deals with all the factors pertaining to water use. These include recycling, potable water, public supply, and process control. Also, there are the external issues, such as the impact of climate change on available water sources, which need to be factored in.

Finally, there are a slew of regulations around water supply issues that every mining operation has to contend with. Even when it seems everything has been sorted out, those regulations could change what would upend the models. That’s a lot to figure out.  

 

Mainland Machinery Ltd

“The Story of Oil” Historical Video

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“The Story of Oil” Historical Video

Thanks to our ever informative friends over at the BOE Report, we stumbled upon this interesting historical video of Alberta’s Southern Oilfields in the 1940’s.

Story of Oil was actually shot in 1947, making it worth the quick watch based on this fact alone! Delving into the story of Alberta’s Turner Valley, the film speaks to topics from exploration through to drilling and completion.

An interesting watch, and a look at how some things in the industry may have changed, but many things – such as the search for oil itself – has not.

Take a look!

Mainland Machinery Ltd

Marine Industry Supply Chain: Tips for Better Optimization

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Marine Industry Supply ChainMarine Industry Supply Chain: Tips for Better Optimization

Getting a product from manufacturing to a store shelf requires a solid supply chain logistic strategy. A weak link involved in the supply chain could cause a complete collapse of the entire system. That is why it is vital for businesses to embrace the following nine items as a kind of marine industry supply chain logistics checklist.

  1. Set Objectives: For their supply chain to be effective, a company needs to have a clear picture of the end game. Yes, it’s about moving goods. However, there are other factors like managing labor fees, transportation costs, and environmental impact that have to be considered when developing these strategies. All of the costs associated with the shipment of goods are “hard numbers” that should be easy to access and update.
  2. Computer Models: Utilizing a thoroughly integrated computer program to analyze data is extremely important for companies who are developing their supply chain logistics. It’s a way of seeing how things will work, before they are put in to practice. The right model should allow a company to predict the costs of a specific shipment based on inventory weights, routes, and even weather conditions.
  3. Embrace the Variables: Even the best model can’t predict the unpredictable. A strong supply chain needs to be able to adapt to the unforeseen. For instance, would your company be able to compensate if a shipment was stuck in a snowstorm for 72 hours? It has happened.
  4. The Right Data: It all comes down to the numbers. Without the right set of data points, your optimization programs will fail. All the factors need to be included in the algorithms you’ll develop for your supply chain formulas. Those factors also have to be current and easy to access.
  5. Total Integration: In order to promote total integration, all of the collected data needs to seamlessly transfer between programs. Keeping track of shipments between ports, warehouses, and retail outlets requires inputting data about orders, sales, operational fleet size, routes, and drivers. Since all of those data points could be coming from different sources, you can see the need for integration. Your clients need to be able to track their shipments from end to end.
  6. Execution: Just because you’ve worked out a comprehensive supply chain strategy doesn’t mean it will be easily implemented. The best strategies are those that can be easily adapted by everyone involved in the supply chain. The real test would be if you were to go on vacation. Can your system be handed off without triggering a breakdown in the chain?
  7. Staff: You’re not going to be able to simply hit “enter” and have all of the information instantly utilized. Your staff needs to become proficient with the use of your models and with importing data. In other words, don’t make things too complex. Also, factor in the need to provide training for your staff. There will be a learning curve.
  8. Monitoring: Once things are up and running, your supply chain will require constant monitoring. There has to be room to make adjustments that suit the business, without alienating customers. Even the best supply chains can benefit from reviews. In other words, there is always room for improvement.
  9. Return on Your Investment: While there are hundreds of cheap boilerplate contracts and purchase order templates that can help keep costs down, your supply chain optimization system is not going to be free. You can utilize established platforms, but you’ll still need to invested time and money into making these programs work for your specific company. Before you proceed with a supply chain overhaul, an honest assessment of your needs is required. This will help to ensure the best return on your investment. If that means bringing in outside help or going offline with your shipments, then that’s what you’ll have to factor in to your bottom line.
Mainland Machinery Ltd

Confined Space Mining: Safety Tips

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confined space miningConfined Space Mining: Safety Tips

It’s a known fact that mine work is among the most dangerous types of employment on the planet. Due to the volatility of underground mining, working in mineshafts is unpredictable, with potential hazards occurring on a daily basis.

Mineshafts require proper ventilation. The deeper the dig, the more chance for those ventilation lines to breakdown. Proper exit paths also need to be established, well in advance of any work beginning. Proper preparation and planning must be carried out. Furthermore, operators and management should apply caution at all levels of the mining process. In doing so, staff is contributing to the goal of their mining operations being consistently injury-free.

There are many official classifications for “confined space” in a mining operation. What is agreed upon is that a confined space will require safe oxygen ventilation and some level of airborne contaminant filtration. During the course of a shift, mining operators can work in many types of confined spaces; therefore, different types of awareness and protection are needed.

The first level of precaution should come in the form of proper signage. Once a space has been deemed as “confined,” it should be identified with a sign, lock or some other type of restricted access barrier. You don’t want workers wandering into a confined space that has been deemed dangerous without taking the necessary precautions. Furthermore, keeping unnecessary workers out of these areas will keep accidents at bay.

You may find it helpful to conduct your own ongoing field observations of any confined spaces you’re assigned to work in. There should be inspectors performing these tasks, but you’re well within your rights to do your own investigation. You should check that monitors are working properly and have recently been calibrated. This is especially vital for gas monitors. If the confined space requires mechanical ventilation, then oxygen levels should be constantly checked for variances. Before heading into a confined space for work, you’ll want to be informed about any additional resources, like water, that have been found in that zone. Additionally, you’ll need to inspect any type of equipment that might generate heat or gasses.

Finally, you need to insure that all communication devices are working properly. All of this might seem like a lot of work before your shift, but confined space safety is not something you want to take for granted.

Every confined space work area should have a security guard posted outside. This shouldn’t be looked upon as an “apprentice” position, but instead as a job that demands diligence. Has your patrol been properly trained? Have they been certified with any type of special training? Do they know how to react to an emergency?

Getting into a confined space for work is not as important as getting out of that space, should a rescue be required. When was the last time someone inspected all the rescue equipment? Has there been any evacuation drills conducted in the mine? Not only should you be aware of all of these elements, but everyone working at a mining operation needs to be certified for confined space work.

Mainland Machinery Ltd

South Korea Free Trade Agreement with Canada

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south korea free trade agreementSouth Korea Free Trade Agreement with Canada

Canada has long held a leadership position with regard to delivering valuable energy commodities across the globe. Recently, South Korea has become one of Canada’s key free trade partners. The South Korea Free Trade Agreement represents the first of its kind with an Asian nation. This is going to be good news throughout the Canadian economy. The Mining Association of Canada has come out in strong support of the Canadian federal government’s efforts regarding the historic new agreement that was just signed into law.

The goal of the Canada-Korea Free Trade Agreement (CKFTA) is to establish a conduit between Canadian businesses and workers to distribution points in South Korea. Presently, South Korea generates an annual GDP of $1.1 trillion. It also has a growing population of around 50 million. That would mean 50 million potential customers for Canadian goods, services and energy resources.

The support from the Canadian mining industry is due, in no small part, to this trade pact’s reduction in tariffs. As it stands, the tariffs are in excess of 8% for various types of metals. Iron, aluminum and nickel ore are all impacted by those tariffs. When all the kinks in the agreement have been worked out, Korean importers will wipe out duties on 98.2% of their tariff lines. That will have a direct impact on the vast majority of Canadian imports. When you consider that the typical amount of a Korean tariff hovers around 13.3%, then it’s clear that having those taxes taken out of the equation is going to mean a huge boost for businesses that are set up to export into South Korea.

In 2012, the levels of mineral exports sold from Canada to South Korea was in the vicinity of $1.8 billion CAD. Of that amount, coal was the largest commodity with sales totaling out at $1.1 billion CAD in 2012. The rest of the sales were from aluminum, copper, nickel, and zinc.

Right now, South Korea ranks at number seven for Canada’s merchandising trade partner.  This makes it the third largest importer in all of Asia. Add up all of the merchandise that flowed from Canada to South Korea in 2012 and you’ll hit a total of $10.1 billion CAD in sales. Free trade agreements have already been established between South Korea, the U.S. and the European Union. It’s time that Canada gets a piece of that lucrative pie.

Mainland Machinery Ltd

Marketing Shipping Ports: International Branding

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marketing shipping portsMarketing Shipping Ports: Internationally Branding Your Shipping Port

Branding isn’t just for products like toothpaste and sodas. It is also an essential element to help a shipping port have a strong presence in a very competitive global marketplace. Some ports seem to operate under the assumption that they only need be up and running in order to attract business. The underlining thought being “where else are the ships going to go?”

Nonetheless, branding a port’s identity can help build on a solid reputation and open the doors for new business. It’s all about taking a “forward looking” approach to port operations. For a port operation to develop a comprehensive branding strategy, they first have to identify their customers. This isn’t just about continuing the relationships that have already been established; this also requires meeting the needs of new and potential clients. What are they going to be looking for from a port? Is it about the volume of business it can handle? Safety concerns? Environmental impact? All of those elements can be part of a port operations brand.

A key component of marketing shipping ports is managing expectations. A company has to be able to deliver on the promises it makes to its customers. In the shipping industry, that could come down to a matter of successfully handling traffic. Can you consistently offload and process containers in the amount of time you’ve estimated? Meeting expectations supports your brand and that can be highlighted in all types of marketing materials. Consider FedEx’s slogan, “When it positively has to be there overnight.” That is a simple promise to make when you consider the services they offer, yet it is what FedEx’s entire business is built around. A port should strive for that same approach in their branding efforts.

Assessing the competition is also key in helping a port develop a strong brand. What is your port operation offering that is different from your competitor? This type of approach is important for smaller operations who are hoping to step up into the big leagues. You need to find a way to stand out from the pack.

This doesn’t mean you should overreach. Many ports like to position themselves as a global and local type of operation. Can you be both? Actually, you can. However, it will help to build upon one of those facets before going overboard. For instance, if you can establish open communication with local community leadership on issues such as infrastructure expansion and its environmental impact, you’re creating a brand that proves your commitment to your business’s community. That is a positive message that can be built upon for a global audience.

A company’s history can also play a vital role in brand identity. If a port can find a way to tell their story in a compelling manner, then foreign customers will appreciate the longevity and dependability of that operation. Experience matters and that is what should be conveyed through any branding message.

Revitalizing a port’s brand isn’t the type of project that should be undertaken internally. There are many successful marketing companies that can help a port reshape and reimagining their brand. Those same consultants can plan out an entire campaign and provide the support to launch those marketing strategies. Try to name several port operations. Chances are the ones that are at the top of the list are also the ones who have done the most work with their branding efforts.

In the end, the time spent carefully thinking and planning out the brand of your port will be worth the investment if it means more customers.

Mainland Machinery Ltd

2014 Metal Prices: What does the year hold?

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2014 metal prices2014 Metal Prices: What does the year hold?

If the coming year follows the mining trends of 2013, then the industry is in for a bumpy ride. The final numbers are being crunched from last year’s Dow Jones-UBS Commodity Index and they paint a bleak picture. The 22 commodities that make up the core of the index dropped in value by 9.6% in the last year. This is the third year in a row in which these markets posted a loss. Over at Standard & Poor (S&P), their review of the 24 raw material that make up the GSCI Spot Index posted a 2.2% drop in price value. Although by most measurements that is low, it also represents the fifth straight year of losses.

Consider some of these specific commodity postings:

  • Corn dropped 40% in value, despite a record US harvest;
  • Gold fell 28% in value;
  • Silver lost 36% of its value.

Add it all up and the total loss across the entire commodities markets was close to $88 billion. It didn’t help that investors took out $36.3 billion from these markets. Ironically, the S&P 500 posted its biggest increase since 1997. It was up 29.6% for 2013. As for the Dow Industrial Index, it too is consecutively posting record high numbers.

What does all of this mean for mining companies this year? Not many financial experts are expecting gold to rebound, unless there is some sort of global crisis that could trigger a rush on the market. The same can be said for silver prices, which have remained stagnant throughout all of last year.

In the coming months, all eyes will once again be on China to see how their economic slowdown might impact global supply and demand trends. Down in South America, indications are that there will be an overflow of copper and iron ore commodities.

The same can be said for Australia’s iron ore industry. Look for gains in those sectors by the end of 2014. The supply and demand for raw steel ingredients is probably what contributed to iron ore putting up a strong finish of $134 per ton. That is up from a low of $110 per ton, the rate at the midpoint of 2013.

The nickel market is looking like it might actually up production to 2m tons by 2015. That’s a significant increase from the 1.4m tons that were produced in 2007. Of course, if Indonesia goes through with a ban on ore exports, the entire nickel industry could be upended.

Recent mine closures could help improve the prospects of the zinc, lead and tin industries. The hope is that the demand in developed markets will also be a contributing factor to increase the value in those sectors. Thanks to new vehicle design in certain European markets, there could be significant gains posted for platinum group metals.

It certainly looks positive for Canadian miners, however, the market volatility will change the way companies do business if they want to be profitable. Indications that inflation, volatile commodity prices and decreased productivity (especially with the talent crunch) levels are just some of the challenges mining firms will continue to face in the next year. Waiting out the volatility won’t help, rather pursuing innovation will help both juniors and big companies handle a challenging 2014.