How To Hire Mining Executives

The mining industry is one of a kind.  Because of this, it needs specialized leaders who have extensive knowledge of the mining process, the lifecycle of a mine, the funding process, and the promotion.  Your requirements in terms of experience, knowledge, and skill might differ from one executive role to the next, depending on what you’re looking for.  Therefore, let’s investigate the factors that must be considered when selecting mining executives.

Executives in mining need to understand the industry

Mining is a complex and capital-intensive industry with a long time horizon.  The typical mine lifecycle extends over several years, often over a decade.  Executives in the mining industry need to take a long view, understanding the risks and opportunities that come with such a timeline.  They also need to be comfortable with the inherent uncertainty in an industry where commodity prices can fluctuate wildly and where projects can be delayed or canceled due to changes in regulation or other factors.

Mining executives also need to be familiar with the financing process for mining projects.  Mining is a capital-intensive industry, and most projects require a significant upfront investment.  This can be a challenge for mining companies, as they often need to raise capital from various sources, including equity investors, debt markets, and government agencies.

Finally, mining executives need to be able to promote their projects effectively.  Mining is a competitive industry, and companies need to stand out to attract potential investors’ attention.  This requires a deep understanding of the market and the ability to articulate a clear value proposition.

Understand Their Role in Your Business

When hiring a mining executive, it is important to understand what role they will play in your company. There are a variety of executive roles in the mining industry, each with its own set of skills and experience requirements.

The most common roles include:

• CEOs: responsible for the overall strategy and performance of the company
• CFOs: responsible for the financial planning and management of the company
• COOs: responsible for the operational planning and execution of the company
• VPs of Exploration: responsible for the identification and evaluation of new projects
• VPs of Development: responsible for overseeing the development of new projects

Establishing the responsibilities of the roles currently in your business and understanding your knowledge gaps will help you find the best addition to your team.  I suggest your leadership team explore questions such as:

• What will they be responsible for?
• What will they be measured on?
• Who will they report too?
• What would success in their first three months look like?
• What would success look like after their first year?
• Where do they need to be located?
• What experience should they have? Open pit? Underground?
• What country/regional experience do they need?
• Is there anything a candidate in that role would have that would make them an immediate no or a less valid candidate?

Taking the time to do this as a team will reduce bias in your selection and help your search team and executive search consultants find better candidates faster.