Which US presidential candidate does gold prefer?
Gold loves chaos and should be hitting new highs, especially with inflation coming down and with it, two rate cuts likely before year’s end.
One of the more exciting developments in the last few decades in the mining industry has been the use of mathematical models, geostatistics and other management science and statistical methods to create tools that can be used in the decision making process for engineers, managers and shareholders.
Traditionally, mine plans were done iteratively, making adjustments to plans little by little until a schedule was developed. However, professionals were unable to make sure their plans were mathematically optimal. Mine plans done with this approach may be developed unsystematically and with biases. Potential errors may propagate through an unsystematic way of developing schedules.
Today, professionals can improve their valuation by using Geostatistics, a group of techniques that model spatial processes and allow estimation of values at unsampled locations.
You can also learn how to do it, by taking EduMine’s upcoming Practical Geostatistics short course, to be held from April 20 to 22 in Vancouver, Canada.
The three-day course takes interested students from no knowledge of statistics or geostatistics to understanding the mysteries of ordinary kriging and its variants in 24 hours. This is a classroom course and includes manual exercises to reinforce understanding of the techniques.
Students don’t need a mining background, as Geostatistics are currently used across several sectors, such as hydrology, ground water and air pollution, soil science and agriculture, forestry, epidemiology and weather prediction.
This hands-on course will be run by expert in the field, Dr. Isobel Clark, and it is not recommended for specialist geostatisticians, but rather for those who wish to use geostatistics to enhance their practical applications or research.
