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Navigating the Complex Terrain of Capital Project Management

Navigating the Complex Terrain of Capital Project Management

Managing capital projects in the mining and oil & gas world is like captaining a ship through unpredictable seas. These industries are giants that operate on a massive scale, where the risks are big, but the potential for reward is bigger. Projects here can be incredibly complex, with a constant push and pull between staying on budget and navigating the unpredictable—be it deep underground or miles offshore.

When you’re dealing with projects in these sectors, uncertainty is part of the daily routine. You might hit unexpected geological formations, see the market price for oil dip overnight, or face new environmental rules that change your game plan. Project managers need to be quick on their feet, ready to dodge these curveballs while keeping everything running smoothly.

Design consistency is more than just sticking to blueprints. It’s about keeping everyone, from engineers to drill operators, on the same page, ensuring that every piece of the project is safe, up to code, and built to last. It’s critical to avoid any do-overs that can cause delays and inflate budgets.

Governance isn’t just corporate red tape. In these industries, it’s about making sure that every step of the project ticks all the boxes for regulations, safety, and environmental care. Good governance is what keeps a project transparent and trusted by everyone involved, from investors to local communities.

Cost management is a tightrope walk. Projects in mining and oil & gas are expensive, and keeping the cash flow in check without cutting corners is an art. It means making smart, strategic decisions that pay off in the long run and keeping quality at the forefront so you don’t pay for it later.

Quality and safety go hand-in-hand, especially where the stakes are this high. It’s not just about following a checklist; it’s about building a culture where doing things right is non-negotiable. This means you protect not only your investment but also the lives of the people working with you and the environment around you.

Risk management is about expecting the unexpected. The goal is to have a plan for everything, from a sudden storm to a technical glitch. This foresight is what helps keep everything from going off the rails—literally and figuratively.

Keeping the team aligned and the lines of communication open is crucial. When you’re coordinating across different time zones and languages, clear and constant communication isn’t just nice to have—it’s essential. Everyone needs to know the plan, the reasons behind it, and their role in it to make sure the project moves forward like a well-oiled machine.

Finally, balancing the infrastructure needs with the budget can feel like a juggling act. These projects need to be built tough—they have to do their job effectively, withstand the elements, and also be kind to the planet. All this needs to happen without blowing through the budget, which is where shrewd planning and smart spending come into play.

Capital project management in the mining and oil & gas sectors is a thrilling ride. It’s complex and demanding but incredibly fulfilling when done right. It’s all about combining sharp strategy with a dose of agility and a strong focus on doing things safely and responsibly—so that when the project is done, it stands strong, delivers value, and maybe even turns a few heads for the right reasons.

Ready to conquer the complexities of your next big project in mining or oil & gas?

The TMG team is here to navigate you through every twist and turn. Connect with us today and steer your project towards a triumphant horizon.

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Embracing Transformation: Making Change Work for Your Business

Embracing Transformation: Making Change Work for Your Business

Change has a notorious reputation in the business world—it’s often seen as a disruptive force, an unwelcome visitor that knocks on the door of our well-oiled routines and predictable outcomes. It’s true, adapting to rapid or major shifts can be daunting for many companies. The hurdles can be high, and the missteps costly, leading to sluggish responses that miss golden market opportunities and allow competitors to sprint ahead.

A company slow to adapt risks tarnishing its reputation, losing its competitive edge, letting down its employees, and cultivating a static culture. However, change doesn’t have to spell disaster. With the right mindset, strategy, and tools, change can be the catalyst that propels a company to new heights of success.

The key to turning the tide on change lies in the approach. When change is on the horizon, smart companies don’t batten down the hatches—they set sail. They understand that change is not just inevitable but also necessary for growth and innovation. They prepare for it like any other business strategy, with careful planning, clear communication, and an actionable roadmap.

The first step in mastering change is to cultivate a culture that is not just open to new ideas but actively seeks them out. This requires leadership to lead by example, fostering an environment where innovation is rewarded and failure is viewed as a learning opportunity. This cultural shift doesn’t happen overnight, but with consistent reinforcement, companies can develop a more agile and resilient workforce ready to take on new challenges.

Education and empowerment are also critical components in this transformation. Employees need to feel confident in their ability to manage change. This confidence comes from equipping them with the necessary skills through training, workshops, and continuous learning opportunities. When employees are empowered, they’re more likely to embrace change and drive it forward.

Clear communication cannot be overstated. Change can be a source of anxiety for many, but when a company communicates its vision, the reasons behind changes, and the expected outcomes, it can significantly reduce uncertainty and build trust among the team. Transparency ensures that everyone is on the same page and moving in the same direction.

Strategic implementation of change is equally important. Sometimes, a gradual approach works best, implementing changes in phases to allow ample time for adjustment and refinement. Other times, a swift and decisive rollout is necessary to stay ahead of the curve. Knowing which strategy to employ requires a deep understanding of one’s business, the market, and the specific challenges at hand.

But strategy alone isn’t enough. Leadership must also be attentive to the human side of change management. This means recognizing the emotional journey that employees undergo during times of transition and providing support throughout the process. Whether it’s through open-door policies, regular check-ins, or providing access to mental health resources, showing empathy can go a long way in maintaining morale and commitment.

Some companies have already embraced this dynamic approach to change, reaping the benefits in the form of innovative solutions, market leadership, and a vibrant, engaged workplace culture. These companies are proof that with the right guidance and a strong strategy, change doesn’t have to be difficult—it can be the opportunity you’ve been waiting for.

Change is an integral part of the business landscape. By embracing it with a proactive stance, a focus on people, and a strong strategic foundation, companies can transform potential obstacles into stepping stones for success.

Are you ready to harness the power of change for your company's benefit?

Contact TMG today and let change be the start of your most rewarding journey yet.

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Mine Reclamation

Management Consulting & Project Review Service

As mining continues to evolve, so does the effort and responsibility of ensuring that a mine’s operations are environmentally responsible and that the lands around a site can be responsibly cared for both during and after work is completed. In the mining industry today, before a project can even commence, companies must include plans for the future of a mine once the work is complete. There are an estimated 10,139 orphaned and abandoned mine sites in Canada.

Mine reclamation is the process of returning the mined land and surrounding environment back to a natural or usable state and reversing any adverse effects to the land that has occurred because of mining operations. Reclamation can be applied to both open or closed mines as well as orphaned and abandoned sites. Mining reclamation can involve remediation measures like soil replacement, erosion control, water management and revegetation and restoring of native plants and wildlife.

Photographic view of an environment before, during and after its use and successful land reclamation (Source: Dept. of EP).

The Glenridge Quarry Naturalization Site located in Thorold, Ontario is a local example of successful mine reclamation and land naturalization. The 105-acre landscape once operated as a limestone quarry and was later converted into a landfill from 1976 until 2002. It was eventually transformed into a naturalization site, that now features hiking and biking trails, a pond and is home to thriving populations of native vegetation and wildlife. The Glenridge Quarry is one of Ontario’s first identified “Green sites”.

In 2019, the Victor mine, an open pit diamond mine in James Bay; located on Attawapiskat First Nation traditional land began closing operations with reclamation officially beginning in 2014. The operators–the DeBeers Group began its decommissioning and reclamation in 2014, eventually filling the pit with 44 million cubic metres of water, creating a lake. They have also planted 1.4 million native trees and shrubs, and 5,676 kg of seed. Additionally, there were structures and vehicles donated to the local community (Source: DeBeers Group Canada).

A crucial and significant factor in mine reclamation is the consultation and involvement of local Indigenous communities. It is necessary that the planning and decision-making process from start to end includes community input and insight. Where possible, the reclamation process should look at not only restoring the land but also the addition of socioeconomic value and opportunities. There is often an opportunity in the mine reclamation process to create economic benefits by making the environment suitable for uses such as agriculture, forestry, or recreational activities.

Today, the Canadian government is involved in a 15-year project known as the ‘Northern Abandoned Mine Reclamation Program’. The program was created for the reclamation and remediation of eight of the largest and highest risk abandoned mines in the Yukon and Northwest Territories. You can read more about the program as well as learn more about the mine sites here: The Northern Abandoned Mine Reclamation Program –

TMG offers services to assist with solving the challenges surrounding mine closure and reclamation. Our services are tailored to your needs and budget. If you would like more information, contact us.

May Events Recap:

TMG attended the 15th Annual Saskatchewan Mining Supply Chain Forum held April 18 & 19th, 2023 in Prairieland Park, Saskatoon. The event was hosted by the Saskatchewan Mining Association, Saskatchewan Ministry of Trade and Export Development and the Saskatchewan Industrial and Mining Suppliers Association. The event brought together manufacturers, construction, equipment, and various service providers of the mining supply chain.

The Canadian Institute of Mining, Metallurgy and Petroleum hosted their annual convention and expo in Montreal from April 30 to May 3, 2023. The convention and expo featured hundreds of companies displaying the newest innovations in mining equipment, technology, services, and products. The team also had the opportunity to attend a panel discussion and networking event hosted by the Montreal chapter of Women in Mining. The discussion included a conversation about ‘Innovations and creating change in the mining industry’. Check out our photos from the event below.

Teamwork Makes the Dream Work

Teamwork Makes the Dream Work


New Events, New Space, New Talent

In person events are back and thriving! The TMG team was thrilled to attend the PDAC (Prospectors & Developers Association of Canada) 2022 Convention in Toronto this past June. After two years of virtual events and meetings, TMG welcomed the opportunity to meet, greet, network, and to be surrounded by colleagues and thought-leaders who were ready to learn and explore what is next in our exciting mining industry. TMG is confident that the recent PDAC convention will kick-start the investment and development of several projects in different phases.

A kick-start to the investment and development of several projects.


Photo credit:

In addition to meeting with colleagues from around the world, the TMG team had the opportunity to interact with the more than 1,100 exhibitors, industry investors and other conference attendees throughout the many offered courses and networking events.

TMG recognizes the importance for mining companies, contractors and government entities to come together and open conversations about what’s ahead in the mining industry. Several countries were represented with booths at the PDAC convention, promoting mining in their regions. Countries like Mongolia, Guyana, Finland, Greenland, and many others were present with new investment opportunities now that precious metal prices are at an all-time high.

This is a kick-start to the discussions, interactions and ultimately investment that will lead to the future of both Greenfield mining projects involving new mine sites that are ready to be developed in virgin terrain, as well as Brownfield mining projects consisting of the expansion or rehabilitation of existing mine facilities.

New members of TMG were able to enhance their exposure to mining through their attendance to several conference events, including but not limited to: presentations, networking sessions and one-on-one exchanges with clients and contractors at their booths. TMG representatives fully immersed themselves in the learning and leadership opportunities at hand.

TMG PDAC Social Event and Office Warming

TMG also hosted its inaugural PDAC Social Event at its new 15 Toronto Street office. The event allowed both new, existing, and potential clients, partners, and colleagues to socialize, network and dine while checking out the new space. Technical Management Group wishes to thank all those who were able to attend and make the social a great and enjoyable success.

The Future of Our Industry

TMG continues to move forward with successful partnerships in an industry that is always evolving. The team is proud to be progressing with growth and innovation. Please join TMG in welcoming its newest team members, Kendall Glen, Natalie Poole, and Brandon Chung.

Kendall Glen

Kendall Glen is a TMG Project EIT (Engineering Intern), responsible for assisting in various technical and project management functions related to TMG’s various global projects. She has a Mechanical Engineering background and was previously a summer intern at TMG, which included two site rotations to the Newcrest Red Chris mine site. Kendall enjoys a very active lifestyle and she has a background in Figure Skating and Latin Ballroom dancing.

“I enjoy working at TMG because it is a very supportive and healthy team environment where everyone wants the best for one another. I love their management style and how their focus is on long-term professional development.”

Natalie Poole

Natalie Poole is interning as Project Coordinator at TMG, entering her final year of Chemical Process Engineering at Queen’s University. She is eager to learn more about project management and apply her technical knowledge to any project. Natalie is also interested in business, and holds the active roles as Treasurer of the Queen’s Chemical Engineering Student Council and Logistics Coordinator of the Queen’s Entrepreneurship and Innovation Committee.

“My time at TMG thus far has been a great learning experience and the work environment is very positive and welcoming.”

Brandon Chung

Brandon Chung is a summer intern at TMG taking on an Engineering Project Coordinator role. In the fall, he will be entering his 3rd year of Mechanical Engineering at Queen’s University and is an active member of the Queen’s Varsity Rowing Team. Brandon has a passion for engineering design, project management, and finance.

“TMG has provided valuable industry-related exposure and mentorship that I will look back on throughout the entirety of my career.

TMG looks forward to what the remainder of 2022 has to offer, and to growing and thriving with many of its clients, colleagues, and friends. Since its inception in 2020, TMG has provided oversight services at 11 different sites for 14 mining projects, and continues to grow in partnership with valued clients. The team looks forward to new opportunities and to solving challenges with thought-provoking solutions and incomparable leadership.

Your TMG Team

TMG provides a unique oversight service to mining company executives and project owners who are, or will be, engaged in growing or enhancing their enterprise through capital projects. Our collective years of expertise enable us to get things done faster – ultimately saving you precious time, and helping you honour your project budget. In an industry where timing is everything, bringing TMG in at the right stage of your investment to be the eyes and ears for the project is critical.

Let’s connect and discover how we can help you bring your projects in on time.

The Three R’s of Mining Indigenous Land: Respect, Relationships, Resources

As members of the mining world, TMG acknowledges the need to work together with the rightful owners of the land and commit to sharing common goals. We are committed to continuous learning, ongoing improvements, and to advancements in our world of resources, as well as in our partnerships and relationship building. The contributions of Indigenous Peoples to the mining industry are essential to our ability to provide sustainable minerals and metals for the world to enjoy.

AME Roundup: TMG’s Takeaways

AME Roundup: TMG’s Takeaways

2022 Brings Continual Growth During a Time of Pivoting and Constant Change.

For many of us, the last two years have blended together into what we can now describe as a blink of an eye. While going through a global pandemic was life changing for some, and no easy feat for anyone, we think most can attest to the fact that it feels almost surreal and as though the years 2020 and 2021 just ultimately spilled into 2022. On a personal and social level, the Covid-19 pandemic brought new behaviours and modifications to our lifestyles and health precautions. While on a business scope, it proved to be a time to pivot with changing times, and to establish your resiliency and ability to adapt to a new business and economic landscape.

It is, and always has been, about constant growth and continual improvement for us.

Growth and New Opportunities.

When we look back at the last couple of years for TMG, we say with confidence that it was a time of growth and new opportunities. Things did not lock down or pause in our world, and for that we are grateful. TMG pivoted to Covid regulations and new expectations, all while building an unparalleled team of experts in project management and Owner’s team representation. It is, and always has been, about constant growth, learning, and continual improvement for us. And 2022 was kicked off with just that in mind.

Members of the TMG team had the opportunity to attend the 2022 AME Roundup conference, and started the year off with valuable insight into industry-leading technical sessions that spotlighted “successes in overcoming challenges to succeed using a combination of tried and tested techniques and innovative solutions.”

“Hosted by explorers for explorers, AME’s annual Roundup conference is the mineral exploration industry’s premier opportunity to connect, exchange ideas and inspire new exploration projects: Projects that are critical to a strong economic recovery, supplying materials for a climate-smart future, and sustaining vibrant regional communities for generations to come.”

This year’s AME Roundup (#AMERoundup2022) was presented as a hybrid conference with both in-person and online content available. Hosted at the Vancouver Convention Centre (and online), with a call to engage, connect, and evolve, industry visionaries collaborated and shared in a collective effort to keep the industry of mining exploration at the height of its game. Top tier exhibitors welcomed visitors to their booths, with innovative ideas and products, while the available technical sessions had everyone honing in on their skills and resources. Attending AME Roundup was a truly invaluable experience which Peter Woodhouse, President of TMG relished.

According to Peter, “AME Roundup was a great event and one of the first in the industry for 2022 that allowed people to once again gather, interact and speak in-person since the pandemic started.  

There were many takeaways from AME Roundup that were of great interest; specifically, the on-going growth in responsible exploration and mining. Canada’s growth in Clean tech: electric vehicles, wind and solar power and Canada’s ability to be a major player in providing the minerals required while still fulfilling our climate commitments to a low carbon future. Another great presentation (one close to home) was on the growth of responsibly sourced critical-mineral opportunities in Ontario. 

One of the highlights of AME personally was being able to connect with the extraordinary Lana Eagle who was instrumental at organizing and presenting AME’s “The Gathering Place”. The overall focus for the three sessions was on how best to work on building and strengthening Indigenous partnerships with the mineral exploration and mining industries, but also creating mutually-beneficial mining projects between First Nations and the industry. 

For us at TMG, being involved in projects that are on First Nations’ land, especially in British Columbia, makes it even more important and critical to explore how we can grow our role, as well as our responsibility and relationships with the Indigenous Community, including in the sourcing of vendors, procurement and other roles within the industry.”

Here We Grow Again.

TMG provides more than just industry and project insight… we specialize in project management and provide efficient and reliable oversight. Our collective years of expertise enable us to get things done faster – ultimately saving our clients’ time, and helping them honour their project budget. We value the importance of talent and the right people, and that’s why we are always investing in our growing team.

Meet our newest team members: Monika and Max

Monika Baird,
Project Specialist

Monika Baird is a TMG Project Specialist, currently working on the Newcrest Red Chris mine. She comes from a background of project management in the residential buildings and high-rise industry. Monika is proud of her two beautiful puppies and loves taking them for long walks as she explores surrounding neighbourhoods.

“TMG has provided the opportunity to learn and work in a thriving new environment.”

Max Fryer, Procurement & Project Controls Specialist at TMG, is responsible for vendor relations and project budget control. Max has extensive project coordinator experience in the construction industry. He lived and worked in England and Australia and is an active rugby union player.

TMG has a primary focus on people and opening their doors. If you show the willingness to learn, TMG will take you on the path to success.”

Max Fryer,
Procurement & Project Controls Specialist

Your TMG Team

TMG provides a unique oversight service to mining company executives and project owners who are, or will be, engaged in growing or enhancing their enterprise through capital projects. Our collective years of expertise enable us to get things done faster – ultimately saving you precious time, and helping you honour your project budget. In an industry where timing is everything, bringing TMG in at the right stage of your investment to be the eyes and ears for the project is critical.

Let’s Connect and discover how we can help you bring your projects in on time.

A Job Done with Integrity.

A Job Done with Integrity.

A Glance into Ethics and Procurement in Mining.

We’ve all heard it before…you’re only as strong as your weakest link. Well, just like any industry or business, the mining and engineering ‘chain’ also uses and relies on the strength and quality of products or services of other businesses to get the job done and meet their ultimate goals of quality execution, completion, and success. From procuring the services of consulting companies, to sourcing large machinery and equipment, it all falls into the realm of procurement and ethical business decisions.

Procurement affects all aspects of our business, from engineering to supplies. It is the discipline that is responsible for acquiring any item, product, service, or skill, through contractual engagements. An effective and thorough tender process helps ensure our industry is maintaining integrity, equal opportunity, fairness, and, whenever possible, sustainable procurement that considers the impact of environmental, economical, and diversity and inclusion in the services offered, along with price and quality.

TMG boasts a reputation of fair and ethical business practices.

TMG is proud of our reputation of fair and ethical business practices, not only because of our amazingly dedicated team, but also because of our meticulous commitment (almost stubbornness) to maintain strict project procedures for each and every purchase decision. Cutting corners and skipping steps have never been a consideration, and Ashanie Gordon Bailey, CCMAP Procurement, Contracts and Commercial Manager at TMG makes certain of it. Ashanie has years of experience leading the procurement efforts on large mining sites. She is currently leading the procurement practices on TMG’s mining projects.

Meet Ashanie.

Ashanie Gordon Bailey, CCMAP Procurement, Contracts & Commercial Manager

Ashanie Gordon Bailey is an experienced and accomplished commercial mining professional, responsible for the Procurement, Contracting and Supply Chain function on mining projects. Ashanie has a wide range of experience in project management, procurement management, risk management, and supply chain management. Her work has provided her with extensive exposure and experience in projects around the world, leading to her global mindset.

She has dedicated her professional career to delivering results in a wide range of Management positions of increasing responsibility that have taken her to operations in Turkey, Kyrgyzstan, New Caledonia, Brazil, and other key locations. These diverse assignments have provided her with in-depth experience in the strategic and operational aspects of Procurement and Supply Chain. Ashanie has a deep understanding of the challenges and operational risks surrounding mining projects based on increasing demands and complexity placed on mining supply chains. She is passionate about maximising project value by unlocking innovative contracting strategies and leveraging local business partnerships.

How does TMG do things differently?
We focus our task as we work through the Procurement Cycle on Fair and Ethical tendering by ensuring the tenders are competitive, that there is transparency and all the proponents are entering the tender process on the same footing.

Information disseminated is done where no bidder has advance knowledge of the tender documents. TMG also takes the time to schedule and conduct debriefing sessions with the unsuccessful proponents, using this as a medium of communicating where their proposal was lacking. We are aware that the proponents usually spend a significant amount of time, money, and effort in preparing proposals. Accordingly, if they are unsuccessful, we should support them by communicating where their submission was lacking, of course while maintaining the integrity of the tender process.

TMG’s Procurement Process.
The tender process usually involves 3 to 6 potential candidates bidding for the work/product/service/job. In some cases, a Sole Source reasoning will detail why choosing to award the project to a single source supplier is justified. Otherwise the tender process will be issued to market as a competitive tender.

A competitive tender is initiated and Procurement compares proposals received through a Request For Proposal/Quotation (RFP/RFQ) process, which details the scope of work, data sheets, requirements, schedules, anything and everything that would be required of the proponents to submit a complete and detailed bid. Contracts are usually then awarded within 2-3 weeks of the RFP/RFQ submission deadline.

How do we then conduct a fair and ethical selection process? There are various methods used by the TMG team as a whole. Aconex, by Oracle, is a well-known web-based tool, which provides interested candidates with equal opportunity to the bid(s) available during a pre-determined and specified timeline, while driving efficiencies in project controls and document management. This assures everyone has the same access to RFP/RFQs for the same amount of time.

TMG then conducts commercial and technical bid evaluations and adjudications prior to awarding any project. As the procurement lead, Ashanie categorizes information into Commercial and Technical/Engineering aspects. Our technical team evaluates based on the technical specifications and a specific ranking system, while our commercial team evaluates based on cost control, schedule, logistics, expediting, and other specific project requirements. TMG has developed and standardized forms and a ranking system that then allows us to present all of the data ranking using a quantitative analysis. This is hugely important, since it essentially eliminates any risk of subjective biases from any team member.

The adjudication process then occurs with the TMG Project Manager dispelling information to the decision maker internally or direct to our client. Holding ourselves to the same standards our clients would is critically important to, not only our continued success, but also to a restful sleep at night with peace-of-mind.

So what does ethical procurement mean to you, our customer?
An important goal in the procurement process is to ensure that any pre-existing contracts are competitive with current market rates. Procurement is done on behalf of the client – with your best interest in mind. Procurement analyzes and compares quality products and services, at an acceptable and competitive value.

TMG recently added a Project Cost Controller and Procurement Specialist, Max Fryer, to our team. Max brings to the TMG Team a diverse background in Construction Cost Controls and Contract Administration. He leverages his experience in Site Procurement and Execution to ensure sourcing and procurement at the initial stages of any project will fully support the needs of the Mine Site during the Construction phase. This value-add provides for additional opportunities to the mining projects.

The hard fact that so many businesses have experienced procurement and supply chain disruptions by the global Covid-19 pandemic has not gone unnoticed. TMG is extremely proud of the fact that our stringent procurement practices have not been negatively impacted – and that is a testament to our team’s pledge to quality and doing the job right, led by Ashanie Gordon Bailey who is continually strengthening our commitment to ethical procurement.

TMG takes a careful and objective approach to each and every thoughtful insight and recommendation. We look. We listen. We act on your behalf with integrity.

Your TMG Team

TMG provides a unique oversight service to mining company executives and project owners who are, or will be, engaged in growing or enhancing their enterprise through capital projects. Our collective years of expertise enable us to get things done faster – ultimately saving you precious time, and helping you honour your project budget. In an industry where timing is everything, bringing TMG in at the right stage of your investment to be the eyes and ears for the project is critical.

Let’s connect and discover how we can help you bring your projects in on time.

David and Goliath – Rewritten

David and Goliath – Rewritten

TMG’s Perspective On Mineral Reserves.

In the story of David and Goliath, it looks like Goliath is winning this time! As the giant players in the market just keep growing, the TMG team took an in-depth look into the future of gold reserve estimates and the goliath impact of mergers and acquisitions.

Recent M&As continue to affect the mining industry with a more realistic perspective on reserve estimates.

TMG collected Sedar filings and gathered market research, to analyze and compare recent gold production results and total reserves of seven (7) of the world’s top gold producers. Our initial task was to investigate which companies could potentially run out of gold. The analysis provides an interesting perspective when we compare actual production rates with potential mineral reserve estimates. It sheds a clear light on the need to optimize underperforming assets, as well as the need to continue developing new projects. The reality of the larger gold producing companies merging with or acquiring the smaller players, with large reserves, comes as no surprise when the data supports the need to reach maximum potential.

Estimated Reserves
Source: SEDAR reports
Issue dates of the Technical Report – NI 43-101  
Lundin Mining:  
Chapada Mine, Brazil
Candelaria Copper Mining Complex, Chile
ElDorado Gold:  
Kişladağ Gold Mine, Turkey
Olympias Mine, Greece
Efemçukuru Gold Mine, Turkey
Lamaque Project, Canada
New Gold:  
New Afton Mine, Canada
Rainy River Mine, Canada
Yamana Gold:  
El Peñón Gold-Silver Mine, Chile
Jacobina Gold Mine, Brazil
Canadian Malartic Mine, Canada
Minera Florida, Chile
31-Dec-2020 and 2-Mar-2018
31-Dec-2019 and 30-Sep-2019
Alamos Gold Inc:  
Island Gold Mine, Canada 14-Jul-2020
Kinross Gold Corporation:  
Paracatu Mine, Brazil
Tasiast Project, Mauritania
Fort Knox Mine, USA
Kupol Mine and Dvoinoye Mine, Russia
Centerra Gold:  
Mount Milligan Mine, Canada
Öksüt Gold Project, Turkey

A return of M&A to the industry.

Acquiring companies with large reserves provides instant value and appeal. On paper, these newly merged companies increase their total reserves, in turn increasing Investor, Shareholder, and C-Suite interest and gains. Stocks are instantly made more attractive with a larger reserve estimate. Everyone looks at resources and reserves. Resources tell us that the company has done the analysis and there is a set amount of gold available; while reserves provide the economically feasible reality, essentially setting the true value of a company’s worth.

What makes the most economic sense? The answer in this case, is the bigger (the reserve) the better. It is important for companies to announce that the reserves are there, and it is easy to understand why the giants in the market who are capable of M&As are doing so. It provides confidence to everyone with a stake in the business. Financially, it is a WIN-WIN situation.

It has become consistently clear that in order for larger mining companies to maintain their mineral reserves, they will continue to merge with or acquire smaller companies. While this has already led, and will continue, to provide a huge pipeline of work, with the need for multiple mines producing gold, versus just one or two large assets, which are becoming exceedingly rare nowadays, it is also important for us to focus on the need for continual growth and exploration.

In a 2019 BNN Bloomberg interview, Gary Goldberg, CEO, Newmont Mining (Jan 2019), stated the value of acquisitions as they provide “the flexibility to look across both portfolios and sequence the projects in the right order, in terms of delivering the best value.” [Source]

Mark Bristow, CEO of Barrick in a 2019 BNN Bloomberg article, declared, that “the industry is heading for irrelevance unless there are major changes.” We have indeed seen major changes since then. [Source]

While the industry is seeing new, larger players succeed, we also realize that the days of larger mine sites are becoming fewer. The large companies that have the necessary capital to mine the sites, now need 6 to 7 multiple assets to provide significant results.

Agnico Eagle Mines’ recent acquisition includes Kirkland Lake Gold’s Macassa mine in Ontario. (Photo Credit: KLG)

M&As have provided a positive market response and have resulted in companies buying for exploration purposes. It is evident that the uptick in mergers and acquisitions in the mining industry makes sense for companies that have underperformed. A property may show promise, and provide a healthy reserve estimate, which then allows for the accumulation of a larger total reserve estimate – this creates instant appeal and value in the market. It is TMG’s perspective that we can expect this trend of more consolidation to continue as we move forward. Companies have combined platforms of mining assets and have made smart moves to adjust their portfolios.

But we also need to consider the harsh reality in mining is that, if you’re not committed to growth, you’re heading towards a stark end, with reserves being depleted every day that you are in production. It is essential that someone – either the junior or senior mining companies – replace the reserves through the development of studies and capital projects, so that the mining assets continue to be available for development and for acquisition. According to TMG President, Peter Woodhouse, “mergers and acquisitions do not add reserves to our industry, which is being depleted on a daily basis. Only new projects add actual reserves, and this is where the difficulty lies. While some of the major mining companies have pared down their internal greenfields exploration teams, we must highlight that exploration assets are essential to the continual growth of the mining industry.”

TTMG is passionate about providing tailored services for mining projects through collaborative goal-oriented teams, to deliver value-add opportunities and innovation, in partnership with our clients to meet their needs. We will always take an objective, consultative approach to each and every thoughtful insight and recommendation.


Your TMG Team

TMG provides a unique oversight service to mining company executives and project owners who are, or will be, engaged in growing or enhancing their enterprise through capital projects. Our collective years of expertise enable us to get things done faster – ultimately saving you precious time, and helping you honour your project budget. In an industry where timing is everything, bringing TMG in at the right stage of your investment to be the eyes and ears for the project is critical.

Let’s connect and discover how we can help you bring your projects in on time.

The Future of Mining is a Class Act

The Future of Mining is a Class Act

TMG Summer Internship Program: School is in session

Recently completing its second successful year, we spotlight TMG’s Summer Internship Program with Queen’s University Engineering and Chemistry students. TMG is committed to creating a welcoming environment where we nurture the leaders of tomorrow, by taking the time to answer their questions today. Our internship program is very important to us, and is something we are quite passionate about. Coming from a background of internships and hands-on training, the team at TMG is forever grateful for the relationships they have built over the years. Most of us started in the industry with influential mentors who we were able to lean on for support and ongoing learnings. We remember our mentors and those who took the time to really support and explain things while in a senior role.

Hands-on experience.

Some of our team members started their careers in mining with internship programs, and were always made to feel confident and comfortable when taking on an independent role. Now in more established roles, the TMG management team wants people to come to us for support; that is how we started our careers and that is the type of experience we want others to have here at TMG. For the summer of 2021 TMG hired three Queen’s University students: Neve Climie, Kendall Glen, and Ciara Strom. Each of these deserving students expressed a willingness to learn and a passion and work ethic that was unmatched by the other applicants. We were looking for individuals who were motivated, and showed enthusiasm and interest in learning more. Our summer interns show up ready to do the work and expand on their hands-on education each and every day. This is a paid internship program that fully immersed third year engineering and chemistry students into the mining industry from the get-go. The students were given the opportunity to work on a variety of projects for multiple TMG clients, to start to get a true feel for how every aspect of a project works. Their TMG mentors explained the intent every step of the way and did not lose sight on the very valuable teaching moments. The future of our mining industry is with brilliant minds, and hard-working students who are ready and eager to take it all in.

Kendall Glen TMG Summer Internship Student, Queen’s University Engineering Program Student

Neve Climie and Kendall Glenn “For me, it is very important to be working in a healthy team environment where everyone is supportive to one another, which TMG has done. TMG uses both an affiliative and coaching management style. This is seen from them creating positive relationships between all levels of staff and motivating each other to do their best. The coaching management style is from them focusing on long-term professional development and care about the future of each of us. They also use a macro management style where there is less supervision and more opportunity for each of us to learn on our own and come to them if needed. This way, we feel trusted and can learn better by doing it ourselves with the support if needed. This is an amazing team to be a part of because of their management style, personalities, diversity, and mentorship. I have had opportunities with this team that I never would have imagined, and I feel very lucky to have had this experience. They have made me think about my future career and guided me to potentially working in the mining industry, which has opened my eyes and makes me excited for the future.”

Ciara Strom TMG Summer Internship Student, Queen’s University Chemistry Program Student

Ciara Strom “While on site I was given the opportunity to learn about and visit all of the different departments of an operating mine. This experience allowed me to understand how they all work together towards a common goal. I especially enjoyed spending time with the environmental and metallurgy teams, where I was able to help collect water quality samples and learn about flotation tests. Everyone I met was happy to answer all of my questions and share their own, personal experiences. I was able to see how a project comes together and experience real-world problem solving. It has been an overall excellent experience.”

Neve Climie TMG Summer Internship Student, Queen’s University Engineering Program Student

“The TMG Internship program created a platform for learning, through site visits and listening to feedback and putting it to use. We were given opportunities to discuss topics of question and supporting employees wherever necessary. Our questions were always answered with insight and understanding. The core TMG team has great communication and is able to answer our calls or needs at any time. I am extremely grateful for the broader learning experience through the site rotation(s) that were available.”

Investing in our future.

The summer internship is designed to really provide good insight into the mining world, and what it may have to offer young professionals. The TMG mentors work very closely with our summer students, and welcome regular and continual feedback from them on their own personal experiences. The intention is to have the students in the office setting (or in the case of a pandemic year, work from home) for half of the summer program, with the other half spent on a mine site, on the job. A mine site is massive when seen in person and has left our summer interns quite impressed with the opportunity in general.
“We were looking for individuals who were motivated, and showed enthusiasm and interest in learning more.” – TMG
TMG is committed to the health and safety of our interns and guaranteed that at least one of our own representatives was on site with the student acting as a chaperone/point of contact for the duration of their stay at the mine. It has also been great promoting female students in the mining industry and we look forward to a more equal representation and interest in the field in the future. We foster this program in hopes of a bright future for the mining industry. It is not an easy career to maintain for many years, and has its fair share of changes. But as many of us know, it is a career with exciting new challenges, new findings, and new discoveries each day. Mining is a world that has proven to give back in so many positive ways. Our hope is that a variety of students may find interest in mining through the experiences we are putting them into. By providing specific projects, our desire is that the varying experiences will have our future engineering and mining leaders and innovators set their sights on potential new possibilities. .

Your TMG Team

TMG provides a unique oversight service to mining company executives and project owners who are, or will be, engaged in growing or enhancing their enterprise through capital projects. Our collective years of expertise enable us to get things done faster – ultimately saving you precious time, and helping you honour your project budget. In an industry where timing is everything, bringing TMG in at the right stage of your investment to be the eyes and ears for the project is critical.