Costmine Intelligence: Why Most Projects Never Become Mines & How WOODY Changes Everything #376
Accurate cost forecasting is a critical part of mining project development, yet estimating capital and operating expenses remains a complex challenge. As projects grow in scale and market conditions continue to change, mining companies and investors are looking for more reliable ways to evaluate project economics and reduce uncertainty.
In this Mining NOW episode recorded at CIM CONNECT, host Rory Bamford speaks with Gordon Sobering from Costmine about how artificial intelligence is being applied to mining cost estimation and project analysis.
The discussion focuses on Woody, a web-based platform that combines mining engineering expertise with machine learning to accelerate the evaluation of mining projects. By analyzing multiple assets more efficiently, the platform is designed to support faster assessments while maintaining a mining-specific approach to cost estimation.
The episode also examines why general inflation measures may not accurately reflect mining project costs, highlighting the value of industry-specific cost indexes and independent cost analysis. Topics include feasibility studies, capital and operating cost forecasting, project planning, and how improved cost intelligence can support better investment and development decisions across commodities such as gold, copper, and other critical minerals.
For professionals involved in mine planning, engineering, project development, and mining finance, this conversation offers insight into how AI-powered cost estimation tools are helping improve project evaluation and reduce risk. Follow Mining NOW for more discussions on the technologies and strategies shaping the future of mining.
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