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Value creation in mining : an analysis of South Africa’s platinum industry
Dissertation (MBA)--University of Pretoria, 2010.
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| Format: | Thesis |
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University of Pretoria
2013
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| _version_ | 1867613506275115008 |
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| access_status_str | Open Access |
| author2 | Foster, Stephan |
| author_browse | Foster, Stephan |
| author_facet | Foster, Stephan |
| collection | Thesis |
| dc_rights_str_mv | © 2003 University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria |
| description | Dissertation (MBA)--University of Pretoria, 2010. |
| format | Thesis |
| id | oai:repository.up.ac.za:2263/23457 |
| institution | University of Pretoria (South Africa) |
| last_indexed | 2026-06-10T12:37:13.890Z |
| license_str | Other — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UPSpace — University of Pretoria Institutional Repository |
| publishDate | 2013 |
| publishDateRange | 2013 |
| publishDateSort | 2013 |
| publisher | University of Pretoria |
| publisherStr | University of Pretoria |
| record_format | dspace |
| source_str | UPSpace — University of Pretoria Institutional Repository |
| spelling | oai:repository.up.ac.za:2263/23457 Value creation in mining : an analysis of South Africa’s platinum industry Foster, Stephan upetd@up.ac.za Jacobs, Christopher Antony UCTD Mineral industries Dissertation (MBA)--University of Pretoria, 2010. The superiority of economic over accounting metrics is established and an analysis of the value created by platinum mining companies since 1994 is made. The link between growth and market value is shown to depend on earning an incremental return on invested capital (ROIC) that exceeds the weighted average cost of capital. The competitive advantage gained through capital budgeting is analysed using a ROIC tree to disaggregate ROIC into its component ratios, showing that firms’ performance is differentiated through capital turnover rather than operating margin. The impact on value creation of the Mining Charter, of the Mineral and Petroleum Resources Development Act, and of the proposed Royalty on mineral production is assessed through a survey of executives and analysts to the industry, revealing cautious optimism that negative impacts will be both temporary and manageable, but that considerable uncertainty surrounds the value of old order mineral rights under the new order. Through a hypothetical example, Real Options Valuation is shown to be an appropriate methodology to quantify the value of old order rights, should expropriation necessitate claims for compensation. Gordon Institute of Business Science (GIBS) unrestricted 2013-09-06T15:23:51Z 2010-06-17 2013-09-06T15:23:51Z 2004-04-03 2010-06-17 2010-03-25 Dissertation Jacobs, CA 2003, Value creation in mining : an analysis of South Africa’s platinum industry, MBA dissertation, University of Pretoria, Pretoria, viewed yymmdd < http://hdl.handle.net/2263/23457 > G10/166/ag http://hdl.handle.net/2263/23457 http://upetd.up.ac.za/thesis/available/etd-03252010-121735/ © 2003 University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria application/pdf University of Pretoria |
| spellingShingle | UCTD Mineral industries Value creation in mining : an analysis of South Africa’s platinum industry |
| title | Value creation in mining : an analysis of South Africa’s platinum industry |
| title_full | Value creation in mining : an analysis of South Africa’s platinum industry |
| title_fullStr | Value creation in mining : an analysis of South Africa’s platinum industry |
| title_full_unstemmed | Value creation in mining : an analysis of South Africa’s platinum industry |
| title_short | Value creation in mining : an analysis of South Africa’s platinum industry |
| title_sort | value creation in mining an analysis of south africa s platinum industry |
| topic | UCTD Mineral industries |
| url | http://hdl.handle.net/2263/23457 http://upetd.up.ac.za/thesis/available/etd-03252010-121735/ |