We develop objectives every year that support our corporate strategy and drive results. These are also our key performance indicators.
We’ve established the following objectives to help drive our strategy and performance in 2010. Refer to our most recent quarterly report for an update on our performance in relation to these objectives.
| Corporate objective |
|
Our objective for 2010 |
Growth |
|
Grow through the acquisition of production, development of a property or successful exploration |
|
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Achieve full production at Las Cruces in the third quarter of 2010.
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Publish FEED study by March 31, 2010 and submit ESIA to Panamanian authorities shortly after. Select engineering, procurement and construction contractor and begin basic engineering by July 2010. Complete final arrangements for financing with a goal of starting construction by February 2011.
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Continue to monitor the market for opportunities to acquire assets that are consistent with our strategy. These could include development projects or current production. |
Maximize the value of our existing assets |
|
Meet production targets and continuously improve productivity
|
|
Meet the following production targets:
- Copper 126,400 tonnes
- Zinc 83,000 tonnes
- Gold 145,700 ounces
Meet the following productivity targets (tonnes of ore milled per day):
| |
Çayeli |
3,300 |
|
Pyhäsalmi |
3,750 |
|
Troilus |
16,700 |
|
Ok Tedi (100%) |
65,000 |
|
|
|
|
| Control costs through continuous improvement programs and monitoring our costs |
|
Meet the following cost targets:
Cost per tonne of ore milled (C $)
| Çayeli |
$ 72 |
| Pyhäsalmi |
$ 43 |
| Troilus |
$ 9 |
| Ok Tedi |
$ 23 |
| Las Cruces |
$ 122 |
| Cash cost per pound of copper (US $) |
$ 0.61 |
| Cash cost per ounce of gold (US $) |
$ 423 |
|
|
|
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Continue to make our operations safe places to work
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| Improve the safety and health performance of our operations and construction projects |
|
- Continue to implement our SECA standards, high consequence protocols, plans for water management, plans to reduce energy and greenhouse gases and strategies for community development.
- Implement higher standards for safety and environmental performance:
- deliver a 10 percent reduction in lost-time injury frequency, total injury frequency, severity and environmental incident intensity.
- Establish a Minera Panama community foundation.
- Forge a corporate biodiversity partnership with an international ecological organization to deliver benefit to our operations.
- Implement a functional and practical operational risk management system that includes:
- informal risk assessment and risk management systems
- coaching processes
- stop and talk interactive discussions.
- Establish a formal, documented system for self-audit of our management systems, maintaining an operations focus. This will make sure we actually achieve what we commit to doing.
- Develop a corporate Human Rights Policy and evaluate the benefits of signing the Voluntary Principles on Security and Human Rights.
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2009 annual report