The report aims to address various types of theoretical concepts and situation analysis for Newcrest Mining Limited. The theoretical concepts have identified the degree of risk in various types of innovation. The interpretation of the situation analysis has been discerned with external environmental analysis and entrepreneurial health assessment. This is followed by the formulation of the corporate strategy. This is identified with the corporate entrepreneurship strategy which is designed for improving the overall ability of the company and develop a strategy for future advantage.
Newcrest Mining is discerned as one of the largest producer of gold listed in ASX and recognized one of the largest gold mining companies on a global scale. The mission of the company is seen with delivering superior returns for the purpose of developing, finding and operating of gold/copper mines in in Australia. The majority of the mines are located in “Cadia Valley Operations”, “Telfer”, “Gosowong” and “Lihir”.
The Increase in the gold deposits are seen to be becoming difficult to trace. These are considered with the use of deeper underground, lower grade material and aiding the logistical developments along with the operational challenges. The innovation approach at Newcrest Mining is aimed at developing and improving the mining and ore processing technology for the purpose of delivering a more efficient extraction of copper. For example, the improvement initiatives taken by the company can be directly traced with Cadia Hill, Ridgeway, Telfer, Cadia East and Wafi-Golpu. The important consideration at Newcrest can be traced with adoption and adaptation of the innovative and underground mining. These developments are evident in from of the various types of the initiatives which are seen to be based on innovative knowledge approach based on the geo-metallurgy. Adaptation of continuous underground and pit system are also considered as some of the major innovation initiatives taken by the company. Newcrest Mining has further implemented the innovative initiatives pertaining to waste rejection and avoid energy processing in the downstream. The application of the innovative technology has further lowered the requirement of the mineral processing. The future mission of the company is based on using the technology along with continuous improvement in changing methodology and also reducing the operating cost across the portfolio and increasing the production reliability (Adenergy 2018). Additionally, the innovative plan is also identified in terms of the transformative vision, fast adoption, collaboration and experimentation. The mill liner redesigning is based on improving the throughput at Cadia. The important nature of the innovative approach for the company has been further considered with the adoption multi-functional team. Some of the other improvements taken by the company also relates to the Ridgeway sublevel cave, deeps block cave and Cadia east block cave.
The external opportunities for the company is seen to be discerned with decreasing cost of transportation due to reducing shipping charges. Newcrest mining can bring down the cost for the company thereby providing increased opportunity. Moreover, the market development initiatives in the company may lead to dilution in terms of the competitor’s advantage and also enable Newcrest mining to control the consumer behaviour by opening new streams of revenue. It needs to further seen that the threats of the company are discerned as per shortage of skilled workforce. The increasing pay level is evident in the emerging market among the lower income markets. Moreover, the company is on the verge of facing lawsuits as per different law suits based on continuous fluctuations related to the product standards. The demand pertaining to the highly product is seen to be seasonal in nature and this may have a detrimental impact on the profit of the company in the lean season.
It needs to be identified that Newcrest is depicted to be committed towards the safety, health and well-being for all the staffs and aim at zero injury. The company takes several types of the initiatives which are seen to be considered with continuously improving the health and safety management. Newcrest has considered value consultation and engagement with the personnel in terms of improving the performance. The company is also seen to take several types of other initiatives which are considered with the offering value consultation and engagement among all the personnel for promoting and improving the health performance among the employees. Some of the additional initiatives taken in terms of the Entrepreneurial Health Assessment Newcrest Mining has promoted the off the job safety and also supporting the wellness among the people. The company is also able to take additional steps for accepting the responsibility of the staff for their personal safety (Edgington 2018).
The safety and sustainability at Newcrest Mining is the main corporate strategy. This is seen to be first of the five pillars of the strategy selected by the company. Moreover, Newcrest is also committed towards the health and safety of the people and at the same time caring for the environment and communities. In terms of the corporate responsibility the company is also seen to be committed for joining the International Council on Mining and Metals and bringing together 25 mining and metal companies. It further aims to serve as a catalyst for changing the overall situation of the mining by serving in 30 regional and commodity associations which ensures sustainable, safe and fair mining operations in the metal industry. It is further seen to serve to the various types of the other departments which are aimed at the improving the code of conduct, CG framework and providing a comprehensive suite for protecting the policies of the company against inappropriate and illegal behaviours. These seen to be ranging in form of acts like fraud, bribery, corruption, discrimination and bullying. As per the situational analysis the company needs to focus on improving the corporate strategy by preventing the dilution in terms of the competitor’s advantage. This may be done by the in terms of enabling Newcrest mining for controlling the behaviour of the consumers and at the same time opening new streams of revenue. In addition to this, the corporate strategy of the company needs to take several types of the other initiatives which are depicted to be based on the complying with the lawsuits and preventing continuous fluctuations in the products standards. The company also needs to control the seasonal fluctuations which will ensure continuous changes in the products standards. The corporate strategy can be further inferred in terms of aiming at transformative vision, fast adoption, collaboration and experimentation. Moreover, the external opportunities for the company is seen to be discerned with decreasing cost of transportation due to decreasing amount of shipping charges. Therefore, it needs to emphasize on the reducing the cost of transportation. The increasing pay level is evident in the emerging market among the lower income markets. This is considered as an important aspect of the corporate strategy. The company’s corporate strategy is further focused on the safety, health and well-being for all the staffs and aim at zero injury. The company takes several types of the initiatives which are seen to be considered with continuously improving the health and safety management. However, such initiatives need to be further improved with the initiatives such as complying with the state and federal healthcare norms. As per the situational analysis some of the other initiatives taken by the company should be based on offering value consultation and engagement among all the personnel for promoting and improving the health performance among the employees. Additionally, the promotion of off the job safety and also supporting the wellness among the people should be a major focus of the company (Basu, Hicks, Krivokapic-Skoko and Sherley 2015).
Conclusion
It can be seen that innovation approach at Newcrest Mining is aimed at developing and improving the mining and ore processing technology for the purpose of delivering a more efficient extraction of copper. In addition to this, the company is seen with adaptation of the innovative and underground mining. These developments are evident in from of the various types of the initiatives which are seen to be based on innovative knowledge approach based on the geo-metallurgy. Newcrest Mining has further implemented the innovative initiatives pertaining to waste rejection and avoid energy processing in the downstream. The application of the innovative technology has further lowered the requirement of the mineral processing. It can be also seen that the future mission of the company is based on using the technology along with continuous improvement in changing methodology and also reducing the operating cost across the portfolio and increasing the production reliability.
References
Adenergy (2018). Technology | Newcrest Mining Limited . [online] Newcrest.com.au. Available at: https://www.newcrest.com.au/our-business/technology [Accessed 27 Dec. 2018].
Basu, P.K., Hicks, J., Krivokapic-Skoko, B. and Sherley, C., 2015. Mining operations and corporate social responsibility: A case study of a large gold mine in regional Australia. The Extractive Industries and Society, 2(3), pp.531-539.
Edgington, D.W., 2018. Japanese business down under: Patterns of Japanese investment in Australia. Routledge.
Newcrest.com.au. 2018. [online] Available at: https://www.newcrest.com.au/media/presentations/2017/BAML_Briefing_Pack_15_05_2017.pdf [Accessed 27 Dec. 2018].
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