In the late 1970's and early 1980's a considerable number of large scale open pit mines were developed in N.S.W. and Queensland. At the time these mines were planned, the industry was characterised by rising coal prices, rising fuel prices, and a host of other labour and government constraints different to the situation today. Yet some mines have clearly been able to cope with this change much better than others. While one mine may now be expanding and profitable, its neighbour may still be labouring under painful adjustment processes. This paper examines the major reasons for this difference. It suggests more robust criteria for assessment of future projects to reduce their sensitivity to changes outside management control.