The commercial outcomes from new mining projects or brownfields expansions often fall short of feasibility study forecasts because of technical under-performance. This paper: reviews past feasibility study performance; identifies the key drivers of underperformance; and proposes actions that can be taken to manage the risk of underperformance._x000D_
There have been a number of published reviews of feasibility study performance since the 1970s. The results of these studies are summarised together with recent unpublished data. Key drivers of underperformance include inadequate metallurgical testing, simultaneously pushing a number of project parameters beyond comfortable limits and a failure to recognise the linkage between mining rate and head grade. Actions can be taken during the data acquisition phase and during the feasibility study to manage project technical risks. These generally require a more flexible approach to study management than can be achieved under a lump sum' contract.