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California company Riivos helps students build mining finance proficiency

Published by , Editorial Assistant
Global Mining Review,

Riivos Inc., a producer of cloud-based, value chain management technology, is partnering with the Norman B. Keevil Institute of Mining Engineering at the University of British Columbia (UBC) to deliver a financial modeling and analysis application that supports UBC's fourth year students' Mine and Plant Feasibility Study capstone projects.

These senior design projects challenge students to use the knowledge and skills gained during their studies to solve real-world problems. As they begin the final phase of their feasibility projects this week, students will utilise an application specifically designed to help them determine the economic viability of their projects. With this mining financial technology software, students can input and analyse the financial and physical components of their feasibility studies, which helps them spend less time building spreadsheet models and more time optimising their mine project economics.

"For us, this partnership is a way to invest in this young generation who will become leaders in our industry, providing them real experience in evaluating mining finances with industry applications such as Riivos Mining, so they can deliver value to the industry faster," said Tom Struttmann, group executive of Riivos Mining and industry advisory council chair at the Colorado School of Mines. "Our aim in building this application for UBC mining students is to help them run more scenarios, more quickly, so they can test feasibility and define the cases that will produce optimal results."

The Riivos-UBC partnership stemmed from a small team of recently-graduated UBC mining engineers working at the San Francisco-based enterprise SaaS company who wanted to expand the breadth of skills training available at their alma mater. They identified an opportunity to improve understanding of financial modeling, financial metrics, and how mine plans factor into high-level financial statements as students prepare for careers in the industry. Riivos has stated that it hopes to roll the programme out to other mining schools in North America.

"In this year-long study, students are getting exposure to business problems that the industry is facing and they're coming up with solutions," said Andrea Arduini, the UBC professor leading the feasibility study course. "Our students need to be able to see the holistic picture of how decisions can have a wider impact not only on the mine, but also on the environment and on the community."

Arduini was open to exploring a relationship with the tech company, she said, given the growing contingent of UBC alumni working there. "It's really nice to see previous students giving back in areas where they see something they'd like to improve," she said. "Our emerging relationship with Riivos is a logical one, with potential for great collaboration."

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