Underground hard-rock mining accounts for 40% of global mining operations but only 12% of run-of-mine (ROM) production. Underground mines also tend to be more targeted, more costly, and less productive than open-pit mines. Because the choice of which underground method to deploy is predominantly driven by the geology of the deposit being mined, the operator has little flexibility in choosing the mining method given that the objective is to maximize net asset value over the life of the mine. But given the inherent complexity in underground mining, we frequently uncover improvement opportunities in both productivity ... (full story)