The number of independent mining consultants is increasing daily as more people reach retirement age or are made redundant.
Nowadays it seems everyone is gradually becoming a self-employed consultant. Possibly that is because retirees need the money. Maybe they need something post-career to keep them occupied.
Here are a couple of lesser known ways to generate income for those of you choosing this new career path.
One of these has been around for awhile while the other is relatively new. I only have personal experience with one of them.
GLG – Give me an hour
GLG (https://glg.it/) is one of several information services that provide short term consulting assignments. By short term, I mean 1 to 2 hours long.
GLG has been around for many years providing a platform for connecting those seeking information with those who have it.
Typically someone, like an industry analyst, poses a question that gets sent out to relevant experts.
The question could be something like “XX Mining Company owns the Bonanza mine and our client would like to learn more about that operation including reserves and operating costs”.
Anyone who has the requisite knowledge can accept the consultation and submit their credentials for review. If you’re selected, such consultations take place very soon. They can be for 1 to 2 hours and pay $200 to $500 dollars. GLG are very strict that rumors or confidential information are not disclosed during any of the consultations. Only public information is to be used.
Since I have a background in potash, I am often issued potash industry related requests. Questions posed might be “Can you describe the Saskatchewan potash industry, including operations, expansions, marketing plans, and operating costs”. That’s a heck of a lot of information to provide in a 1 to 2 hour time frame for $400. Likely very few people would possess all of that knowledge. I assume their approach is to consult with several different experts and eventually piece together the puzzle.
Check out the GLG website. It’s free to sign up as an expert and maybe you’ll get yourself an assignment. I think there is even a reward for referrals (which I assume I will get shortly).
Digbee – What’s wrong now?
Digbee (https://thedigbee.com/) is a relatively new online venture that I’ve not yet used. It is essentially a due diligence platform where one can hire experts to undertake targeted due diligence studies.
Furthermore any expert can prepare an independent review on a topic of their choice and then offer it up for sale.
The typical report costs $1,640 to $4,680 dollars. As of March 2020, they have 13 reports for sale and 5 more in the pipeline. Here’s a brief explainer video from the founder
The report list can be seen at this link. The reports appear to be focusing on potential technical flaws in a project. Some titles are listed below.
“Sample recoveries at shallow depths is a concern, this is not helped by the total lack of QAQC data” an analysis of Bomboré ($4,680)
“Has the extensive testwork at Bomboré finally found an optimum process to proceed to development?” ($4,680)
“Alpala’s technical merits and compares its cost estimate to other block caving development projects.” ($3,120).
“Cerro Blanco’s very complicated geology in Guatemala may mean more expensive mining techniques will be required.” ($4,680)
“Epithermal geologist raises questions on the reliability of the low grade resource at DeLamar.” ($3,120)
“What impact does serpentinisation have on the confidence of recovered grade at RNC’s Dumont project?” ($4,680)
I’m not sure how many report copies each consultant will be able to sell . However a click-bait title may help sell at least one copy. That would be to the company the report is about. Perhaps major investors or financial analysts will also buy a copy.
So if you have some free time, pick a project that’s on your radar and write a review. It appears that you’ll get a 50% share of the revenue. To learn more, read an article at this link.
I’m curious if the Digbee platform will continue to grow. It’s unique to see independent research identifying potential issues with mining projects. Someone jokingly mentioned that these are the anti-newsletter writers. I’m also curious to see how long before the lawyers and lawsuits begin to show up.
Given the relatively low price for these reports, I think one might make a lot more money (from TMZ) if one wrote a report titled “Famous Hollywood starlet has scandalous affair with mining company CEO”.