Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
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Category > Management Posted 21 Mar 2018 My Price 7.00

Meiger Mining, Inc

Meiger Mining, Inc., has just discovered two new mining sites for iron ore. Geologists and engi- neers have come up with the estimates on the following page regarding costs and ore yields if the mines are opened:

 

 

 

Site A           Site B

 

Variable extraction costs per ton  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$3.80

 

$4.00

Fixed costs over the life of the mine:

 

 

 

Blasting   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$150,000

 

$185,000

Construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

225,000

 

240,000

Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

25,000

 

20,000

Restoration costs  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    40,000

 

    35,000

Total fixed costs  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$440,000

 

$480,000

Total tons of ore that can be extracted over the life of the mine: . . . . .

200,000

 

160,000

 

 

 

Meiger’s owners currently demand a return of 20 percent of the market price of iron ore.

 

Instructions

a.       If the current market price of iron ore is $8 per ton, what is Meiger’s target cost per ton?

b.       Given the $8 market price, should either of the mines be opened?

c.       The engineer working on Site B believes that if a custom conveyor system is installed, the variable extraction cost could be reduced to $3 per ton. The purchase price of the system is

$25,000, but the costs to restore the site will increase to $45,000 if it is installed. Given the current $8 market price, should Meiger install the conveyor and open Site B?

Answers

Maurice Tutor
(5)
Status NEW Posted 21 Mar 2018 05:03 AM My Price 7.00

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