March 16, 2016

Bloomberg - Inside the Billion-Dollar Dig to America’s Biggest Copper Deposit 5-15min

Visited on a chilly day in December, the area around the top of the mine, the “collar” in mining terms, doesn’t look inviting. Steam clouds pour from the mouth of No. 9. It’s the hot air being drawn from the cave dug at the bottom of No. 10. That far down, rocks formed billions of years ago still carry heat from the molten core of the earth. Without the elaborate refrigeration system that pumps chilled air down No. 10, the bottom of the mine would be 180F, far too hot for a human to withstand. ... a venture between the two largest mining companies in the world, Rio Tinto and BHP Billiton. Together they’ve spent more than $1 billion, including $350 million sinking the No. 10 mine shaft, in hopes of tapping nearly 2 billion metric tons of ore. Less than 2 percent of it is believed to be copper. It might not sound like much, but that’s considered dense, making it the fourth-largest undeveloped copper deposit in the world. ... Resolution Copper plans to dig four more shafts over the next 15 years. At peak production, this will be the biggest copper mine in the U.S., producing 100,000 tons of rock a day, and enough copper to meet a quarter of the country’s demand. It could also end up being a financial problem for its owners. The price of copper, along with lots of other commodities, has crashed as China’s economy has slowed. The Resolution mine is essentially an enormous bet that the third-most-used metal in the world is oversold and that prices will rebound by the time the mine opens in several years. ... Steaming hot water pours off the rocks; during construction, workers bored into an ancient lake trapped thousands of feet underground by impermeable rock, and it’s leaking into the mine. It’s like standing in a tropical rainstorm. A digital hydrometer on the wall registers 100 percent humidity. Overhead, cooled air gushes out of a metal duct, blowing the rain sideways and keeping the temperature in the mid-70s.

CFA Insitute - Decision Making under Pressure 5-15min

Should we make decisions based on intuition and emotion, or should we make decisions more rationally, with data, analytics, and numbers? The best process for making decisions under pressure is to use the data and numbers to inform our intuition. In addition, leaders must recognize and avoid falling prey to a number of mind tricks and biases. Power dynamics can also lead to poor decisions, and leaders do best to pursue an inquiry-based—rather than advocacy-based—approach. ... When making decisions under pressure, there are four tensions. Any decision in an organization generally has an ethical issue, a strategic issue, a financial issue, and a legal issue. Sometimes, there is tension among those issues. What makes perfect sense strategically might not make sense legally, or what makes the best sense financially might not make sense ethically. Part of the decision-making process is having the ability to recognize and manage the fundamental tensions that exist in most of the decisions we face. ... The way to do that is by answering three questions. First, how do I motivate and encourage the people and the organization to be aligned with what we are trying to achieve? Second, operationally, when we are under threat, how do I make sure that the business will be able to continue during these threatening circumstances? Third, how do I communicate the decision that I am about to make?

Fortune - Hoaxwagen 5-15min

How the massive diesel fraud incinerated VW’s reputation—and will hobble the company for years to come. ... “Hoax,” of course, is a layman’s word. But plenty of legal terms also arguably apply, including “consumer fraud” and “false advertising.” They are fueling an explosion of litigation. That and the horrific reputational damage are subjecting Volkswagen to one of the severest challenges in its nearly 80-year history. ... The U.S. Department of Justice and the EPA have filed a civil suit that could theoretically subject VW to up to $45 billion in fines (though, in fairness, no one expects penalties quite that draconian). The DOJ and the EPA are also pursuing a criminal inquiry, as are prosecutors in Germany, France, Italy, Sweden, and South Korea. All 50 state attorneys general in the U.S. are also on the warpath, armed with state laws that, nominally at least, are every bit as crushing as the federal law. ... All of that comes on top of more than 500 class actions filed on behalf of owners and lessors of Volkswagen diesel cars ... VW’s misbehavior did not come out of nowhere. The company has a history of scandals and episodes in which it skirted the law. Each time—till now—it has escaped without dire consequences. ... VW is driven by a ruthless, overweening culture. Under Ferdinand Piëch and his successors, the company was run like an empire, with overwhelming control vested in a few hands, marked by a high-octane mix of ambition and arrogance—and micromanagement—all set against a volatile backdrop of epic family power plays, liaisons, and blood feuds. It’s a culture that mandated success at all costs.

Mosaic - Welcome to the cyborg fair 5-15min

‘Cyborg’ is a loaded and attention-grabbing term, bearing associations from sci-fi novels and Hollywood, and whether it’s an entirely accurate label for these activities is up for debate. Some commentators broaden the definition to include anyone who uses artificial devices, such as computer screens or iPhones. Others prefer to narrow it. As early as 2003, in an article entitled ‘Cyborg morals, cyborg values, cyborg ethics’, Kevin Warwick, the professor who pioneered the cyborg movement in the academic sphere, described ‘cyborgs’ as being only those entities formed by a “human, machine brain/nervous system coupling” – essentially “a human whose nervous system is linked to a computer”. ... Implanting an RFID chip is relatively simple: a tiny glass object about the size of a grain of rice is injected into the soft part of the hand between the thumb and forefinger – it’s as easy as drawing blood.