Mineral Economics & Business Course | IIT Kharagpur | Prof. Bibhuti Bhusan Mandal
Course Details
| Exam Registration | 47 |
|---|---|
| Course Status | Ongoing |
| Course Type | Core |
| Language | English |
| Duration | 12 weeks |
| Categories | Metallurgy and Material science & Mining Engineering, Managerial Economics |
| Credit Points | 3 |
| Level | Undergraduate |
| Start Date | 19 Jan 2026 |
| End Date | 10 Apr 2026 |
| Enrollment Ends | 02 Feb 2026 |
| Exam Registration Ends | 20 Feb 2026 |
| Exam Date | 24 Apr 2026 IST |
| NCrF Level | 4.5 — 8.0 |
Mastering the Business of Mining: An In-Depth Look at IIT Kharagpur's Mineral Economics and Business Course
The global mining industry is the backbone of modern civilization, supplying the raw materials for everything from smartphones to skyscrapers. Yet, the journey from a mineral deposit in the ground to a profitable, sustainable enterprise is a complex interplay of geology, engineering, and crucially, economics. For aspiring professionals looking to navigate this intricate landscape, the Mineral Economics and Business course offered by the Indian Institute of Technology (IIT) Kharagpur provides an unparalleled foundation.
Course Overview: Bridging Geology and Finance
This 12-week undergraduate-level course is designed to equip students with the critical skills needed to analyze, manage, and lead in the mineral resources sector. It moves beyond pure technical mining knowledge to answer the essential business questions: Is a mine economically viable? How should it be financed? What are the risks, and how can they be managed?
The course is strategically categorized under Metallurgy and Material Science & Mining Engineering and Managerial Economics, highlighting its interdisciplinary nature. It is intended for students of Mining Engineering and Geo-sciences, with prerequisites in introductory mining engineering.
Learn from Industry and Academic Luminaries
The course is taught by a distinguished faculty with deep industry and research expertise.
Prof. Bibhuti Bhusan Mandal, an Associate Professor, brings 22 years of hands-on experience in underground mechanized metal mining. His career with Hindustan Copper Limited and Sikkim Mining Corporation, coupled with his role at the National Institute of Miners’ Health, provides students with a realistic perspective on operational challenges, safety, and the socio-economic aspects of mining.
Prof. Shantanu Kumar Patel, an Assistant Professor, adds a world-class research and consulting dimension. A recipient of the prestigious Dr. N.G.W. Cook Ph.D. Dissertation Award, his expertise in rock mechanics and numerical modeling, gained from institutions like the University of Alberta and SMEC Australia, ensures the course incorporates cutting-edge geotechnical considerations into economic decision-making.
Detailed 12-Week Course Curriculum
The course is meticulously structured to build knowledge from fundamentals to advanced applications.
| Week | Core Topics Covered |
|---|---|
| Week 1-3 | Industry structure, resource/reserve classification (UNFC, JORC), critical minerals, and feasibility studies. |
| Week 4-7 | Core financial principles: time value of money, discount rates, inflation, and investment appraisal metrics (NPV, IRR). |
| Week 8-9 | Mining-specific cost accounting, finance sources, and robust investment risk management techniques. |
| Week 10-12 | Pricing mechanisms, mineral policy, lease auctions, mine closure costs, taxation, and global mineral trade. |
Key Learning Outcomes and Industry Relevance
Upon completion, participants will be able to:
- Classify mineral resources and reserves using global frameworks.
- Conduct techno-economic feasibility studies for mining projects.
- Apply discounted cash flow (DCF) analysis to evaluate mine profitability.
- Understand the capital structure and risk landscape of mining investments.
- Navigate the legal, policy, and regulatory environment governing minerals in India and globally.
The course enjoys strong industry support from all public and private sector mining companies, underscoring its practical relevance and the high demand for professionals with this skill set.
Essential Reading and Resources
The curriculum is supported by a robust reading list, including seminal texts like:
- Mine Investment Analysis by Gentry & O’Neil
- Mine and Mineral Economics by Ray & Sinha
- Mining Economics and Strategy by Runge
- Financial Management: Theory and Practice by Prasanna
Who Should Enroll?
This course is ideal for:
- Undergraduate and postgraduate students in Mining, Geological, and Mineral Engineering.
- Early-career professionals in mining, metals, and energy sectors seeking business acumen.
- Analysts and consultants focused on the natural resources industry.
- Anyone interested in the economic and strategic dimensions of sustainable resource development.
In a world increasingly focused on critical minerals for the energy transition, the principles taught in Mineral Economics and Business are more vital than ever. This IIT Kharagpur course offers a unique opportunity to learn from the best and prepare for a leadership role in shaping the future of the global minerals industry.
Enroll Now →