Mining companies should consider acting across five stages, leading from the crisis of today to the next normal that will emerge after the battle against coronavirus has been won: Resolve, Resilience, Return, Reimagination, and Reform.
- Resolve: Address the immediate challenges that COVID-19 presents.
- Resilience: Address near-term cash management challenges, broader resiliency issues during virus-related shutdowns, and economic knock-on effects.
- Return: Create a detailed plan to return the business back to scale quickly while the crisis unfolds and knock-on effects become clearer.
- Reimagination: Reimagine what the “next normal” will look like, its implications, and how the company should reinvent itself.
- Reform: Be clear about how the regulatory and competitive environment may shift.
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