Compensation

The latest CostMine report for mining exploration is now available. This report is extremely comprehensive and is designed to provide comparative guidelines for designing exploration budgets and negotiating salaries. This report is also of great value to individuals who want to be able to compare their compensation with others in the mining exploration industry.

Salaries in this report were compared in several ways, by region, by country and by nationality. The report also compared American, Australian and Canadian salaries from previous surveys to show how exchange rates play an important role in regional pay differences.

Another interesting trend that is apparent from this report, is that there is a significant discrepancy between national and expatriate salaries in many of the African, Asian, Central and South American countries. It appears from this report that some nationals working in professional positions in Africa, Asia and parts of South and Central America earn as little as 20% to 50% of what expatriates in similar positions earn. There are however regions where nationals working in senior roles can earn comparable salaries.

It also appears that the highest paid professionals were American, Canadian and Australian nationals working either in their home countries or as expatriates. The lowest were nationals living in Sudan, Tanzania, India, Morocco and Gana.

There are some interesting trends that one can find from this report. One being the effect of education on salaries for mining exploration. It appears from this report that individuals with a PhD are bringing home a higher average salary , but that those with a Master’s degree are earning a higher maximum salary, with a maximum reported at $364 000. Also that those with a Bachelor’s degree can also command high salaries relative to those with Masters Degrees and PhDs.

Cost Mine have been surveying Exploration salaries since 2000 and since then have periodically surveyed for salaries in the mining industry engaging in exploration. This report offers a compressive comparison of exploration wages from previous studies to current exploration wages. This makes for some interesting data and reading.

Exchange rates play an enormous part when it comes to exploration wages, and this report clearly shows the effect of the exchange rate on wages for exploration managers, senior geologist and geologists and shows the relative increases and and decreases in wages over time.

Bonuses and their part in compensation packages are also covered in detail in this report. This makes for some interesting reading as companies generally recognise the importance of including a bonus in exploration wages, in order to attract, motivate and retain their exploration employees. According to this report roughly 68% of exploration personnel reporting receiving a bonus in some form or other. These cash bonuses ranged from as little as $57,75 to $140,300 depending on where the individual is based.

Visit CostMine for more information.

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *