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Economic Analysis: Theory and Practice
 

A development strategy of gold mines based on external and internal influence factors assessment

Vol. 13, Iss. 42, NOVEMBER 2014

Available online: 4 November 2014

Subject Heading: STRATEGY OF ECONOMIC ADVANCEMENT

JEL Classification: 

Pages: 43-52

Kradenykh I.A. Institute of Mining Affairs of Far Eastern Branch of Russian Academy of Sciences, Khabarovsk, Russian Federation
kradenyh_igd@mail.ru

Barchukov A.V. Far Eastern State Transport University, Khabarovsk, Russian Federation
barchukov_alex@mail.ru

The subject of the article is a comprehensive review of internal and external strategic factors influencing the formation of production strategies of gold mines. The goal of the paper is to study the impact of internal and external factors on the performance of gold mines and to develop on this basis possible action strategies, which will take into account different combinations of strategic factors. The authors applied various methods, including a SWOT-analysis, an expert estimation, economic and strategic analyses. On the basis of expert evaluation of strengths and weaknesses of mining enterprises, as well as opportunities and threats caused by environment, the authors adapted the SWOT-analysis to the assessment of business performance of the gold mining industry. The obtained results enable the management of gold mines to use the proposed form of structuring the factors of external and internal environment, which can be viewed as a tool to build strategic alternatives aimed at achieving the desired goals of a company. Based on the SWOT-analysis, the authors have identified, evaluated, and ranked major influencing factors that allow specifying a set of higher priority strategic alternatives of gold mines' business, taking into account industry-specific, production and territorial conditions. As a result of a pair-wise comparison of the four fields is the SWOT-analysis, the authors indicated a set of required and desirable strategic actions serving as a basis for a business strategy development.

Keywords: gold mines, SWOT, analysis, external, factors, internal, development strategy, integration

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