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COST MANAGEMENT IN MINING COMPANIES AS INSTRUMENT FOR PERFORMANCE MANAGEMENT

Katarina Teplicka, Katarina Culkova, Jaroslava Kadarova, Sona Hurna, Tawfik Mudarri

Abstract

Costs constitute the basic economic indicator that affects the business activities of mining companies. Cost optimization in the mining company is a key factor of business and the goal to successful growth and profit formation. The costs of the mining company are high and costs affect negatively corporate profit. We will search costs in mining companies in Slovakia in area of small, medium and large companies. The goal of this paper is to find out the development costs in the mining companies in Slovakia relative to the size of the business. We will use economic cost analysis in the mining companies. The results of this economic analysis present a decreasing development of costs in the small and medium mining companies and various development of costs in large mining companies because in one year the costs are decreasing and in other year the costs are increasing. Those changes in area of costs are affected market demand, foreign investment, and high competition. Costs in mining companies influence profit. Creation of profit in small mining companies is minimal, increasing of profit is continual in medium mining companies and highly profit is created in large mining companies. Those results confirmed case study in this paper. Costs reduction and implementation of cost management in mining companies is program priority for development of mining companies.

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DOI resolver: doi.org/10.5593/sgem2017/53/s21.016

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