Measured #48 - Mark Burnett
1 hr 12 min
In this conversation, Rene sits down with Mark Burnett (AMC Consultants) to explore the psychology behind mining industry decision-making, reporting codes, and self-regulation. They discuss reporting codes (thanks to Mark for the South African/SAMREC insights this episode), cognitive dissonance, fraud in mining, ethics, resource classification, overregulation, competent persons, and why the industry keeps repeating the same mistakes. This is a deep dive into mineral resource reporting, geological uncertainty, investor behaviour, and the human factors behind technical and regulatory frameworks. Topics include: • JORC Code, SAMREC Code and CRIRSCO reporting standards • Self-regulation in mining • Cognitive dissonance and rationalisation traps • Fraud, ethics, and decision-making in geology • Mineral resource classification and uncertainty • Competent Persons and reporting responsibilities • Overregulation, market reporting, and investor psychology If you work in mining, geology, resource estimation, or technical reporting, this discussion will give you a fresh perspective on the industry’s biggest structural (pun intended) and psychological challenges. Timestamps 01:35 Meet Mark Burnett 05:20 Why Smart People Stop Reading 09:26 History, Context & Better Decisions 13:05 Why Mining Keeps Repeating Mistakes 20:09 Fraud, Bias & the Rationalisation Trap 30:54 Should Psychology Be Mandatory? 41:56 Overregulation Is Killing Judgment 53:12 Classification, Uncertainty & False Precision 1:09:05 Fraud, Human Nature & Final Thoughts References: 00:10:15 – The Thirties: 1930–1940 in Great Britain by Malcolm Muggeridge (Hamish Hamilton, GB, 1940); 00:19:09 – The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron by Bethany McLean and Peter Elkind (Penguin Publishing Group, 2013); 00:19:27 – JORC 1972 report; 00:25:31 – The Big Score: Robert Friedland, INCO, and the Voisey’s Bay Hustle by Jacquie McNish (Doubleday Canada, 1998); 00:26:13 – Rae Commission...