Biography

Ian Runge was appointed an Industry Fellow within the School of Economics at The University of Queensland on 1 January 2019; in addition to his appointment as Adjunct Professor in the School of Mechanical and Mining Engineering. In 2018 Ian retired from the board of RPMGlobal Holdings Limited (formerly: Runge Limited) after founding the company 41 years previously, and helping to build it into the world’s largest publicly traded mining technology enterprise. Software initially developed by Ian Runge and further developed and supplied by RPMGlobal is fundamental to the planning and scheduling of hundreds of mines. In addition, it is applied for purchase decisions, equipment replacement decisions, and productivity analysis of practically every large truck and loader used in mining worldwide, and for economic analysis and budgeting across hundreds of mines.

Ian Runge also developed, wrote, and delivered comprehensive professional development courses in integrated mine planning, truck and loader productivity, dragline analysis and productivity, and mining economics; still offered by RPMGlobal today. He has had active involvement in more than 120 mines and mining projects in 10 different countries.

Whilst his early career was focused on the technical aspects of planning and operating mines, by the 1990s Ian Runge was disillusioned that the advancements being made in technical aspects of the industry were not being matched by advancements in the application of economics to management and decision-making processes within mining companies. So in the mid-1990s, he took time out to complete a PhD in economics aimed at understanding capital and the capital investment decision-making process.  Along with dozens of articles and papers on economics and technology he has subsequently written two books focused on mining economics and the capital investment process. Since publication in 1998 his book Mining Economics and Strategy has become the world’s largest selling mining textbook.

His book Capital and Uncertainty forms the basis of his current interests in how large capital investment decisions and other decisions are made, not just in mining but in business and the world economy generally. His focus particularly covers choices under uncertainty, choices influenced by technological change, and choices impacted by business cycles and fluctuations in the world economy generally.

Books and book chapters

Runge, I.C. (2000)
Capital and Uncertainty – the Capital Investment Process in a Market Economy  Cheltenham, U.K. Edward Elgar

Runge, I.C. (1998)
Mining Economics and Strategy Denver; Society of Mining Metallurgy and Exploration (SME)

Runge, I.C. (2011)
Economic Principles for Decision Making in: Darling, P. (Ed) SME Mining Engineering Handbook, 3rd Edition, Volume 1 (pp.309-315) Denver; Society of Mining Metallurgy and Exploration (SME)

 

Articles, conference papers and working papers

Runge, I.C. (2019)
Mining the Magenta Line – Automation, Risk, and the Division of Labour   Keynote presentation in: Proceedings, International Conference on Mine Planning and Equipment Selection, AusIMM, Perth, Australia

Runge, I.C. (2017)
The Most Disadvantageous Lottery in the World  
Keynote presentation in: Mining and Exploration Conference, Noosa, Australia

Runge, I.C. (2017)
Mining Economics and Technology   Keynote presentation in: Proceedings, 25th International Mining Congress and Exhibition of Turkey (IMCET) Antalya, Turkey

Runge, I.C. (2016)
Mining/Resources and Energy: Economics and Industry Challenges in: Presentation to American Enterprise Institute, Washington, DC

Runge, I.C. (2014)
Mining Project Risk – After 238 years we still don’t understand it  in:
Proceedings, Management and Economics Society of the Canadian Institute of Mining Seminar: Project Risk: the News isn’t all bad, CIM, Toronto, Canada

Runge, I.C. (2012)
The Economics of Mining: Is the Boom already becoming a Bust, and are we Prepared?  Public Lecture Presentation, School of Economics, University of Queensland, Brisbane, Qld.

Runge, I.C. (2012)
Mining Economics  Keynote presentation in: Discover Mongolia 2012: International Mining Conference and Investors Forum, Ulaanbaatar, Mongolia