Ian Runge
M.E. (Mining), M.A. (Econ), PhD
Australian
Engineer | Economist | Business Strategist
Honorary Positions, University of Queensland, Brisbane, Australia:
Industry Fellow, School of Economics,
Adjunct Professor, School of Mechanical and Mining Engineering
Biography
Ian Runge is a mining engineer and economist, and founder of ASX listed RPMGlobal Holdings Limited (formerly: Runge Limited), one of the world’s largest mining technology companies. He retired from the board of RPM in 2018 after 41 years.
Software initially developed by Ian Runge and further developed and supplied by RPMGlobal is fundamental to the planning and scheduling of hundreds of mines. 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. Dr 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. Dr. Runge has had active involvement in more than 120 mines and mining projects in 10 different countries. In February 2022 Ian Runge was awarded the AusIMM Institute Medal – the most prestigious award and highest honour conferred by AusIMM in recognition of eminent leadership in the resources sector.
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. Dr. 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.
Books, 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, 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
Presentation to American Enterprise Institute, Washington, DC
Runge, I.C. (2014)
Mining Project Risk – After 238 years we still don’t understand it
Proceedings of the Seminar “Project Risk: the News isn’t all bad,” Management and Economics Society of the Canadian Institute of Mining, CIM, Toronto, Canada
Runge, I.C. (2012)
The Economics of Mining: Is the Boom already becoming a Bust, and are we Prepared?
Public Lecture, 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
Runge, I.C. (2011)
Profiting from the Boom, Avoiding the Bust
Presentation: Canadian Institute of Mining, Calgary, Canada
Runge, I.C. (2010)
Economics of Mine Planning and Equipment Selection
Keynote presentation in: Proceedings, International Conference on Mine Planning and Equipment Selection, AusIMM, Perth, Australia
Runge, I.C. (2006)
Decision-making in the Mining Industry – Issues to be considered when investing in a mine, starting a mine, closing a mine, buying a mine or selling a mine
Proceedings, Student Mining Seminar, Australasian Institute of Mining and Metallurgy, Brisbane, Australia
Runge, I.C. (2006)
An Unusual Perspective on the Australian Mining Future
Branch Seminar, Australasian Institute of Mining and Metallurgy, Tom Price, Western Australia
Runge, I.C. (2000)
Is there a future for the Old World Resources Industry in the new E-economy
Proceedings, The State of Queensland’s Resources and Energy 2000, Committee for Economic Development, Brisbane, Australia
Runge, I.C. (2000)
Real Capital – Why Capital Intensive Industries like Mining continually fail to achieve returns to investment
Proceedings, Mining Conference 2000, CPA Australia, Melbourne, Australia
Runge, I.C. (1999)
Corporate Strategies and Objectives – where conventional evaluation methods fail for Capital Intensive Industry
Proceedings, Conference on Strategic Mine Planning – A Financial Perspective. Australian Journal of Mining, Melbourne, Australia
Runge, I.C. (1998)
How to turn Unprofitable Mines into Profitable Mines
Proceedings, Student Mining Seminar, Australasian Institute of Mining and Metallurgy, Brisbane, Australia
Runge, I.C. (1996)
Entrepreneurial Choice and Uncertainty
Proceedings, Annual Meeting, Southern Economic Association, Washington, D.C.
Runge, I.C. (1995)
Economics, Technological Change, and the Knowledge Problem
Proceedings, International Conference, Application of Computers in the Mineral Industry (APCOM XXV), AusIMM, Brisbane, Australia
Runge, I.C. (1995)
Tort Law Economics with High Tertiary Costs – an Aircraft Accident Case Study
Working Paper, School of Economics, George Mason University, Virginia, USA
Runge, I.C. (1994)
Uncertainty and Risk in Mineral Valuation – A User’s Perspective
Proceedings, Mineral Valuation Methodologies (VALMIN ’94) Conference, AusIMM, Sydney, Australia
Runge, I.C. (1992)
Maintaining and Improving the Economics of Open Pit Mining
Conference Theme Address, in: Proceedings, Third Large Open Pit Mining Conference, AusIMM, Mackay, Qld, Australia
Runge, I.C. (1990)
Assessing Risk and Capital Investment Criteria in Mining Projects
Proceedings, MinCost ’90 Symposium, AusIMM Sydney, Australia
Runge, I.C. (1988)
Strip Ratio – An Outdated Indicator of Economic Value
International Conference on Mine Planning and Equipment Selection, Canadian Institute of Mining, Calgary, Canada
Runge, I.C. (1983)
Designing for Maximum Production from Trucks and Loaders
Proceedings, Computers in Mining Conference, Australasian Institute of Mining and Metallurgy, Brisbane, Australia
Blackburn, J.L. and Runge, I.C. (1983)
Software for Mine Planning
Proceedings, Computers in Mining Conference, Australasian Institute of Mining and Metallurgy, Brisbane, Australia
Runge, I.C. (1983)
The Design of Multi-Seam Open Pit Coal Mines – A Step-by-Step Case Study
Proceedings of the First Conference on Use of Computers in the Coal Industry, Society of Mining Engineers, AIME, New York
Runge, I.C. (1982)
Coal Mine Design and Development
Proceedings, Mine Surveying Seminar, Australian Institute of Mine Surveyors, Toowoomba, Australia
Runge, I.C. (1981)
Mining Design for Deep Open Cut Mines
Proceedings, Strip Mining – 45 metres and Beyond, Australian Institute of Mining and Metallurgy, Rockhampton, Australia
Runge, I.C. (1979)
The Next Generation of Australian Surface Coal Mines
Proceedings, International Conference on Mining Machinery, Institution of Engineers, Brisbane, Australia
Huddart, H. and Runge, I.C. (1979)
Pit Design Optimized for Dragline Productivity
Transactions of Institute of Mining and Metallurgy: Vol 88: London