High commodity prices result in many major mining companies having balance sheets that present low gearing and cash surpluses. These surpluses can either be returned to shareholders or they can be invested in projects in order to increase shareholder’s returns. Companies with mature projects look for ways to add some reserves in their underlying asset base and extend their life of mine. There are three ways that a company can achieve that; the first one is by exploring in new areas, the second is by acquiring a post exploration junior company and the third one is by exploring and expanding its current operations. This book examines the case where a company looks at expanding its current operations and add to its mineral reserves. The case study is based on “Harmony’s Evander Shaft 8” operations in South Africa. The expansion program aims at exploiting higher grade ore. In order to assess the financial implications of the expansion, a Discounted Cash Flow (DCF) financial model was used. Additionally non financial implications of the expansion are discussed.