In the mining business, good geology is only half the battle. The people responsible for turning mineral deposits into productive assets can be just as important.

GoldMining Inc. (NYSE American: GLDG) announced October 14 that it has appointed Alexandre Soares Pimenta as Project Director of its São Jorge gold project in Brazil.

Pimenta brings more than 25 years of experience in mining, engineering, and large-scale industrial development, including senior positions with Alcoa, Gerdau, and other major operations in Brazil.

He joins a management team with considerable experience in the mining industry.

GoldMining Chairman Amir Adnani has built a career acquiring mineral assets and developing businesses around them.

And Chief Executive Officer Alastair Still brings more than 30 years of mining experience, including positions with Newmont, Goldcorp, and Kinross.

That experience matters because GoldMining’s business depends on more than discovering gold.

The company has assembled a substantial portfolio of gold and copper properties throughout the Americas.

But creating shareholder value from those assets requires sound judgment about the allocation of capital.

São Jorge may provide an important test of that strategy.

In June, GoldMining released a preliminary economic assessment estimating that the Brazilian project could produce an average of 51,250 ounces of gold annually over a 10.6-year mine life.

Using a gold price of $3,500 per ounce, the assessment estimated an after-tax net present value of $532 million and an internal rate of return of 42.4%.

Those are encouraging figures, although they remain preliminary and do not establish that a profitable mine will ultimately be built.

GoldMining is now preparing additional drilling and beginning pre-feasibility activities to better define the deposit and evaluate its development potential.

Pimenta will oversee that work, bringing experience in engineering, project construction, and capital management to a project moving beyond its initial economic assessment.

For investors, the appointment is another indication that GoldMining is working to advance its properties rather than simply accumulate them.

The company still faces the considerable uncertainties involved in developing a mine.

But with an experienced management team and an expanding understanding of its mineral assets, GoldMining is building the foundation for long-term shareholder value.