The company’s strategy that focuses on the growth of the company represented by the economic value added (EVA) requires the identification of factors affecting the size of the EVA. For this purpose, in the paper the formula for EVA was transformed in such a way as to reveal the determinants affecting its value. Three levels of disaggregation of EVA were assumed. At the first level EVA depends on the amount of invested capital (IC) and economic spread (EC). At the second level economic spread is expressed using the weighted average cost of capital (WACC) and the return on invested capital (ROIC). The third level takes into account the capital structure (wi), the cost of capital (ki), the profit margin (NOPAT/S) and invested capital turnover ratio (S/IC). Such disaggregation can be continued on the next levels of detail.
Using the method of successive substitutions an analysis of the cause and effect of the mining company, was conducted. In this way, we can indicate which factors and to what extent affected negatively and positively the change of EVA in the analysed year compared to the previous year. Such analysis allows decision makers to determine a strategy directed to the increase of the mining company’s value.