Mining as an underground space producing activity: A financial point of view

Urbanization has resulted in a gigantism of urban complexes and in many environmental and social problems. The situation on the surface and the principles of sustainable development compel urban planners to utilize the urban underground space, which for centuries has been almost exclusively the application field of mining. More often than not spatial planning in urban areas allocates various land-uses in the subsurface. Furthermore, modern construction methods of underground structures in urban environments borrow traditional underground mining techniques. The latter stands especially for underground spaces developed by means of room-and-pillar method (e.g. storage centres, parking facilities, waste repositories, etc.). Consequently, as the competition among land-uses in the surface increases, the ability of mining to act as a space producing activity seems more attractive. However, the aspect of mining as a space producing activity in urban areas has not been thoroughly studied yet. The present paper describes a development proposal in Athens, Greece, regarding an underground wine storage facility. The paper outlines the design and places focus on the financial analysis of the business plan. The findings of the analysis support that the production and utilization of underground space in urban areas can be very profitable. Furthermore, urban underground space can be thought as the modern “deposit” and contemporary urban areas constitute a new focal point for the mining industry.