Benchmarking of mining operations has been in vogue for a number of years: it seems teams are forever flying around the world to try to understand what other operations are doing. However, unless a benchmarking exercise involves data gathering at a fundamental level and a rigorous analysis process is applied, the trip will be nothing more than industrial tourism. When benchmarking is performed thoroughly, the range of comparisons that can be made is extensive and informative, and need not be restricted to sites with similar conditions and equipment fleets. This paper describes the detailed and rigorous process for benchmarking used throughout AMC benchmarking studies. The paper demonstrates how, through drilling down to the underlying drivers, the often heard cry of you can't compare us, we're different' can be overcome. Included in the discussion are a number of significant issues that have been identified during AMC benchmarking studies. The paper then considers the types of opportunities that have been identified and the potential for improvement. The paper concludes with a discussion of the implications for planning, measuring and management of operational performance.