The theory of constraints (TOC) is a business improvement method that focuses on exploiting a business's bottleneck to deliver the highest possible profit. Early applications were mostly in the manufacturing industry; however, the theory in itself is completely generic and has now been applied widely in other industries such as services, retail, software and distribution, amongst others. The intent of the approach is attractive - it focuses on the silver bullet' rather than death by a hundred projects', and it focuses on growth rather than cost cutting. Application within the mining industry has been limited to date, although there are a few applications emerging. This paper discusses how TOC can be applied to maximise value during the project planning phase and how to maximise profits when the mine is operational. The paper uses two case studies to illustrate the approach. Case study 1 uses the approach to improve tactical mine planning, which delivers an increase in revenue of 58 per cent. The second case study is a strategic mine planning example that delivers an increase in value of 77 per cent.CITATION:Finch, A and Elkington, T, 2014. Application of the theory of constraints to strategic and tactical mine planning, in Proceedings Orebody Modelling and Strategic Mine Planning Symposium 2014 , pp 129-136 (The Australasian Institute of Mining and Metallurgy: Melbourne).