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:: New Business Practice Looks Set To Emerge In Metals Industry
A new mineral industry-based research project looks set to turn a challenging yet tedious and often inaccurate account-keeping activity into a proactive business practice based on an enhanced metal balancing process, according to JKMRC Technical Director Dr Rob Morrison. He said the project also aimed at producing a set of industry-wide standards.
In an effort to overcome traditional shortcomings in this area, AMIRA International has teamed up with the University of Queensland’s Julius Kruttschnitt Mineral Research Centre on the collaborative research project P754 aimed at developing standards and tools for metal balancing, reconciliation and reporting from mine resource to final product.
Dr Morrison who developed and conceived the P754 project said recent reports on corporate governance indicated emerging investor concerns that traditional semi-qualitative metal accounting practices provided insufficient confidence and transparency. He said P754 would build on existing JKMRC modelling and database technology to transform the metal accounting process from a costly and time consuming corporate encumbrance into a profit centre. “The project will work with sponsors from operating companies through to financial institutions to reach a degree of consensus regarding measurement, data analysis and reporting," he said.
Additional input into the project will come from institutions in South Africa and Canada, with much of the initial site work being conducted in those two countries, as well as Australia.
Mr Beck said AMIRA P754 would build on existing measurement technology to ‘attack the problems’ with current metal accounting and reconciliation practices in the minerals industry.
The key objectives of the proposed project are to:
Mr Beck said these objectives would be addressed by a collaborative industry approach, providing sponsors with significant leverage on their research and development funds.
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