Systematic Framework toward a Highly Reliable Approach in Metal Accounting

Abstract

Metal accounting is becoming an area of growing focus because of the requirement for the resulting data to feed directly into financial reports. It is vital in the fulfillment of best corporate governance practices and to provide assurance on metallurgical processes. The current metal accounting practices deliver a number of important measures, but an essential change in the approach toward data integrated and auditable metal accounting system is an indispensable need. This work aims to present a systematic framework toward a highly reliable method in mental accounting. The proposed approach introduces a novel mining to product metal accounting scheme and conceptualization of an intelligent metallurgical and metal accounting information management system (MMAIMS). An open cast gold mine in South Africa is presented as a case study. Based on the results and discussions that we have presented in this study, it has been shown that the proposed intelligent MMAIMS will result in improved plant process control, transparent financial reporting, and a suitable understanding of interrelationships between different process activities. The intelligent MMAIMS approach will eradicate data security risks related to multiple-user environment spreadsheets, create reliability in data used for decision-making and operation data synchronization. End to end metal accounting process visibility across the whole process will advance the audibility and transparency of metal accounting from mine to product, and enable good corporate governance and financial reporting of the salable metal product concerning smart mining and mineral processing concept.