What is Metal Accounting?
Metal Accounting is defined as the system by which designated process data (relating to metals of economic interest), including mass measurement and analysis, are collected from several sources and distorted into an intelligible report format that is provided in a timely fashion with the aim of meeting specified reporting requirements (Ghorbani, 2020).
The foundation of Metal Accounting is detailed in AMIRA P754 Project in a book titled ‘Improving Metal Accounting’ (Morrison, 2008). In the AMIRA P754 Project, Metal Accounting, together with reconciliation, is further defined as ‘the estimation of (saleable) metal produced by the mine and carried in subsequent streams over a period of time. The comparison of estimates from different sources over a defined period is called reconciliation. Over the life of a mine, Metal Accounting and reconciliation constitute an audit of the mineral resource’.
The integration of Metal Accounting with AI/machine learning has helped to overcome the limitations of reconciliation and led to the birth of Metal Accounting software systems aided by on-line process monitoring sensors and plant control rooms.
Why you need Metal Accounting
Metal Accounting is 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. All mining companies need Metal Accounting for:
- Mine-to-mill and pit-to-port reconciliation
- Assurance for investors
- Declaration and reconciliation of mined material
- Stock exchange registration
- Improve the efficiency of mining and metallurgical processes
Latest research links
Repurposing legacy metallurgical data Part I: A move toward dry laboratories and data bank
Integration of Metal Accounting and Machine Learning
At SmartMin we have managed to bridge this gap by integrating legacy metallurgical and mineral resources data with Metal Accounting data for more robust plant efficiency diagnostics, tracing and recording of metallurgical exceptions, reporting and reconciliation of metal-in-progress and saleable metals.
Source: Ghorbani, Nwaila & Chirisa (2020)
This approach is one of the first of its kind and falls within our Data Bank initiatives where we aim to help the mining company realise bankable value from legacy and current data.
Metal Accounting Advisory Services
Metal Accounting is an advisory and audit service that SmartMin offers to clients.
Our team comprises highly skilled and qualified professionals with extensive experience and expertise in a diverse array commodities.
We offer comprehensive services in Metal Accounting encompassing:
- Metallurgical plant process auditing
- Metallurgical sampling and data management
- Mass balancing and reconciliation of full value chain and reconciliation of the entire mining operation including geology, mineral resource and mineral reserve estimation, grade control and final saleable products.
- Reporting and declaration of saleable metals
- Tracing of metal loses in the mine and metallurgical plant
Current Expertise in Metal Accounting
In the world, plenty of prominent people and companies are regarded as authority to the discipline of Metal Accounting. However, most are either chemical or metallurgical engineers with limited background in mineral resources management or consultant without field experience in both mining, geology, mineral processing and finance.
Our team at SmartMin is diverse with unique skillsets to help mining companies and audit firms to get the best out of Metal Accounting audits, reporting and data. We are available to provide a service directly to the mining companies or indirectly by assisting auditing firms.
Contact Us
We offer high quality Metal Accounting services that cover the wide spectrum of the project lifecycle.
Reach out to SmartMin for your project of any scope. Call us at +2782 749 6478 or submit our online form today.