MineRP’s GeoInventory – it’s on your doorstep

MineRP’s GeoInventory is a patented, fully integrated portion of the MineRP 4.0 Platform as the system and method, based on mining industry reporting codes, for managing Mineral Inventory in a conventional accounting model.

Geo-sciences together with consideration of mining, metallurgical, economic, marketing, legal, environmental, social and government factors (the modifying factors) all contribute to increasing levels of geoscientific knowledge and confidence. These two parameters are the basis for classification and reporting of mineral resources and reserves (R&R).

Reference: THE SOUTH AFRICAN CODE FOR THE REPORTING OF EXPLORATION RESULTS, MINERAL RESOURCES AND MINERAL RESERVES (THE SAMREC CODE) 2016 EDITION

Historically, the classifications and reporting have been managed in disjointed technical systems before being consolidated into a single report by Competent Persons within a mining region and corporate group. These reports are auditable only by other competent persons and are neglected in terms of analysis and optimization. The data is hidden from CxO’s and only available in interpreted mode.

First Principles of the GeoInventory Model

MineRP has leveraged Asset Management and Inventory Management principles, matured in other industries, to allow multiple layers of inventory to be maintained across multiple operations, yet accessible and modeled centrally. Thereby also enabling scenario management and analytics to drive actions such as re-planning.

In summary, GeoInventory converts valuable rocks into attributable assets by leveraging materials management systems to manage Resource & Reserve as virtual inventory.

MineRP’s Approach

The primary asset in any mining operation is conventionally managed in the Mine Technical Systems domain. This domain is not natively integrated with the commercial domain and key Business Management systems such as ERP. Analysts and Investors have limited access to the realities of Mineral Inventory. Although it has been pursued by mining industry reporting codes as the method of managing assets, it has yet to be performed in a conventional accounting model.

The traditional ERP systems have been too far removed from the R&R to cope with these datasets but MineRP has shown it can be done, based on MineRP rules and processing through SAP HANA.

Steps to maintaining the Mineral Asset Inventory

  • Accurately process all spatial and mining features as influenced by disparate mining technical disciplines

  • Process resulting resource and reserve statuses, and create inventory management journals

  • Execute journal transactions against Mineral Asset Inventory

Business Benefits

In operational practice, the resulting business benefits include:

  • Controlling the ore body as an Asset

  • Making business decisions based on intelligence

  • Common level of granularity across the financial and technical domains

  • Interrogating the ore body and mining plans from Commercial and Economic perspectives

  • Exhibiting transparency to Investors/Stakeholders

  • Changes to the classification and value of the retained R&R are traceable and auditable

  • Resource and Reserve Statement on Demand (Real-time) versus once per annum

  • Investor Community confidence in a Mining House’s ability to apply and unlocking return on capital

  • Materials Management is the key

  • Time to treat Mineral Content like Money, not Rock

In summary, GeoInventory as a Value Proposition to clients, provides real time, auditable and traceable Mineral Asset Management for continuous control of Mineral Asset Status, at any level of granularity.

Analytics enabled by this process

GeoInventory exposes underlying data sources for accurate Materials Management and analysis by Business Intelligence tools. Mineral asset knowledge is thereby founded upon fully auditable and traceable mining technical information.

Commercially advised mining decisions and mining advised commercial decisions improve decision making at all levels of the organization.

GeoInventory bridges the gap between the miner and the accountant!

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