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.
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
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!