Once a decision has been made that there is a viable asset, the next step is to develop it to a point where you are able to prove its economical operation. Activities during this phase will include more drilling, further capital raising, the pre, definitive or bankable feasibility studies. Pilot mining can also be a consideration at this stage.
Due to the increase in suppliers, invoices and transaction within the business system, an integrated environment that can intuitively and easily help support the business is integral to tighter cost controls and management of the budget. Specific areas that require a more considered and detailed approach to business management during the development phase are:
Financial Management Along with specific cost controls through the use of specific functions such as purchase ordering and inventory controls as the site develops, mining companies may also look to use more robust budgeting and forecasting tools to understand the expenses associated with the mine plan as it is being developed. Using more robust budgeting and forecasting tools provide greater control and more granular reporting over the planned mine life. Contractor Management Contractors may now be involved in providing studies and early material moving for pilot pits and therefore milestone payment tracking, and possible asset take on will be required. Many of the contractors will utilise their own tools during this phase and look to manage asset take on and stock under a project banner.
However, planning the take on of these assets and other overheads once operational need to be considered.
Development Tracking As material movement begins as part of the early earth works or pilot mining, so will the requirement to track physicals and any KPI’s associated with advancement of the project. Mine data management and tracking tools are implemented during this phase to assist with the tracking of development so that meters advanced or initial movement of overburden is done to time and on budget. This ensures that performance is kept to plan and the fastest time to ore can be achieved.
Intuitive Business Solutions for Mining In many cases the function of financial management in the business is done on a myriad of spreadsheets and smaller accounting packages with the view that these are a more cost effective option for exploration companies looking to move into development. With these systems the effort to manage your supplier and contractors, the ability to manage your costs and reporting on a granular level can be very time consuming and often not provide the support to the business that is required, especially during times of heavy reporting periods.
We understand you Scope currently has a unique niche in this area with our minining development solution. Replacing the usual singular point solutions for each of the corporate functions with a fully integrated Accounts, projects and contract management solution. We can meet the specific needs of your business when looking to control your valuable asset. Scope Systems have an intuitive Business Management System specifically designed with mining companies looking to develop their asset that will deliver a range of business functions and reporting in a simple cost effective cloud solution with very minimal capital outlay.