Reconciliation of Mine Site, Mineral Processing Plant, Concentrate and Tailings Inventories

Modern mining operations are increasingly affected by complex economic factors. Broad and rapid fluctuations in metal prices, rising operating costs, socio-political trends and the inherent technical difficulties encountered in most operations, all can combine to quickly change once-profitable ventures into money-losing propositions. Accurate knowledge of metal inventories during all phases of an operation has become essential to wise management decision-making. This paper reviews key elements of metallurgical accounting: sampling theory, measurement technology and computerized data adjustment. Application of current technology to the reconciliation of a hypothetical operation is discussed.