Review of Metal Accounting Methods for In-Process Metal Inventories

"Considerable metal values are often locked in stockpiles (ore, concentrates, heap leach pads, slags, reverts, etc.) and process equipment (bins, holding tanks, thickeners, etc.). This is more than enough to justify accurate accounting of such in-process metal inventories from both financial accounting and operational perspective. However, accurately determining the metal inventory of an in-process unit is often a challenge in industrial practice. Audits have shown that available indirect or direct measurements often carry large inaccuracies. Sooner or later, ignoring these measurement errors lead to unexpected incoherencies in reported metal balances. In such situations, coherent metal balances are then achieved through subjective and sometimes significant adjustments of in-process inventory levels. While such metal accounting methods applied by mineral processing engineers used to be rarely challenged, they are now being increasingly scrutinised by various stakeholders. Hence, metal accounting procedures that mitigate subjectivity in adjustments while still coping with the unavoidable uncertainty are more relevant than ever.This paper reviews three different metal accounting methods for reporting in-process metal inventory values. Their individual application strongly depends on the available measurements i.e. The indirect method where the metal inventory of a given process unit is determined by subtracting the cumulative reclaim from the cumulative feed carries important flaws. The direct method also comes with challenging accuracy issues so that emptying a process unit is often the best available inventory measurement. This reality is recognised for by further analysing a previously proposed operating mode where two interchangeable process units are alternately used. The third investigated method is the redundant method which combines indirect and direct methods for a given process unit. This paper reveals that the dual process unit operating mode and the redundant method can both significantly improve the estimation quality of in-process metal inventories.CITATION:Lachance, L, GariTpy, S, Leroux, D and Flament, F, 2013. Review of metal accounting methods for in-process metal inventories, in Proceedings MetPlant 2013, pp 102-117 (The Australasian Institute of Mining and Metallurgy: Melbourne)."