Stockpile Management and the Implications to the Balance Sheet
Geologists have control on how stockpile’s metal balance is calculated which has a direct effect on the balance sheet.
Pit Info
Modern web-based mine reconciliation software, with control and visibility on claimed and reconciled mined and milled production. Every tonne is tracked from the ore source through to the waste dumps or the processing plant, and every transaction is recorded.
The problem
Production tracking and reconciliation involve multiple data sources and convoluted processes that usually end up in Excel.
- Manual entry errors
- Convoluted and unauditable formulas
- No validation, which causes metal imbalances when reconciling
- Average number of sources of data to reconcile monthly production
- 9
- Departments with input into the reconciliation process
- 5
Our solution
Data management is critical for analyzing and optimizing your operation, and for reporting on it. Pit Info consolidates that data into one platform.
Surveys, density measurements, resampling and end-of-month metal production all have flow-through effects on claimed production, going from the final product back to the ore source. Pit Info handles all of it.
Pit Info’s modules
Each module implements a method we have written up in full. Where that is the case, the article is linked from the module.
Reconciliation
Reconciliation is made easy with Pit Info. Configurable end-of-month workflows give managers the ease of mind that processes are being followed.
Pit Info has been developed to allow for maximum transparency and control. Any positive or negative variance with tonnage or metal can be back allocated to ore sources.
It standardizes how mined, surveyed and milled tonnes are measured and compared, which removes ambiguity and reduces contractor disputes over the same set of numbers.
Read the step-by-step reconciliation guideGeology and mining
Pit Info was developed to allow for any and all information related to geology and mining to be captured, analyzed and reported on.
Out of the box, track dilution and ore loss at the dig block level, with full visibility on movements from ore sources and stockpiles.
Tonnes, grade and contained metal are tracked from each dig block, which is what links the block model to what actually came out of the ground.
Stockpiles
Pit Info records every stockpile movement, feeding strategy and density update, so balances and grades are current rather than reconstructed at month end.
Those are the figures that have to stand up to a financial audit, because stockpile inventory sits on the balance sheet.
Read how stockpile balances reach the balance sheetReporting
Customizable reports, exportable to Excel, PDF, Word and CSV, so the team spends its time on the numbers rather than on assembling them.
Daily, monthly and year-to-date reports let geologists, engineers and managers work through compliance to forecast, call factors and dilution trends.
Mobile plant
Plant performance is tracked in the same system. Downtime, utilization, availability and productivity are monitored so managers have a current view of operations.
The point is to find the bottleneck while it is still this month’s problem, not next quarter’s explanation.
Key benefits
Customizable warnings and errors to suit your logic
Define site-specific rules with configurable warnings and error checks, so your operational logic drives what gets flagged before a number reaches a report.
Automatic distribution of multi-format reports
Scheduled distribution of reports in PDF, Excel and CSV, so stakeholders get the same figures in the format each of them works in.
Out-of-the-box timestamps and auditing
Every entry is time-stamped and traceable, which is what makes month-end numbers defensible when somebody asks where a figure came from.
Strict workflows that hold the process together
Standardized workflows with built-in checks and approvals, so the close happens in the same order every month regardless of who is on site.
Integration with Power BI and third-party software
Connect Pit Info to Power BI and other platforms for dashboards, analytics and data sharing across the systems you already run.
One source of truth for production data
Operational and financial production data in one platform, so operations, finance and corporate are reading the same numbers.
Pit Info streamlines reconciliation by replacing clunky, error-prone Excel systems
| Excel | Pit Info | |
|---|---|---|
| Validation | Difficult to validate calculated values, and requires a lot of manual work. | Preconfigured and customizable warnings and errors for data input and calculated values. |
| Level of detail | Only possible to see reconciliation factors at the pit or stage level. | View the effect of stockpile surveys, and metal reconciliation down to individual truck movements. |
| Process control | Inherently flexible, and does a poor job of enforcing work to be done in a certain order or way. | Configured workflows ensure that reconciliations happen as they should, including double checks and signoffs. |
| Audit trail | No visibility into who did what, when. | All transactions are recorded, including timestamps and the user responsible. |
| Reporting and integration | Static reports only, which generate few insights. | Configurable dashboards or static reports, with third-party connection via API or direct to the database. |
Your operations, backed every step of the way
Pit Info runs inside a month-end close, so the commitments around it matter as much as the software.
- Support offered in English, French and Russian
- 99.9% availability for cloud-hosted options
- ISO 27001:2022 certified
- Third-party access to your own data, via API or direct to the database
The reconciliation series
View all The reconciliation seriesReconciled Metal Variance and the Implications to Royalties and Streams
Reconciliation can have a substantial impact on revenue for royalty and stream holders
Mine Reconciliation: A (simplified) Step-By-Step Guide
Reconciliation is complex in practice, but can be broken down into a simple series of calculations.
Introduction to Mine Reconciliation
Mine reconciliation allows mine operators to seek out improvement opportunities, potentially increasing revenue and reducing costs by millions.
See Pit Info on your own numbers
Send us last month’s reconciliation workbook and we will walk you through how the same close runs in Pit Info.
Request a Pit Info walkthrough