Introducing a code of practice in the mining industry would improve accounting standards and bring a range of benefits to the sector, it has been claimed.

A system of generic procedures and guidelines for the mining industry would mean it is much better placed to comply with increasingly stringent international accounting standards, according to Peter Gaylard, a Professor at the University of Cape Town's Department of Chemical Engineering.

Furthermore, miners' risk management would be improved by a universal code and training new recruits would become easier, Professor Gaylard said.

He told Mining Weekly: "Through the use of a code of practice, this can be an excellent part of their training, provided they are carefully taught and their actions are monitored to ensure that they do not take any uninformed decisions, which could affect the reliability and integrity of the metal accounts."

The mining sector has been moving towards standardisation of metal accounting procedures since the Australian Minerals Industry Research Association project in 2003.

Since the forum took place, research has been ongoing into best practice for metal accounting, with an instructional textbook due to be published next year.

Source:

Metal accounting code of practice necessary for mining industry, says professor, 16/11/07
http://www.miningweekly.co.za/article.php?a_id=120873

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