Rigorous corporate governance requirements and turbulent economic conditions have put intense pressure on mining organizations to improve their metal accounting practices. Inaccurate estimates of metals inventory and processing plant performance pose huge risks including undetected losses, lack of market responsiveness, and ultimately lost profits. Times are tough for mining companies. The global economic outlook is bleak, and even China is no longer immune from the slowdown. With several recent reports of profit slumps, the world's largest mining companies are starting to struggle in this environment. In addition, Sarbanes-Oxley and other similar regulations make senior management personally responsible for accounting figures, while any whiff of potential wrong-doing will result in a severely damaged reputation. Organizations must have efficient business processes to maximize production and exemplary financial accounts that can stand up to intense scrutiny.
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