Cost Accounting in Mining
mining Financial reporting in the mining industry International Financial Reporting Standards 6th edition
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mining Financial reporting in the mining industry International Financial Reporting Standards 6th edition
Restoration costs: Cash outflow Probability Probable Restoration Cost 25% Possibility 1 Possibility 2 Possibility 3 420,000 520,000 720,000 45% 30% Table or Calculator function: no Present value of probable restoration costs Cost of copper mine: Mining site Development cost Restoration cost 2021 2022 Depletion expense (mine ...
It''s also one of the lowestcost copper companies in the world. In 2018, its cash operating cost was per pound, which fell to per pound after including byproduct credits.
cost accounting for copper mining International mining companies attracted by high grade and low cost mines, may be increasingly attracted to the DRC''s copper wealth situated on the copper belt in the southern part of the country. In 2016, the DRC produced 1,021,634 tons of copper, which .
Apr 09, 2018· Bingham Canyon Mine, Ut ( Moz) = Copper Mine The majority of the remaining 11 Moz of silver production comes as a byproduct of gold and copper mining, predominantly in Nevada and Arizona.
Copper and gold. New Gold emphasizes its lowcost position in the gold mining industry — but a big deal of the credit goes to copper produced at its New Afton mine west of Kamloops,
Nov 25, 2019· The ndida copper mine in Chile''s Atacama desert is jointly owned by BHP (%), Rio Tinto Corp. (30%), and Japan ndida (%). In 2012, the massive ndida mine accounted for 5% of total global copper mine production. Gold .
Jan 06, 2015· The Allin sustaining costs or AISC is a new metric, now widely used in the gold mining industry since the secondhalf of 2013. This new metric has been introduced by the World Gold Council in ...
1 hour ago· Mopani Copper Mines, which produced 119,000 tonnes of copper in 2018, is % owned by Glencore, % by First Quantum Minerals and 10% by Zambia''s mining investment arm ZCCMIH.
It''s one of the biggest copper and gold deposits in the world (Grasberg was the thirdlargest copperproducing mine in 2018). FreeportMcMoRan''s global copper business produced billion pounds ...
May 20, 2020· Disruptions caused by the coronavirus crisis have pushed up prices for sulphur by about 10% this year in the Democratic Republic of Congo, driving up costs of a vital ingredient for mining .
In the 1990s, mining companies picked up the habit of reporting cash costs on their financial statements. This is a nonGAAP and nonIFRS measure that combines the costs of mining gold and the costs of complying, bringing gold to market, and selling it. However, cash costs ignore the expenses associated with sustaining capital equipment, as ...
For example, if a mine operator sells gold for 900 per ounce to a smelter and its cash costs are 300 per ounce, the holder of a 2percent NSR would receive roughly 12 per ounce. If the price of ...
Miller Mining, a calendaryear corporation, purchased the rights to a copper mine on July 1, Year 1. Of the total purchase price, million was appropriately allocable to the copper. Estimated reserves were 800,000 tons of copper. Miller expects to extract and sell 10,000 tons of copper per month. Production began immediately.
After the copper is removed from this mine, the equipment will be sold. The creditadjusted, riskfree rate of interest is 10%. Required: 1. Determine the cost of the copper mine. 2. Prepare the journal entries to record the acquisition costs of the mine and the purchase of equipment.
Cathode is usually sold on a CIF (Cost, Insurance Freight) basis and the price for the product is the LME (London Metal Exchange) "A" Grade Copper Price (USD7,124/tonne at the time of writing). If the cathode is an LME registered brand having met the required quality and physical properties, it can command a price premium.
Copper was initially recovered from sulfide ores by directly smelting the ore in a furnace. The smelters were initially located near the mines to minimize the cost of transport. This avoided the prohibitive costs of transporting the waste minerals and the sulfur and iron present in the coppercontaining minerals.
in the relationship between costs and revenues (such as known future increases in costs of labor or materials or price ... 2014 SASB ™ SUSTAINABILITY ACCOUNTING STANDARD METALS MINING 4 Guidance on Accounting of Material Sustainability Topics For material sustainability topics in the Metals Mining industry, SASB identifies accounting metrics.
Copper processing is a complicated process that begins with mining of the ore (less than 1% copper) and ends with sheets of % pure copper called cathodes, which will ultimately be made into products for everyday most common types of ore, copper oxide and copper sulfide, undergo two different processes, hydrometallurgy and pyrometallurgy, respectively, due to the different ...
grade ores and continually reduce the costs of production. Economies of scale have been realized in all phases of copper production. Both machine and human productivity have increased dramatically. This chapter briefly describes the technology for producing copper, from exploration, through mining and milling, to smelting and refining or
comprehensive global accounting standards for the industry are clearly a long way off. Ongoing convergence of accounting standards around the world has helped to narrow some of the accounting differences found in the mining industry, for instance, in areas such as accounting for site reclamation and business combinations.
Accounting College Accounting, Chapters 127 DEPLETION: CALCULATING AND JOURNALIZING Mining Works Co. acquired a copper mine at a cost of 1,200,000, with no expected salvage value. The estimated number of units available for production from the mine is 3,000,000 tons. (a) During the first year, 400,000 tons are mined and sold.
Mar 23, 2020· Whereas the period where copper was trading below a pound (4,400 a tonne) resulted in a "long duration grind into the cost curve", today''s environment is more akin to the ...
The value of the byproducts is deducted from the final cash cost of the metal. For example, if a copper mine produces gold as a byproduct, then the value of the gold produced will be deducted from the cash cost of the copper. This is the usual accounting treatment for byproducts in most industries.
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