Home / Blog / Is Your Tenement Management System Time Consuming?
Is Your Tenement Management System Time Consuming?
Published: 24th March 2022
One of the most time consuming tasks for exploration companies is tenement management. Ensuring your multiple tenements activities are being recorded and reported on is vital, as failing to do so can affect your whole mining operation and lead to costly penalties.
Expenditure on mining tenements is required to be recorded and reported on an annual basis, with each state having various legislative requirements surrounding the management and reporting of tenements. In Western Australia this is via a Form 5.
When completing a Form 5 report, the following details are required to be included:
- whether the report is an annual report or final report for the tenement;
- the period covered by the report
- the type of tenement and the tenement number;
- brief details of any operations carried out during the period of the report
- the expenditure amount claimed for each type of operation together with the total amount expended on the tenement;
- the cost and detailed description for each activity
- details of any related annual mineral exploration report; and
- Mineral commodity details.
If a Form 5 is not lodged within the required period, or any approved period of extension is applied, notice of intention to forfeit proceedings will be initiated and this can cause significant problems for the continuance of the license or financial penalties.
How are you Managing Your Tenements?
Many mining exploration companies track expenditure against the tenement package and allocate costs to specific activities within the tenement. This can be very complex and time consuming, especially with a large land holding and the regulatory activities associated with tenement reporting.
Activities such as costs, anniversary dates, physical data such as meters drilled, consumables and timesheets all need to be tracked and the associated invoices need to be apportioned to the specific lease or tenement. In many cases, this function in the business is done on a myriad of spreadsheets and smaller accounting packages, with the view that these are a more cost effective option for the smaller junior exploration company.
By using non-integrated systems the management of your tenements, the ability to manage your costs and reporting on a granular level can be very laborious. These systems often don’t provide the detail to the business that is required, especially during times of heavy reporting periods leading to potential costly mistakes.
How can an Integrated Solution help?
A fully integrated business system can replace the usual singular point solutions for each of the functions required to produce the reports needed. With an integrated solution tenements reporting can be simplified, becoming more accurate and more importantly on time, reducing the risk of financial penalties.
By investing in an integrated project and tenement solution, exploration companies are able to meet the specific needs of regulatory reporting. This more refined reporting allows tighter cost controls and greater visibility of the metrics, vital for getting your project off the ground.
Our Tenement Management Solution
Scope Systems’ intuitive Business Management System was specifically designed with mining exploration companies, to deliver a range of business functions and tenement reporting in a simple cost effective cloud solution, with very minimal capital outlay.
If you have any questions or want to discuss further how Scope Systems can work with you during the exploration stage, or any stage of your mines lifecycle, then please get in touch with us through the form below.
24th May 2022
Budgeting is one of those unavoidable tasks that most of us would prefer not to do, investing in a budgeting solution can help improve your processes.
4th May 2022
A password is the first line of defence in protecting not only your own personal data, but also confidential company data. Check out our tips for creating a strong and memorable password.
19th April 2022
Are you ready for the upcoming reporting changes for STP Phase 2? Learn what you need to do now to prepare and what to expect.
5th April 2022
For data to be transformed into understandable information it first needs to be stored somewhere accessible, most commonly in a Data Warehouse or Data Lake.
28th March 2022
With accurate inventory data, you can measure supplier performance and help reduce extended lead times across your mining supply chain.
24th March 2022
Ensuring your multiple tenements activities are being recorded and reported on is vital, as failing to do so can affect your whole mining operation and lead to costly penalties.
14th March 2022
An inventory management solution will give mining companies data-driven insights to help increase profits by focusing on having the right stock to meet demand.
8th March 2022
With shortages of skilled workers across many industries, optimising your ERP system can reduce the stress caused by gaps in your workforce.
2nd March 2022
Managing your mining inventory is a complex and time-consuming task if you don't have the right tools and processes in place.
14th February 2022
A new business system is meant to streamline business processes, however instead of providing greater efficiently sometimes they do the exact opposite.
4th February 2022
Exploration miners need to invest in better technologies to more effectively report costs to their shareholders.
27th January 2022
Companies enthusiastically adopt the latest technology to keep their data safe from 3rd parties, however many fail to notice their internal data threats.
1st November 2021
Depending on the size of your business, and the number of customers you have, CRM software may be invaluable in helping you to maintain your customer relationships.
1st September 2021
Why invest in a Pronto upgrade? What tangible benefit is there in going onto the latest available version? To answer these questions, we’ve noted down a few key considerations.
1st September 2020
Since the introduction of cloud based app style software, the intense debate on a single integrated ERP solution versus best-in-breed software has been re-ignited.
1st January 2020
Our Sales and Marketing Manager, Sonia Turner gives insight into her experience over the past 5 years working with Scope Systems.
1st September 2017
Business Intelligence solutions help drive your business towards greater operational improvements.
12th July 2017
With the ringing of the New Financial Year bell, also comes the need to look at the year in review and ask the question, Bullish or Bearish?
1st March 2017
Scope Systems Service Desk Consultant Sergey Volchkov talks about his experience investigating Pronto Xi support calls and what can be done to make the process quicker and more efficient.
1st July 2016
The theme of the recent AMEC conference was “Beyond the Horizon” and with rousing opening speeches from Sean L’Estrange and Andrew Forrest you would have left thinking that the Horizon was very much closer than the doom sayers would.