Abstract

THOLANA, T.  and  NEINGO, P.N.. Extending the application of PAS 55/ ISO 55 000 to mineral asset management. J. S. Afr. Inst. Min. Metall. [online]. 2016, vol.116, n.11, pp.1043-1050. ISSN 2411-9717.  http://dx.doi.org/10.17159/2411-9717/2016/v116n11a6.

A mineral resource constitutes the principal underlying asset of a mining company, and must be exploited and managed in such a way that maximum value is derived from it. Various asset management frameworks applicable to physical assets are available. This paper focuses on the extension of an asset management approach, particularly the Publicly Available Specifications (PAS) 55 asset management framework and the International Organization for Standardization (ISO) 55000 series of standards, to mineral assets. It is concluded that PAS 55 and the ISO 55000 series of standards can be extended to manage mineral assets, resulting in an integrated approach to sustainably optimize value from the company's mineral assets. The benefits include improved returns on mineral assets, maximum mineral asset utilization, creation of an organizational culture focused on quality and continuous improvement, and assurance to stakeholders that the mineral assets are being efficiently managed over their entire life-cycle. In the context of this paper, a 'mineral resource' refers to both Resources and/or Reserves as classified by the SAMREC Code.

Keywords : mineral asset; mineral asset management; ISO 55000; PAS 55; mine planning; mining value chain.

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