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(TCM-2534) Mining and Mineral Processing Uniform Cost Coding Structure

Level: Basic
Author(s): Tas Hellis
Venue: 2017 AACE International Annual Meeting, Orlando, FL

Abstract: The global mining and mineral processing industry lacks a standardized cost coding structure. Without a standardized cost coding structure for mining and mineral asset development projects, it is difficult for owner, contractor, and investor companies to collect and collate project cost data. Such data are vital to efforts to improve capital project cost performance. To fill this industry-wide void in cost coding, a joint industry group was commissioned with reviewing existing codes and standards and proposing a uniform coding structure. This paper describes the drivers behind and the approach followed in developing the Mining and Mineral Processing Uniform Cost Coding Structure (MMP-UCCS) [1], as proposed by the industry group. Mining and mineral processing industry owner companies and contractors are encouraged to use the proposed UCCS to facilitate reconciling project cost records, streamlining of cost databases and facilitate reliable benchmarking and evaluation of mining and mineral projects with the view of developing the MMP-UCCS into an industry recommended practice.