Three publicly listed exploration companies in Western Australia have just completed the implementation of new enterprise business software to comply with the new Mining Act expenditure reporting requirements.
Between them more than 12 years of historic data was translated into a new chart of accounts at a total cost of $50,000.
The three miners, Fox Resources, Acclaim Exploration and Aztec Resources Ltd, used Exchequer Enterprise software.
Fox recently purchased the Radio Hill nickel sulphide processing plants in the Pilbara region, which is the administrative headquarters also shared by Acclaim Exploration and Aztec Resources Ltd for similar projects in the area.
With staff stationed at remote locations for long periods of time, the manual process of purchase orders previously took days, but now takes only minutes.
To comply with state regulations, Fox has to file an Annual Tenement Expenditure Report so company directors need to monitor levels of investment in detail.
Fox Resources director Ed Edwards said mining companies are literally seen as dry and dusty companies, but Fox is running paperless offices in some of the most remote areas of Australia.
"Any tool that simplifies regulatory reporting is worth its weight in gold; we threw out our old Sybiz system and plan to roll out the new Enterprise system at more locations."