Q: What is the main objective for creating this platform?
Our main goal is to consolidate hundreds of commodity and region-specific spreadsheets into a single, centralised database. This database serves as the backbone of our platform, featuring a custom front-end to facilitate data entry and export (if required) with automated currency, unit and price conversions. Consequently, transaction data can be easily analysed within specific states, countries or even regional contexts, with the potential for global-scale research and analytics not possible without significant rework of current datasets."
Q: How does this platform improve upon existing methods?
The platform allows importation of available data which can be sourced from proprietary databases and aligns with existing workflows for adding new data. Mineral Resource and Ore Reserve information can be entered at the Resource, Deposit or Project level handling any commodity type or combination, including complex polymetallic mineralogy.
The platform incorporates and partially automates the secondary valuation methods, such as the Yardstick and Geoscientific methods, enabling VALMIN Code-compliant valuations to be completed entirely within the MVDP platform. Finally, the platform provides an automated comparison of the methods and generates summary tables suitable for inclusion in valuation reports.
While all data can be exported for further analysis in Excel, using the platform promotes a standardised approach, reducing the potential for user error and ensuring that all valuations are saved as a permanent record and audit trail, which is necessary to comply with updates to industry regulations."
Q: What are the broader benefits for SRK’s valuation consultants and their respective clients?
Our centralised database and repository of fit-for-purpose data allows all SRK consultants globally to benefit from the economies of scale achieved by SRK’s global presence, and the best part is the more it’s used the better it gets. The system automates collaboration making all staff more efficient at time-consuming data gathering. Data in the MVDP platform is available to all SRK practices, unlike a spreadsheet. Ultimately, the use of the system should reduce the time spent on data gathering, allowing for more time to review and analyse and thus leading to higher quality work and potentially lower costs."
Q: What’s the status of the project?
Currently the MVDP system is in an advanced Beta stage undertaking live testing on real valuation projects. Two valuations have been run contemporaneously with existing methods to ensure the system is accurate and so far, the MVDP has proven to be effective. To date, some trade-offs in efficiency have been identified during testing requiring additional functionality but these are easy to implement."
Q: Are there any future development plans?
The addition of the other secondary valuation methods such as the Geological Risk method and Multiples of Exploration Expenditure will be initially considered.
Future plans include developing spatial analysis and visualisation tools to integrate transaction data with spatial data such as geology maps. This allows for new spatially based methodologies to be developed.
Incorporation of additional datasets and potentially even a system for undertaking discounted cashflow models could be developed.
Given the system's capabilities, adding additional databases such as mine costs, closure costs and exploration costs, is not only possible but relatively straightforward. These additions would allow for the replication of efficiencies and collaboration at scale across most technical services offered by SRK."
Q: Any final thoughts on the project?
This platform represents a significant step forward for how SRK compiles, analyses and stores the fundamental data that is the backbone of the mining asset valuation work we do globally. The economies of scale can apply equally to other disciplines which have greater potential for SRK’s teams. I’m excited to see how this tool will evolve and continue to break new ground, leading to SRK being more efficient, automating collaboration, and allowing more time for analysis and critical thinking."
