Engineering & Mining Journal

JUL 2019

Engineering and Mining Journal - Whether the market is copper, gold, nickel, iron ore, lead/zinc, PGM, diamonds or other commodities, E&MJ takes the lead in projecting trends, following development and reporting on the most efficient operating pr

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50 E&MJ • JULY 2019 OPERATING STRATEGIES intelligence, though, fl ows from its ability to not only support executive decisions but to operationalize those decisions in the or- ganization. As priorities, goals or business processes in the business map change, that in turn initiates change in the under- lying ERP or transactional systems. Optimization Precedes Excellence From initial exploration through decades of operations, a fully integrated enterprise software environment will help a mining operation achieve operational excellence by streamlining and standardizing key business processes. It will also ensure that processes are handed off seamlessly between different business disciplines. Applications that lie on top of ERP not only support mining executive team decisions but push those decisions into the operational layers of the product. Only when optimal business processes are cen- trally instituted and facilitated by enter- prise software will a mining organization achieve operational excellence. Then they will be in a position to dominate their competition in the market and keep in- vestors happy. Rio Tinto, Cargill Transact Digital Ore Trade Chinsay, a provider of contract digitali- zation solutions in the commodity and freight markets, recently announced completion of what it claims is the fi rst fully digitalized iron ore trade, through a trial achieved in partnership with Rio Tin- to and Cargill's Metals business on Chin- say's Intelligent Contract Platform (ICP). Rio Tinto and Cargill collaborated on the ICP platform to reduce the time required to create, issue and approve commodity contracts from several days to under two hours. According to Chin- say, digitalization of this fundamental trade process creates the opportunity to automate and deliver post-trade effi - ciencies by linking front-, middle- and back-offi ce functions. "The Intelligent Contract Platform is a great tool that has the potential to ben- efi t the entire ferrous industry," said Lee Kirk, managing director for Cargill's Met- als business. "This is a great example of how we can leverage advancements in technology to benefi t from increased speed, transparency, and effi ciencies that enable us to serve our customers and suppliers better." Chinsay described ICP as state-of-the- art technology that allows companies to digitalize pre-trade processes early in the deal lifecycle, creating an agreed contract dataset that can be seamlessly integrated with other operational systems, functions and processes, enabling transparency and traceability across the supply chain. ICP prepares clients for the use of technolo- gies such as blockchain, machine learn- ing, artifi cial intelligence and electronic trade documentation solutions. Chinsay, with offi ces in Stockholm, Sweden and Singapore, was found- ed by shipping industry veteran Dag Sundén-Cullberg. It introduced ICP to the market in May, at which time Colin Hayward, Chinsay CEO, said, "Much of the commodities market is still relying on manual contract creation and expensive legacy systems. This is not sustainable in today's low-margin, highly competi- tive climate. ICP creates an undisputed "Golden Copy" of the contract in the

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