INTERPRETING THE FINANCIAL STATEMENTS OF A MINING COMPANY

by Alain Duncan

Course Presenters Schedule General information

Summary

This course will enable you to develop an awareness of the relevant financial information you can discover about a mining corporation from its audited financial statements. You will also have an appreciation for how accountants are challenged with exercising professional judgment on qualitative issues involving alternative and/or new accounting standards balanced with a need numerical precision. You will recognize that professional judgments included in financial assessments are similar to those made in demonstrating probable and proven mineral reserves.

"Interpreting the Financial Statements of a Mining Company" uses the business environment in the mining industry as a relevant context for understanding the financial statements of mining corporations. It isolates select accounting aspects as being fundamental to your becoming an informed reader of audited financial statements . . . including balance sheets, income statements, cash flows statements, statements of shareholders' equity and the audited notes. Current examples of financial statements of both large and small mining companies are used and analyzed to illustrate these fundamentals.

The course draws on credible sources to highlight relevant characteristics of accounting for mining. The objective of this material is to identify some prominent aspects of financing the corporate mining strategy, delve into the distinct areas where there are issues in accounting for the mining industry, and summarize the risks that are currently inherent in understanding the financial statements of those involved in mining.

The course provides the tools to establish a profile of a company's overall financial status and identifies the attributes that contribute to financial health and flexibility.

Participants are advised to bring a laptop computer (with MS Excel).

This course is optionally available as part of a discounted package with the course VALUATION OF MINERAL PROJECTS. If you are attending the VALUATION OF MINERAL PROJECTS course then a basic understanding of mining corporate financials is assumed and this is a great opportunity to get that understanding.

Pre-Course e-Learning

Prior to the course, registered delegates are provided with an internet url, user name and password. All participants are expected to be familiar with the EduMine online course titled Interpreting the Financial Statements of a Mining Company. This course provide delegates with important background material which increases their understanding and appreciation of the classroom course. Review of this material prior to the course, including completion of the interactive reviews, enables delegates to derive maximum benefit from the live sessions.

UBC Certificate in Mining Studies

This course qualifies for the UBC Certificate in Mining Studies, a continuing education initiative by the Norman B. Keevil Institute of Mining at the University of British Columbia. Delegates who (1) register for the Certificate in Mining Studies, (2) complete online certification in the required EduMine e-learning modules, (3) attend this course, and (4) complete a take-away project will receive credit towards a Mining Certificate from UBC Continuing Studies. more details »

SFU Credit for Graduate Diploma in Business Administration

Participants who successfully complete the EduMine certification exam, meet SFU requirements for admission to graduate studies in the Faculty of Business Administration, and complete all pre- and post-course assignments may receive credit for Bus550: “Financial Accounting for Mining” in partial fulfillment of the requirements for the Graduate Diploma in Business Administration. more details »

Who Should Attend

This course will be of interest to those in the mining financial and investment sectors who do not have a strong accounting background. It is a requirement for those seeking certification through the UBC Mining Certificate program or the SFU Graduate Diploma in Business Administration.