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How Mining Companies Handle Consignment Inventory

You’re likely familiar with the concept of consignment inventory. Equipment suppliers stock your storeroom with parts that you only pay for once you use them. It makes sense — any amount of downtime is costly, and many parts are expensive and have extended lead times. From an accounting standpoint, though, consignment inventory is a bit tricky. How can mining companies accurately account for consignment inventory?

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Mining a More Sustainable Future

A circular economy might be realised before 2050 if governments and the business sector encourage innovation across the supply chain and guarantee that items like batteries can be readily dismantled and recycled. The goal is to recycle and reuse as much as possible; nevertheless, new-mined resources will be necessary to allow green technology and infrastructure

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Mining is Essential for a Green Future

The transition to greener technologies is strongly dependent on raw elements like cobalt and lithium, which are now mainly acquired via mining The metals and mining industry is uniquely positioned to play a critical role in achieving a sustainable world. Learn more.

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