JSC Altyntau Resources, a leading gold producer in Kazakhstan, plans to improve gold yields and increase the profitability of its operations with an IBM Cognos system. ‘Business analytics will give us the ability to quickly react to changes in gold production and make informed decisions about our mining operations,’ said Kazhibekov Ilyas, head of planning and financial analysis at JSC Altyntau Resources.
The business analytics system will be introduced in phases. The first stage covers financial planning processes (in accordance with International Financial Reporting Standards) including assets, liabilities, income, expense accounting and investments.
It includes a dashboard that will enable the company’s management team to make informed decisions about which ore to mine and which extraction processes to use to achieve the best return on investment. The gold producer also expects to speed up its annual financial planning cycle from two months to two weeks, and keep investors better informed on the company’s operations and forecasts. The next stage will include HR department planning and labour costs for the 4,200 people JSC Altyntau Resources employs.
IBM recently announced the opening of 10 new branch offices across Russia and the Commonwealth of Independent States, including Kazakhstan. IBM will invest $6m across these regions during 2012 as part of an initiative to capture regional business growth in these fast growing markets.