GICALE, DEANNA MAE T.

ACT1207-Sec 5

Webinar #2: Overview of the Mining Industry

Speaker: Ms. Christine Ventura

The first thing that comes in my mind when they talk about Mining Industry is that
the miners are the reason why there is heavy floods in the city. However, in this webinar
it tackles about the whole process how the mining industry operates. As far as I
remember, the mining industry has a 4 process: exploration, planning and construction,
operations, and closure. These four processes were all supervised by the government
ensuring the safety of the community and as well as the protection to the environment.

During the exploration, it is where the mining begins as this is where they find
remote areas with full of mineral deposits. The next would be the planning and
construction, this is where they conduct a research before, they undergo constructions,
and this is also the process that they will get permits in order to be legal. With that, the
estimation of liabilities will start here whereas the costs that they will incur in this
process should be part in the computation. After is the operation, this is where the
grinding and crushing begins. Lastly, the closure, this is the process of rehabilitation of
the chosen mining area.

In the Audit of Mining Industry, the main account that is one of the important
accounts is the Property, Plant, and Equipment. It is because in order for the mining
industry to function they will be needing a lot of machineries to be used for grinding,
crushing the mining site and be able to get mineral products. With that, one thing that I
have learned in this webinar and the thing that the speaker really pointed out to us is
that all the mining industry ensures that, after they had undergone their mining
operations, they will be having a rehabilitation of the place and they make sure that no
one in the community and the environment will be harmed and will be affected.