Anglo American Copper Streamlines Financial Reporting and Improves Governance
 
 

Anglo American Copper Streamlines Financial Reporting and Improves Governance

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Anglo American Copper, a division of Anglo American plc, develops and operates long-life, low-cost mines in a socially and environmentally responsible manner. In Chile it has interests in six copper mines and a smelter. The mines also produce associated products, such as molybdenum and silver. Anglo American Copper also has controlling interests in two projects in Peru and a 50% interest in a project in Alaska.

 
 

 
 

Challenges

A word from Anglo American Copper

  • “Oracle’s Hyperion applications have enabled us to introduce accounting rules and gain real-time visibility into financial performance—increasing governance and controls, and helping us to make more informed strategic business decisions.” – Edward Kite, Financial Planning and Reporting Manager, Anglo American Copper

  • Create a standardized view of the business-enabling direct comparison between various mining operations
  • Implement a governance solution to control and minimize account proliferation, and ensure adherence to business rules
  • Streamline data transfers and maintain data integrity
  • Facilitate integration of future acquisitions or projects to the existing financial systems landscape

Solutions

Oracle Product and Services

  • Unified financial data from disparate sources using Oracle’s Hyperion Data Relationship Management 11.1.1 to map changes to master data
  • Established a consistent chart of the company’s thousands of accounts, while aligning budgeting processes to ensure they are prepared on a consistent basis to actuals
  • Improved governance and control across thousands of cost centers, allowing the organization to introduce controls that help to ensure departments do not overspend their budgets
  • Cut monthly close by 12 hours, enabling on-time reporting to the London headquarters and enhancing work-life balance
  • Enabled financial reports to run in real time, directly off the ERP system
  • Provided a consistent audit trail, enabling the company to understand the source of every number it reports
  • Created a robust, flexible, scalable logical model of the copper mining industry to easily adapt and absorb new acquisitions
  • Provided a standard, efficient method for generating reports, freeing expensive business resources to analyze data
  • Eliminated two duplicative systems and gained a flexible and scalable solution to support future needs
  • Completed the Hyperion implementations on time and on budget with the help of Oracle Partner Seismi Limited

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