Mine Budgeting with MineBudget: Activity-Based Cost Modelling and Scenario Analysis

IMC Mining provides mine budgeting, operating cost modelling and budget scenario analysis using MineBudget and MineCost. MineBudget is a standalone tool for planning engineers to finalise annual, medium- and long-term mine budgets: integrate source data, present and challenge assumptions, calculate costs and test alternatives.

Its modelling foundation is MineCost, an activity-based cost modelling system developed over decades. Costs can be built up in detail for each equipment item or assessed at a higher level using simple per-tonne activity rates. A model can combine both approaches, using the level of detail appropriate to each activity. MineBudget combines this capability with advanced AI assistance for data analysis, model interrogation and controlled what-if experiments.

MineBudget can reduce budget preparation that has historically taken months to days of engineering work. Reusing an established cost model, integrating source data and automating recalculation reduces the time spent building and maintaining custom spreadsheets. The engineer can concentrate on input quality, operating assumptions and the resulting costs. The time required depends on the condition of the source data and the extent of model setup.

Activity-based costing at the required level of detail

For detailed equipment costing, MineCost uses scheduled work, equipment requirements, operating conditions, rosters and workforce inputs to calculate fuel, maintenance, labour and associated costs. For higher-level analysis, an activity can use a per-tonne rate applied to its scheduled quantity. The two methods can be combined within the same budget—for example, detailed costing for an owner-operated fleet alongside per-tonne rates for contracted activities.

Users can navigate the work breakdown structure (WBS) from branch totals to individual cost lines and their underlying inputs. These include:

• Scheduled quantities and assigned physical drivers.
• Equipment assignments, operating hours, rosters and operator manning.
• Labour, maintenance, consumable and activity rates.
• Logistics quantities and tariffs.
• Capital expenditure, product streams, prices and exchange rates.

Results include operating costs, capital, revenue, physical quantities and unit costs. Relevant output rows link back to their input records. Versions edited since their last calculation are marked as requiring a rerun.

Finalise and challenge budget assumptions

For an annual budget, the engineer can review period quantities, fleet capacity, labour requirements and rates against the proposed operating plan. Medium- and long-term budgets use the same cost structure to assess changes in production, fleet requirements, staffing and capital over the planning horizon.

Assumptions can be presented with their recorded basis, supporting evidence and responsible owner. Reviewers can trace a cost to its source, challenge the assumption and test a replacement in a separate scenario. Comparisons with recorded actuals depend on the site’s available data and its mapping to the budget.

Excel export and import support external input preparation. Imports present a comparison for review before applying changes, with applied edits recorded in the audit history.

Error checking and validation

Input validation checks supported values and record references before changes are applied. Workbook imports show the proposed differences and identify invalid entries. Model outputs include reconciliation checks between detailed costs and financial totals, while scenario comparisons identify unmatched cost lines and changes in scope.

Version controls flag results that need recalculation after an input change. Audit histories and snapshots record the assumptions used, and conflict checks prevent experiment changes from silently overwriting independently changed baseline values. These checks support technical review throughout budget preparation; the engineer still assesses whether the inputs and operating assumptions are appropriate.

Assistant and Scratchpad: two separate tools

Assistant: query the model and propose an edit

MineBudget’s Assistant answers questions about the selected budget version. It retrieves model records, explains cost drivers and identifies the fields behind an assumption. It can propose input changes, which are written only when the user applies them. This supports focused model interrogation and editing.

Scratchpad: execute an engineering experiment

The Scratchpad is a separate, persistent task workspace. It combines model interrogation with file analysis, scenario branching, reviewed change sets, calculation runs and comparison of results. A task retains its conversation and links to its baseline, experiment and supporting files.

From one task, an engineer can analyse a site report, reconcile it with model inputs, create an experiment, review and apply a set of changes, run the full MineCost model, run Enterprise Finance where configured, and compare the calculated outcomes. The Scratchpad can also write, run and revise Python scripts for additional analysis, retaining the scripts and output files.

The distinction is execution and continuity: an answer or recommendation is one step; the Scratchpad carries a piece of engineering work through to a calculated, reviewable scenario. Input changes remain subject to user application, and the cost and financial engines calculate the results.

For example:

“Compare unit-based and hours-based operator manning from FY2029, including the effect on labour cost and after-tax cash flow.”

For this analysis, the assistant can inspect equipment and assignment settings, identify the applicable periods and propose the required changes. The user reviews and applies those changes to an experiment branched from the starting version.

1. Inspect current inputs.
2. Review and apply changes to an experiment.
3. Run MineCost.
4. Compare the calculated results.

The experiment is then calculated by MineCost. Comparisons report cost differences by branch and distinguish volume, effective-rate and scope changes where the underlying data supports that breakdown.

The AI assistant retrieves records and prepares changes. It does not substitute its own estimate for a MineCost calculation.

Example: CAT 777 availability sensitivity

Ask the Scratchpad to create an experiment, increase CAT 777 mechanical availability by 5% relative to its current value, run MineCost and then Enterprise Finance, and compare the results with the baseline.

Open the Scratchpad interface example →

Interactive mockup. Select Review change, Run models or Compare outputs. No client data or calculated results are shown.

Integrate site data into the costing

Budget preparation draws on multiple sources: site SAP reports exported to supported workbooks or CSV files, contractor rate schedules, production plans and financial workbooks. These can be brought into a Scratchpad task for analysis alongside the cost model.

The assistant can identify source sheets and cells, reconcile units, currencies and periods, and compare reported costs or rates with model assumptions. The engineer reviews the mapping between the source data and the costing inputs before applying proposed changes. SAP report analysis uses supplied exports; it does not require a direct SAP connection.

Python analysis

The Scratchpad also supports Python analysis for calculations and outputs beyond the standard screens. Examples include fleet-hour charts, maintenance-rate analysis and reconciliation workbooks.

Scripts execute in an isolated environment using selected task files and exported model data. They have no public internet connection or direct database access. Scripts, revisions, execution results and output files are retained with the task. Script outputs do not automatically update model inputs.

Version control

Input changes are logged. Snapshots record inputs at defined points, and experiments retain their relationship to the version from which they were created.

A calculated experiment can be reviewed for application back to its baseline. The process previews supported field changes, identifies conflicting baseline edits and takes a snapshot before application. Added or deleted records require separate handling. The updated baseline must be recalculated and reviewed.

Financial integration

For projects configured with Enterprise Finance, MineCost results can feed royalty, income-tax and cash-flow calculations. Users can examine after-tax NPV and other financial outputs alongside operating and capital costs.

MineCost’s pre-tax results and Enterprise Finance’s after-tax results remain distinct. Comparisons must use consistent price decks, discount rates and financial assumptions.

Mine budgeting and cost modelling software: capability comparison

The systems below address overlapping parts of mine budgeting, cost estimation and financial planning. This comparison summarises vendor documentation reviewed on 29 September 2026 alongside IMC’s implemented MineBudget workflow. It is a capability overview, not a hands-on performance benchmark; modules and project configuration affect the available functionality.

Sources: linked vendor product pages, Ramesys maintenance documentation and Riivos strategic planning documentation. “Not established” means the reviewed sources did not demonstrate that specific workflow; it does not mean the product lacks AI or cannot support it. This is an IMC-authored comparison.

IMC provides both an Assistant and the broader Scratchpad execution workspace. In assessing alternatives, the relevant question is whether AI only explains existing information or can also carry a controlled engineering task through source-data analysis, scenario creation, reviewed edits, model execution and comparison. The presence of an AI assistant alone does not establish those capabilities.

Mine budgeting: technical questions

How is the MineBudget Scratchpad different from its AI Assistant?

The Assistant answers model questions and proposes edits. The separate Scratchpad manages persistent engineering tasks: analyse files, branch an experiment, review and apply changes, run MineCost and Enterprise Finance, compare results and execute supporting Python analysis. It connects the conversation to a controlled calculation workflow.

Does IMC Mining provide annual and long-term mine budgeting?

Yes. IMC Mining supports planning engineers with annual, medium- and long-term mine budget preparation, assumption review and scenario analysis using MineBudget and MineCost. The work connects production schedules, fleet, workforce, activity costs and capital requirements.

Can a mine budget combine equipment costs and per-tonne rates?

Yes. MineCost’s activity-based cost modelling supports detailed costs per equipment item, higher-level per-tonne activity rates, or a combination within the same model. The level of detail can be selected for each activity.

Can site SAP reports be used in mine budget preparation?

Supported spreadsheet or CSV exports from site SAP reports can be analysed alongside the cost model. Source costs, units and periods are reconciled and mapped to model inputs for review before proposed changes are applied.

How does MineBudget test a what-if budget scenario?

The Scratchpad creates an experiment from a baseline, presents proposed input changes for review, and runs the revised case through MineCost. Where Enterprise Finance is configured, the analysis extends to royalties, tax, cash flow and after-tax NPV. Results are compared with the baseline.

See MineCost cost modelling and IMC Mining’s technical services, or contact IMC Mining about mine budget preparation.

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MineBudget is part of the MineCost software family, owned by MiningIQ Pty Ltd and operated by IMC Mining.