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| Item Details | Price | ||
|---|---|---|---|
Importance of Financial Management in Mining
Financial Management ensures optimal utilization of funds for safe, productive, and profitable operations. It involves planning, organizing, and controlling financial activities like procurement and fund utilization. Key objectives include ensuring fund availability, optimizing capital structure, maximizing ROI, controlling costs, and supporting safety compliance.
Budgetary Control in Mines
A financial tool to plan, monitor, and control expenditure by comparing actual performance with budgeted targets to identify variances and take corrective actions. DGMS emphasizes that managers must ensure adequate budgets for safety, training, and equipment maintenance.
| Budget Type | Description | Example |
|---|---|---|
| Revenue Budget | Income from coal or metal production | Sales of 1 million tonnes @ ₹3,000/tonne |
| Operating Budget | Day-to-day running costs | Fuel, wages, blasting materials |
| Capital Budget | Long-term investments | Purchase of a new dragline or surface miner |
| Cash Budget | Expected inflows and outflows for liquidity | Power bills, diesel purchases |
| Safety Budget | Allocated for PPEs, training, and safety audits | ₹25 lakh annually |