TMAC gold mine is based in the Arctic Circle, Hope Bay, Canada. Macquarie Bank offered a diesel fuel purchase and storage agreement, but challenges included a full year of fuel inventories needed to be purchased and delivered to 5 bulk storage tanks in 2 locations in a short summer shipping window, causing a significant capital burden for the operation and impossibility of utilising third party inspectors or CMA.
Macquarie Bank offered a diesel fuel purchase and storage agreement, made only possible by VERIDAPT’s remote IoT real-time inventory monitoring and reconciliation AdaptSCV platform, consisting of new level gauge system and corresponding flow control devices. The sensor network and cloud-based web application allowed visibility of the inventory levels across stakeholders within Macquarie and TMAC, allowing for transparency between the parties and enabling regular payments based on usage.
The AdaptSCV platform was critical to credit approval and the successful operation of the deal. The solution helped free up working capital by allowing the diesel fuel to be purchased and paid as it was consumed, rather than prepay for a full year of diesel consumption. The secure, independent platform allowed for real-time inventory data, where a CMA inspection was too difficult to implement, only requiring inspections at the beginning and end of the project and helped reduced insurance premiums.