In a deal worth around R500 000, Anglovaal Mining (Avmin) and Avgold have upgraded their Oracle databases in a move to Web-enable Oracle`s financial software systems for deployment at all their mining operations in Southern Africa.
The mining companies are among the first organisations in SA to implement the latest release of Oracle Financials (version 11i.5.3), which was released globally in March. It is used for daily financial transactions, including reporting, invoicing, fixed assets and cash management.
Avmin is a South African mining and development company, listed on the JSE Securities Index and London stock exchanges with a market capitalisation of around R4 billion. The operational focus of Avmin is concentrated on ferrous metals, base metals and gold.
Avmin also maintains a core central unit that provides a range of services and skills within the areas of finance, legal services, human resources and IT. Avgold, of which Avmin owns 60%, is listed on the JSE and Brussels stock exchanges.
Avgold is a gold mining, development and exploration company comprising a mining complex in Mpumalanga and a large new mine development in the Free State.
According to Brian Eitzen, operations manager at Avmin, Avmin has been using Oracle technology since 1994.
"We needed to upgrade to the latest release of Oracle software in order to produce financial consolidations more efficiently and faster, align our business processes and have improved performance and functionality, plus total cost of ownership," he says.
According to Muhammed Sha, upgrade manager at Oracle SA, Oracle Financials Release 11i.5.3 enhances efficiency and improves performance, providing enhanced functionality.
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