Financial Manager at Ivanhoe Mines

Purpose of the role:

Ivanhoe Marketing is a newly established commodity marketing, sales and logistics entity within the Ivanhoe Mines Group.  

This role is responsible for gathering, compiling, monitoring and ensuring the integrity and accuracy of financial data of Ivanhoe Marketing. Role will include maintenance of data in the accounting system, reporting to Group, preparation of financial statements, management of accounts payable and inventory, analysis of costs, budgeting and forecasting, tax compliance, treasury management and cash flow forecasting, and managing relationships with the external auditors.

Key Responsibilities and related tasks

Financial accounting

• Maintain data in the accounting system.
• Review of sales invoice calculations and sales invoices against agreements.
• Process accounts payable transactions.
• Prepare monthly journal entries, including accruals and intercompany transactions.
• Process month-end close including account reconciliations and variance analysis.
• Provide day-to-day business decision support to operations and general managers on various financial topics.

Reporting

• Prepare and analyse financial statements in accordance with IFRS.
• Provide accurate and timely financial reports to support management decision-making.
• Monitor and report on financial performance against budgets and forecasts.
• Stay current with relevant industry regulations and accounting standards.
• Ensure compliance with local, state, and federal regulations in financial reporting.
• Prepare and submit required financial reports to the Ivanhoe Mines Group.

Accounts payable

• Perform creditors reconciliations.
• Ensure suppliers are paid on time.

Inventory management.

• Account for stock based on the operational stock system.
• Reconcile the operational system with the accounting system.

Modelling and analysis

• Develop and maintain financial models to support decision-making and scenario analysis.
• Work closely with cross-functional teams to analyse financial implications of various projects and initiatives.
• Conduct detailed cost analysis of operations, identifying areas for cost optimisation.
• Collaborate with operational teams to understand cost drivers and implement strategies to improve cost efficiency.
• Ensure accurate allocation of costs to various projects and operations.

Budgeting and forecasting

• Development and monitoring of monthly and annual budgets.
• Collaborate with department heads to gather input for budgeting and forecasting processes.
• Analyse budget variances and provide explanations for management review.

Taxation

• Preparation of monthly and annual taxation computations and returns including VAT, Provisional Tax and Income Tax.
• Preparation of monthly deferred taxation calculations/ reconciliations.

Treasury

• Generating reports on cash operations, overseeing cash transactions, ensuring adequate liquidity.
• Performing bank reconciliations.
• Determining how much cash is available for use and forecasting both short and long term cash levels.
• Maintaining bank statements, analysing bank fees and implementing banking-related changes as needed.

Audit Support

• Facilitate external audits by providing necessary documentation and explanations.
• Collaborate with auditors to address any queries and ensure a smooth audit process.

Experience and qualifications required

• Bachelor's degree in Accounting, Finance, or a related field.
• CA or equivalent qualification is essential.
• Proven experience as a financial manager / financial accountant in the mining or natural resources industry.
• 5-8 years of post-qualifying experience.
• Strong understanding of IFRS, and mining or commodity trading operations.
• Competent in mine financial systems and related legislation
• Advanced computer literacy – ERP software and MS Office.
• Excellent analytical and problem-solving skills.
• Proficient in financial modelling and analysis.

Personal competencies:

• Ability to work collaboratively with cross-functional teams.
• Strong communication and interpersonal skills.
• Must be able to liaise confidently and establish excellent working relationships.
• Good communication skills.
• Ability to put process improvements in place.
• Adaptable in a constantly changing environment.
• Dynamic self-starter.
• Operate in a collaborative manner and focus on output, not input.
• Excellent attention to detail and ability to work under pressure.
• To be energetic with good follow through skills.