Project Description
- Verify the cost and time of completion of the Redevelopment project for the benefit of the State Government as a guarantor of project finance
Project Details
Client: Nyrstar
Location: Lutana
The Challenge
- Establish the necessary separation to create real independence for the certification
- Verify the earned cost and time progress from the project data
- Use this to verify the cost and time forecasts
- Review the inputs and conduct of the Monte-Carlo simulation supporting the calculation of the of contingency balance
- Issue certificate declaring the cost to complete to Nyrstar
- Explain any differences between the certificate and the project forecast to Nyrstar
The Outcome
- Before commencing, Flagstaff was required to have its Cost Management Procedure and the application thereof for the certification independently reviewed by a third party operation recognised as proficient in the industry. This independent reported that Flagstaff’s procedure was sound and robust and its application for these certificates correct.
- Flagstaff completed its certificates within the short time windows available between availability of project data and the submission deadlines
- The independence and rigour brought by Flagstaff to the certifications was recognised by the State Government as ultimate beneficiary of the service.