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Abstract

Gold mining projects are characterized by high capital intensity and significant operational variability, making financial forecasting particularly sensitive to the quality and timing of cash-flow data. In practice, conventional financing systems rely on multi-stage administrative processes that create delays between work completion and payment realization, reducing the reliability of financial records used for investment evaluation.

This study aims to develop a smart contract-based financing framework to improve the accuracy of profitability projections in gold mining projects. A case study approach is employed using operational and financial data from a mining project in Sumatra over the period 2023–2026. The analysis combines archival data evaluation, expert survey, and financial simulation using Net Present Value (NPV) as the primary performance indicator.

The results show that the existing system generates payment delays of approximately 28–30 days, contributing to unstable cash-flow patterns. By implementing a smart contract mechanism, verification time can be reduced by 30–60%, resulting in approximately 25% improvement in cash-inflow timing. Although total revenue remains unchanged, the earlier realization of cash flows leads to an increase in NPV from USD 114.07 million under the conventional system to between USD 115.01 million and USD 118.41 million, representing an improvement of up to 3.81%.

These findings demonstrate that improvements in financial performance are not solely dependent on increasing production or revenue but can also be achieved by optimizing the timing and reliability of financial transactions. The proposed framework highlights the potential of smart contract-based systems to enhance both operational efficiency and financial accuracy in complex project environments.

Bahasa Abstract

Proyek penambangan emas dicirikan oleh intensitas modal yang tinggi dan variabilitas operasional yang signifikan, sehingga peramalan keuangan menjadi sangat sensitif terhadap kualitas dan ketepatan waktu data arus kas. Dalam praktiknya, sistem pembiayaan konvensional bergantung pada proses administratif bertahap yang menciptakan jeda waktu antara penyelesaian pekerjaan dan realisasi pembayaran, sehingga mengurangi keandalan catatan keuangan yang digunakan untuk evaluasi investasi.

Penelitian ini bertujuan untuk mengembangkan kerangka pembiayaan berbasis smart contract guna meningkatkan akurasi proyeksi profitabilitas pada proyek penambangan emas. Pendekatan studi kasus digunakan dengan memanfaatkan data operasional dan keuangan dari suatu proyek pertambangan di Sumatra selama periode 2023–2026. Analisis dilakukan dengan mengombinasikan evaluasi data arsip, survei ahli, dan simulasi keuangan menggunakan Net Present Value (NPV) sebagai indikator kinerja utama.

Hasil penelitian menunjukkan bahwa sistem yang ada saat ini menghasilkan keterlambatan pembayaran sekitar 28–30 hari, yang berkontribusi pada pola arus kas yang tidak stabil. Dengan menerapkan mekanisme smart contract, waktu verifikasi dapat dikurangi sebesar 30–60%, sehingga menghasilkan peningkatan waktu penerimaan arus kas sekitar 25%. Meskipun total pendapatan tetap tidak berubah, percepatan realisasi arus kas ini menyebabkan peningkatan NPV dari USD 114,07 juta pada sistem konvensional menjadi antara USD 115,01 juta hingga USD 118,41 juta, yang merepresentasikan peningkatan hingga 3,81%.

Temuan ini menunjukkan bahwa peningkatan kinerja keuangan tidak hanya bergantung pada peningkatan produksi atau pendapatan, tetapi juga dapat dicapai melalui optimalisasi waktu dan keandalan transaksi keuangan. Kerangka yang diusulkan menyoroti potensi sistem berbasis smart contract dalam meningkatkan efisiensi operasional sekaligus akurasi keuangan pada lingkungan proyek yang kompleks.

References

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