Modelling a piece of metal in an induction problem

xthack

Hi,

I'm working on a basic simulation of a metal detector. In order to simplify the problem, I considered the piece of metal as a simple loop, characterized a resistance and inductance (a basic RL circuit actually).
Then I would like to know if my model is acceptable. How could I justify it ?
At first sight, I would say it represents the behavior of Eddy current induced in the metal.

So what do you think about this model ?