The ownership of the ore reserve is a critical matter What one must determine is whether there are any terms or conditions to the ownership of the ore reserve or the project that will influence the duration of the project or the owners claim to the revenue from the operation The project may have more than one owner for example in a joint venture and the rights and obligations of each participant should be known Many good projects have failed because of difficulties among the owners.
Economic evaluations of mining projects incorporate the examini nation and assessment of the technical financial social and political aspects of the environment in which the mineral deposit is situated This paper outlines some technical inputs that form the basis for financial evaluation These include estimates of mineable ore pro173.
2 Does the ownership change as the project achieves certain milestones or as certain obligations are met.
3 Can all of the owners meet their individual financial obligations Is an adequate structure in place in the event that one or more participants defaults.
The ore reserve is the most significant factor in the development of a mineral project A project will not proceed without a valid ore reserve This information must be confirmed before any other work is done In this paper the terminology set out in the Guidelines For The Australasian Code For Reporting OJ Identified Mineral Resources And are Reserves September 1992 is used Table 1.
Obtain a map of the project area Locate all of the ore deposits waste areas facilities and infrastructure Do the locations make sense Does any topographic cultural social or structural feature interfere with the development of the ore reserve Would potential extensions of the ore reserve change the location of facilities.
Once the ore reserve has been established the next step is the development of a production schedule that is appropriate for the ore reserve and for the market which must consume the product Because the timing of costs and revenues is crucial the accurate scheduling of events over the project life is a necessity All of the data gathered for an evaluation will eventually be placed into a cash flow model which will require production data on a year by year basis It is easier for persons gathering or developing data to know this in advance so they can prepare their information accordingly.
1 The selection of the production rate is one of the most significant factors in a project evaluation It will determine mine life capital costs and operating costs.
2 The different participants in a new project tend to use different schedules for their work and these schedules seldom coincide with each other The first time all of these diverse schedules will be presented in one place is in the economic evaluation so it will usually fall to the person preparing the evaluation to make all of these schedules relate to each other in time.
S M Gandhi B C Sarkar in Essentials of Mineral Exploration and Evaluation 2016 Abstract The concept of geostatistics based on the Regionalized Variable theory is explained besides why it should be applied to the development of a mineral inventory and resource reserve estimation The fundamental tool of geostatistical analysis.
An indicated mineral resource is that part of a Mineral Resource for which quantity grade or quality densities shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters to support mine planning and evaluation of the economic viability.
Annual Mineral Resources and Ore Reserves Statement as at 31 December 2019 Newcrest Mining Limited has updated its Mineral Resource and Ore Reserve estimates for the twelve month period ending 31 December 2019 and for this purpose has completed a detailed review.
Ore Reserves and Mineral Resources Summary 06stimated Ore Reserves E 08stimated Mineral Resources E Ore Reserve and Mineral Resource estimates 10 Diamonds 18 Copper 21latinum Group Metals P 29ron Ore I 31 Manganese 32oal C 39 Nickel 40 Definitions 41 Reserve and Resource Reconciliation Overview 48 Competent Persons List 52 Glossary.
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