What is a mineable reserve?
Mineable reserve is an estimate of the economically extractable or mineable part of a mineral resource. The mineral deposits are studied and assessed to prove that they can be mined at a huge profit, by taking into account all factors that influence mining operations.
What is mineral Reserve statement?
Mineral Reserve means the economically mineable part of a measured or indicated mineral resource demonstrated by at least a preliminary feasibility study.
What are resource reserves?
A resource is that amount of a geologic commodity that exists in both discovered and undiscovered deposits—by definition, then, a “best guess.” Reserves are that subgroup of a resource that have been discovered, have a known size, and can be extracted at a profit.
Why was the JORC created?
An initiative was commenced by CRIRSCO to develop a Template, largely based on the JORC Code, that was designed to assist countries to develop their own code in line with world best practice. The Template has been recognised as a commodity-specific code in UNFC 2009.
What is mineral resources and minerals?
A mineral resource is a concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such form, grade (or quality), and quantity that there are reasonable prospects for eventual economic extraction.
What are examples of resource reserves?
Reserve resources are those resources which we know their use and how to use them but we have kept them for future use. For example, USA has plenty of oil and gas reserves but it imports oil and gas and has kept its own reserves for future use.
Mineable reserve is an estimate of the economically extractable or mineable part of a mineral resource. The mineral deposits are studied and assessed to prove that they can be mined at a huge profit, by taking into account all factors that influence mining operations. Given below are the factors that impact mineable reserves:
What is a mineral reserve and why is it important?
“A Mineral Reserve is the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at Pre-Feasibility or Feasibility level as appropriate that include application of Modifying Factors.
What are reserves in accounting?
The amount of money that is kept aside is known as Reserves in Accounting. They assist in securing the financial situation of an enterprise and can be utilised for different purposes such as stable dividend repayments, expansion, meeting contingencies, legal requirements, investments, improving the financial situation, etc.,
How do I document a mineral reserve?
A mineral reserve must be documented by at least one preliminary feasibility study, conducted during the “deposit appraisal” phase in the mineral development process.