cudeco(cdu) trading - representations, page-289

Im no Expert on these things but I do have a Daughter Geo in the Coal industry and a son Metallurgical Engineer in Copper both work for tier 1 majors.

From what I can gather the base metal deposits like Iron ore and coal are fairly easy to accurately quantify in ground tonnage- Then I believe Zinc , Copper and nickle are the next highest level of confidence with gold, silver and diamonds being the most difficult.

From memory CDU has used at least 4 different independent experts over the years to arrive at the current global resource of 270mt - they started with Malcolm Carson, then Snowdens, Then an ex employee from Snowdens in house and then H&S there may have been others I have missed.

It was clear that none of them could put their name and pen to paper on a number in line with the selective bulk test result. In the final JORC they even went to the effort of re assaying hundreds of samples specifically looking for cobalt so that it could be converted to cu eq reporting to increase the overall global resource in an effort to offset the expected market disappointment with not being able to arrive at the hot copper hyped expected resource of 30mt at 3% in the highest level of confidence measured JORC category.

Dossa I think its pointless looking at gold mines that have produced higher outputs than the JORC numbers - Do we have any examples of copper mines that have dramatically exceeded their JORC numbers ? there are several examples here in Australia like HGO and OZL that have been below expectation.

hOOt