I do understand why ASX doesn't like the publishing of "value in ground" - eg I expect that there are lots of small Aussie companies with $1B+ in-ground metal values, but at 500+m deep and at grades that are half what would be economic to mine, or worse, so "value-in-ground" is pretty meaningless in those cases.
Having said that, whenever I see a statement about a mineral resource that might become a mine, I look at a few things:
- size of resource
- grade (and particularly grade cf what others are mining and what is economic)
- value-in-ground (my own calc)
- mineability and mining cost
- capital cost
- net return (at a range of product prices)
Ann: RETRACTION OF IN GROUND VALUATION, page-7
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