12mt jorc, page-26

I think doing the calcs on the whole 12mt is being overly optimistic - there is a big space between the ore in the inferred resource category and a proven ore reserve.




Inferred Mineral Resource is that part of a mineral resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological/or grade continuity. It is based on information gathered through appropriate techniques from location such as outcrops, trenches, pits, workings and drill holes which may be of limited or uncertain quality and reliability.

Indicated resources are simply economic mineral occurrences that have been sampled (from locations such as outcrops, trenches, pits and drillholes ) to a point where an estimate has been made, at a reasonable level of confidence, of their contained metal, grade, tonnage, shape, densities, physical characteristics.[2]

Measured resources are indicated resources that have undergone enough further sampling that a 'competent person' (defined by the norms of the relevant mining code; usually a geologist ) has declared them to be an acceptable estimate, at a high degree of confidence, of the grade, tonnage, shape, densities, physical characteristics and mineral content of the mineral occurrence.

Resources may also make up portions of a mineral deposit classified as a mineral reserve, but:

Have not been sufficiently drilled out to qualify for Reserve status; or
Have yet to meet all criteria for Reserve status


Mineral reserves/Ore ReservesMineral reserves are resources known to be economically feasible for extraction. Reserves are either Probable Reserves or Proven Reserves.

A Probable Ore Reserve is the part of Indicated resources that can be mined in an economically viable fashion, and in some circumstances, a Measured Mineral Resource. It includes diluting material and allowances for losses which may occur when the material is mined. A Probable Ore Reserve has a lower level of confidence than a Proved Ore Reserve but is of sufficient quality to serve as the basis for decision on the development of deposit.

A Proven Ore Reserve is the part of Measured resources that can be mined in an economically viable fashion. It includes diluting materials and allowances for losses which occur when the material is mined.

A Proven Ore Reserve represents the highest confidence category of reserve estimate. The style of mineralization or other factors could mean that Proven Ore Reserves are not achievable in some deposits.