Concepts for Estimating Ore Reserves and a Comparative View of Resource Estimation Methods

The estimate of an ore reserve is a vital statement made about a mineral occurrence by an evaluator. It is important that such a statement communicate reality to all groups involved in a mining project, be they technical, financial, company directors, Stock Exchanges or the public. Ore reserve statements should state both resources and recoverable ore reserves. Resources may be important in very long term considerations, (because mining, metallurgical technology and economics change with time) but recoverable reserves are todays reality. The important factors contributing to recoverable reserves (in a general sense) are geology, mining method (and its impact on dilution and ore loss), metallurgical recovery, costs and commodity prices. These all need to be reflected in the ore reserve statement. In this paper recoverable ore reserve concepts across a wide range of orebodies are considered and discussed with respect to geology, mining method and ore reserve calculation procedures.