Mineral Resources and Ore Reserves
Mineral Resources and Ore Reserves underpin the enterprise value of a company and provide a basis for life of mine and annual budgets.
Mineral Resources can be defined as the concentration of material of economic interest in or on the earth’s crust, whereas Ore Reserves are the parts of a Mineral Resource that can at present be economically mined.
We report estimates of our Mineral Resources and Ore Reserves on an annual basis, but new discoveries of Mineral Resources can be estimated at any time.
Mineral Resources and Ore Reserves are reported as tonnes and grade (quality) above a minimum value (cut-off).
Our JORC Code accredited geologists study a range of data from our operating sites and exploration and development projects to analyse and determine estimates of our Resources and Reserves.
The JORC Code is a framework for classifying Resource and Reserve estimates, which are classified according to the level of geological knowledge and confidence.
Mineral Resources can be classified as Inferred, Indicated or Measured. Ore Reserves can be classified as Probable or Proved.
Only Indicated and Measured Resources can be converted to Reserves.
The figures included in our Resources and Reserves statement are estimates only, and therefore have a degree of imprecision.
The Mineral Resource and Ore Reserve tables on this page provide a detailed breakdown of the estimates, which have been prepared according to the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (the JORC Code, 2004 Edition).
Download the full 2012 Minerals Resources and Ore Reserves Statement.