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.
MMG reports estimates of its 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).
MMG’s estimates of Mineral Resources and Ore Reserves are undertaken by a team of highly skilled technical personnel including geologists, mining engineers and metallurgists that qualify as ‘Competent Persons’ under the Joint Ore Reserves Committee Code (JORC) of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia.
The JORC Code is a framework for classifying Mineral Resource and Ore Reserve estimates. Mineral Resources can be classified as Measured, Indicated and Inferred, according to the level of geological knowledge and confidence. Ore Reserves can be classified as Proved or Probable on the basis of the Mineral Resource classification and consideration of all JORC modifying factors.
Only Measured and Indicated Mineral Resources can be converted to Ore Reserves.
The figures included in MMG’s Mineral Resources and Ore Reserves statement are estimates only and not precise calculations, therefore appropriate rounding according to JORC guidelines has been applied.
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’ (JORC Code, 2012 Edition).
Governance and oversight of the MMG Mineral Resources and Ore Reserves is managed through the Mineral Resource and Ore Reserves Committee which is comprised of key members with appropriate technical competence.
Mineral Resources and Ore Reserves Statements