week 9 Flashcards
(10 cards)
what is crirsco
- Committee for Mineral Reserves & Mineral Reporting Standards
- they are a grouping of representatives of organisations that are responsible for developing mineral
reporting codes and guidelines
what is JORC
Joint Ore Reserve Committee. The JORC Code is the Australasian
code for reporting of exploration results, mineral resources, and ore reserves.
the roles of a geologist
- drilling
- core management
- logging
- interpretation
- 2D cross section plotting
- 2D geological interpretation
- multiple 2D cross sections
- 3D wireframe model
- 3D block model
what is an assay
analyse the ore to determine its ingredients and quality
metal and mineral values
International metal markets – London Metal Exchange LME
▪ LME provides a well-regulated market for many metals & minerals but not all. They determine prices based on market principles
(e.g. balance of supply and demand, global economic conditions
(e.g. inflation, interest rates), geopolitical events).
▪ Au, Ag, Cu, Al, Zn, ….
▪ Industry set prices
▪ Diamonds, REE
▪ Agreements/contracts
▪ Predictions of future values
Mineral Resource Classification schemes
▪ The more geoscientific knowledge we have about a mineral deposit, the
more confidence we have in what it looks like and contains.
▪ This is the basis of Mineral Resource Classification schemes developed
by the industry, which are a key part of evaluating mining projects.
▪ It is fundamental that all geologists and engineers (and others) in the
mining industry are familiar with this…
Guidelines on resource classification
▪ The mineral resource reporting codes (e.g. JORC) provide guidelines
▪ These are reasonably subjective, are often
qualitative rather than quantitative, and are
influenced by the so-called Competent
Person (CP)
▪ They are regulated by Stock Exchanges & in
Canada by a law
▪ Fundamental requirement for raising finance in
public markets/stock exchanges
▪ Several codes have been established to
regulate companies attempting to raise or
borrow money from banks and stock exchanges:
▪ JORC Australasian code
▪ NI43-101 Canadian law with the CIM code
▪ SAMREC South African code
▪ PERC European Code
▪ CRISCO International Code
JORC 2012 definitions
transparency - must be sufficient information
materiality - relevant information to make a judgment
competence - public report must be based on work done by a Competent Person
what are modifying factors
- considerations to convert mineral resources to ore reserves
- e.g. mining, processing, metallurgy
the fundamental role of the geologist
A fundamental discipline, without which successful mining is not
possible
▪ They define the revenue side of the fundamental economic equation
▪ Engineers control the cost side of the equation
▪ Geologists play an important linking role between mining and ore processing (metallurgy) and also environmental scientists and
geotechnical engineers
