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Mark
Mark Noppé
Noppé
Group
Group General
General Manager
Manager –– Consulting
Consulting
Snowden
Snowden
Contents
Excellence in Exploration & Mining 17-18 Oct 2005 Mineral Resource and Ore Reserve confidence in technical reports
1
Background (1) Inferred Resources and
Feasibility Studies
Inferred Resources
Excellence in Exploration & Mining 17-18 Oct 2005 Mineral Resource and Ore Reserve confidence in technical reports
AusIMM Bulletin
Excellence in Exploration & Mining 17-18 Oct 2005 Mineral Resource and Ore Reserve confidence in technical reports
2
Background (3) Inferred Resources
“The practical meaning of the current (2004) JORC Code definition (and
guidelines) of an Inferred Resource and consequently whether that meaning is
satisfactory, or the definition requires amendment.”
Excellence in Exploration & Mining 17-18 Oct 2005 Mineral Resource and Ore Reserve confidence in technical reports
Contents
Excellence in Exploration & Mining 17-18 Oct 2005 Mineral Resource and Ore Reserve confidence in technical reports
3
Confidence in technical reporting
Excellence in Exploration & Mining 17-18 Oct 2005 Mineral Resource and Ore Reserve confidence in technical reports
Technical studies
&
reports
Excellence in Exploration & Mining 17-18 Oct 2005 Mineral Resource and Ore Reserve confidence in technical reports
4
Life cycle, investment and risk
High
SIGNIFICANCE Significance
High Risk High $$
AND TIMING OF High data levels
DECISIONS
Significance of Cumulative $$
decision spent on project
Low
Low $$
Significance
Low data levels
Low Risk
Types of studies
Excellence in Exploration & Mining 17-18 Oct 2005 Mineral Resource and Ore Reserve confidence in technical reports
5
A Feasibility Study…
Excellence in Exploration & Mining 17-18 Oct 2005 Mineral Resource and Ore Reserve confidence in technical reports
Accuracy range (cost) +/- 30% +/- 15% to 25% +/- 10% to 15%
Key risk May discard viable project Numbers “locked in” Key parameters poorly defined
‘Best’ option not (eg geotech, resource, recovery,
chosen throughput, revenue
assumptions)
Excellence in Exploration & Mining 17-18 Oct 2005 Mineral Resource and Ore Reserve confidence in technical reports
6
FMG example
Excellence in Exploration & Mining 17-18 Oct 2005 Mineral Resource and Ore Reserve confidence in technical reports
Project development
Independent Engineer
Excellence in Exploration & Mining 17-18 Oct 2005 Mineral Resource and Ore Reserve confidence in technical reports
7
The final stage in Feasibility Studies
Excellence in Exploration & Mining 17-18 Oct 2005 Mineral Resource and Ore Reserve confidence in technical reports
Contents
Excellence in Exploration & Mining 17-18 Oct 2005 Mineral Resource and Ore Reserve confidence in technical reports
8
Risk factors in mining projects
Excellence in Exploration & Mining 17-18 Oct 2005 Mineral Resource and Ore Reserve confidence in technical reports
geology geomechanics
Feasibility Ore/waste
Exploration Continue? YES
Studies delineation
mining
NO
metallurgy Mining
Marketing
Excellence in Exploration & Mining 17-18 Oct 2005 Mineral Resource and Ore Reserve confidence in technical reports
9
Sources of technical risk (2)
OREBODY
Grade
Drilling Assaying Pit slope Pit shape
continuity
MINERAL
PRODUCT
Nodes of uncertainty
Excellence in Exploration & Mining 17-18 Oct 2005 Mineral Resource and Ore Reserve confidence in technical reports
NPV
Discount
rate
Capital and
Operating Costs
Revenue, recovery and
Commodity Prices
Excellence in Exploration & Mining 17-18 Oct 2005 Mineral Resource and Ore Reserve confidence in technical reports
10
Iterative study process
Cashflow model
Excellence in Exploration & Mining 17-18 Oct 2005 Mineral Resource and Ore Reserve confidence in technical reports
Excellence in Exploration & Mining 17-18 Oct 2005 Mineral Resource and Ore Reserve confidence in technical reports
11
Reporting Resource and Reserve risk (2)
Transparency 9
Materiality 9
Competence 9
Consistency 8
Excellence in Exploration & Mining 17-18 Oct 2005 Mineral Resource and Ore Reserve confidence in technical reports
Accuracy range (cost) +/- 30% +/- 15% to 25% +/- 10% to 15%
Key risk May discard viable project Numbers “locked in” Key parameters poorly defined
‘Best’ option not (eg geotech, resource, recovery,
chosen throughput, revenue
assumptions)
12
Contents
Excellence in Exploration & Mining 17-18 Oct 2005 Mineral Resource and Ore Reserve confidence in technical reports
Excellence in Exploration & Mining 17-18 Oct 2005 Mineral Resource and Ore Reserve confidence in technical reports
13
What about mining operations?
Excellence in Exploration & Mining 17-18 Oct 2005 Mineral Resource and Ore Reserve confidence in technical reports
Recommendations (1)
Excellence in Exploration & Mining 17-18 Oct 2005 Mineral Resource and Ore Reserve confidence in technical reports
14
Recommendations (2)
Excellence in Exploration & Mining 17-18 Oct 2005 Mineral Resource and Ore Reserve confidence in technical reports
Conclusion
Excellence in Exploration & Mining 17-18 Oct 2005 Mineral Resource and Ore Reserve confidence in technical reports
15