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Minimizing risks in mineral resource projects requires thorough data collection, analysis, and quality control procedures. Estimates based on limited, widely spaced data can result in large errors and financial losses. Continuous review of databases and expert due diligence reviews are important parts of feasibility evaluations to identify potential problems before mining begins. However, some issues may still only appear once operations start. Therefore, good reconciliation practices are critical, with experienced analysis of results to identify causes and guide remedial actions and planning decisions. Poor reconciliations could stem from errors in resource estimates or inadequate grade control and mining practices.
Minimizing risks in mineral resource projects requires thorough data collection, analysis, and quality control procedures. Estimates based on limited, widely spaced data can result in large errors and financial losses. Continuous review of databases and expert due diligence reviews are important parts of feasibility evaluations to identify potential problems before mining begins. However, some issues may still only appear once operations start. Therefore, good reconciliation practices are critical, with experienced analysis of results to identify causes and guide remedial actions and planning decisions. Poor reconciliations could stem from errors in resource estimates or inadequate grade control and mining practices.
Minimizing risks in mineral resource projects requires thorough data collection, analysis, and quality control procedures. Estimates based on limited, widely spaced data can result in large errors and financial losses. Continuous review of databases and expert due diligence reviews are important parts of feasibility evaluations to identify potential problems before mining begins. However, some issues may still only appear once operations start. Therefore, good reconciliation practices are critical, with experienced analysis of results to identify causes and guide remedial actions and planning decisions. Poor reconciliations could stem from errors in resource estimates or inadequate grade control and mining practices.
Minimising the risks Fast tracking without taking the time to collect and analyse all the necessary exploration and engineering data . . . can lead to marginal projects being committed to production with the property owner exposed to financial risk. (Trythall, 1991) Resource and reserve estimates may be based on widely spaced and limited information. Significant errors can result from poor quality data, from the lack of real representivity by these widely spaced sample points, from poor geological interpretation and from inappropriate practices of estimation. The room for error can be very large and the implications of such errors financially disastrous. The importance of quality data and good quality control has already been discussed. Continual review and auditing of the database through the process of estimation is good practice. In particular, complete and expert due diligence review is a fundamental and initial part of a good feasibility and evaluation process (Gilfillan, 1997 and this volume). Nonetheless, experience shows that even with quality due diligence before and during feasibility, some problems will not show up until the mine is in operation. It is at this stage that good reconciliation procedures are critically important. Thorough and experienced analysis of the results of such reconciliations is necessary before drawing conclusions as to their causes and to remedial action. Poor reconciliations may not simply be a result of errors or misinterpretations in the original resource estimation data and process but can also result from poor grade control and thus from poor mining practice (Schofield, 1998 and this volume). Bad interpretation of reconciliation data can lead to incorrect planning decisions. Treatment rate may be changed, new developments may be initiated or deferred and additional capital may be incurred, sometimes with the wisdom of hindsight, at cost to the operation.