Marketable reserves definition for a publicly-listed Mining Company

In the case of a mineral ore or coal reserve, the VALMIN Code prescribes the requirements for public reporting of technical assessments and resource valuations. A competent person is required to assess the resource information using the methodology set out in the JORC Code . Part of that requirement is for a competent geologist to properly identify the volume and tonnage of raw resource as it occurs in the ground. An equally important role is played by a competent process engineer, who needs to be able to assess the form and quality of the ore and estimate the marketable recovery and quality of mineral concentrate or coal product that is likely to be able to be produced from that ore. Although generic processes are employed for mineral beneficiation, the nature of the ore itself, and the methodology of how the beneficiation processes are employed, will have a very significant impact on the resulting exploitation of the resource.

A critical parameter, for example, is the size distribution of the occurrence of the valuable mineral. If the target mineral occurs as discrete particles of 0.1 mm or larger, then conventional mineral processing techniques may be able to be employed, and recoveries and concentrate grades reasonably estimated. However, if the target mineral occurs as minutely disseminated particles (e.g. around 0.001 mm), then that ore may be very difficult to beneficiate by conventional means.

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