Conference Proceedings
Ore Reserve Estimates - The Impact on Miners and Financiers, Melbourne, March 1990
Conference Proceedings
Ore Reserve Estimates - The Impact on Miners and Financiers, Melbourne, March 1990
Ore Reserve Reporting Methodology at The Argyle Diamond Mine
Western Mining Corporation has grown from a small gold exploration and mining company, funded by large established mining companies, into a large multi-commodity and multi-national mining company with shareholders who no longer have the same understanding of mining as the founders. Ore reserve calculation methods and reporting procedures have gradually changed throughout the group during this growth. These changes have been led by the newer mines, in particular the Kambalda nickel mines, where the need for more global, less conservative reserves were required to justify capital and forward sales contracts and to inform shareholders of the true worth of their company. This change in attitude to reserves has flowed back to the gold mines and has allowed a better informed management and investing public to plan for the future. Management of the calculation of reserves remains the responsibility of individual mining operations, but a corporate reporting and management structure exists through the office of the Director of Exploration and divisional chief geologists who strive to maintain standards of calculation and reporting. Specialist ore reserve geologists are starting to justify their place in the organisation, particularly at the larger operations. Reporting to the new AusIMM Standards is fully supported, although the amount of supplementary information requested will need to be considered carefully because of the large number of factors that make up even the simplest reserve.
Contributor(s):
T J Cloutier
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- Published: 1989
- PDF Size: 0.451 Mb.
- Unique ID: P199001009