MARKETS

JORC rethink looming

BY FEBRUARY, the Joint Ore Reserves Committee hopes to have completed a review into the reporting...

Michael Vaughan
JORC rethink looming

JORC deputy chair Mark Adams said the review has been brewing since the middle of last year and the committee hopes to have a better set of guidelines in place for the reporting of inferred resources by February.

He highlighted the use of sampling in calculating inferred resources and the issues of extrapolation and intrapolation of results as two of the major issues looked at in the review.

Adams said the committee hopes to be in a position by February to know what needs to go into the code and the means by which it will be communicated to exploration companies, with additions to the JORC code or a market update the two most likely options.

A rewrite of the JORC code is expected in 2008.

The revision comes in the wake of Bendigo Mining’s embarrassing reserve miscalculation, which will force the closure of its mine from June for up to two years.

Adams declined to comment on Bendigo’s predicament, other than to say the JORC code centres on the reporting of mineral resources and reserves and not their actual calculation.

He said it would be difficult to devise a set of guidelines that would cater for the calculation of reserves of all ore bodies and that given the difficult nature of Bendigo’s mineralisation, it would be almost impossible to come up with such a standard to suit all situations.

Regardless, Adams said he did not believe it was necessary to have such a code for resource and reserve calculation and that the competent person provisions within the current JORC code catered for the calculation of estimates.

The JORC code states competent persons must have five years experience working in the particular style of mineralisation in order to estimate reserves and resources.

MiningNewsPremium.net

TOPICS:

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Magazine Intelligence Exploration Report 2024 (feat. Opaxe data)

A comprehensive review of exploration trends and technologies, highlighting the best intercepts and discoveries and the latest initial resource estimates.

editions

Mining Magazine Intelligence Future Fleets Report 2024

The report paints a picture of the equipment landscape and includes detailed profiles of mines that are employing these fleets

editions

Mining Magazine Intelligence Digitalisation Report 2023

An in-depth review of operations that use digitalisation technology to drive improvements across all areas of mining production