Definitions for "Ore Reserves"
The prime measured assets of a mine as to tonnage and grade that can be extracted at a profit at current prices and at current technology, in the near future. Resources may be classified as proven, probable, possible or speculative.
an ore reserve is the economically mineable material derived from a measured and/or indicated mineral resource. It is inclusive of diluting materials and allows for losses that may occur when the material is mined. Appropriate assessments have been carried out, including consideration of, and modification by, realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction is reasonably justified. Ore reserves are sub-divided in order of increasing confidence into probable ore reserves and proved ore reserves
Refers to that part of an orebody that has been planned for extraction. Classification is according to level of geological and mining confidence. 'Proved Ore Reserve' is the highest level, followed by 'Probable Ore Reserve'.