What is a mineral resource?

Abstract

Abstract Mineral resource evaluation is one of a whole spectrum of quantitative methods which have been used since biblical times for the purpose of improving the process required to aid problem-solving and to increase the quality of strategic management decisions at all levels. Such evaluation leads to the classification of mineral resources. It is important to have a clear knowledge of how mineral resources are classified and what the classification nomenclature actually means to ensure decisions are based on a sound understanding of criteria applied. As interest for investment in mineral resource development spreads into Eastern Europe and the former Soviet Union, the need for some form of harmonization in terminology, nomenclature, criteria, as well as the approach to the classification process for the definition of mineral resources has again been highlighted. The approach to quantitative studies is discussed, and guidelines are given that may improve mineral reserve and resource estimates so that implementation failure of mining projects can be avoided. Approaches to the classification of mineral resources are reviewed along with the uses made of such mineral resource information. The argument is put for a standard approach to mineral resource classification and consistency of international nomenclature with a discussion of some of the related problems. Principles are established which may suggest a way forward illustrated by a recent major resource assessment project.