Mineral reserve

A mineral reserve is that portion of a mineral resource that is economically mineable, based on assessments and other information. The mineral reserve classification can be broken down further into the following three classifications:

  • Proven reserves. Reserves where the size, shape, depth and mineral content of reserves are well-established.

  • Probable reserves. Similar to proven reserves, but the sites for inspection, sampling, and measurement are farther apart or are otherwise less adequately spaced.

  • Possible reserves. Those unproven reserves which an analysis of the data suggests are less likely to be recoverable than probable reserves.

The development phase of a mine is considered to have begun when management concludes that commercially recoverable mineral reserves exist, and has decided to develop the mine.

Related Courses

Accounting for Mining