Mineral property evaluation: Inspiration, exploration, valuation and perspiration

摘要

The evaluation of mineral properties is discussed in terms of current worldwide mineral industry practice. In recent times the technical, legal and financial framework in which such evaluations must be undertaken has been significantly revised to standards which are accepted globally. The paper argues that even with more rigorous reporting requirements and greater regulation recent evaluations cannot be said to have reduced the number of mining projects that fail to meet expectations. This is so despite the enormous advances in the understanding of geological and mineralizing processes, exploration and mining technology developments, ore body definition and ever-greater sophistication in data processing. The evaluation of mineral properties remains far from a precise or wholly reliable exercise. It is suggested that in most cases where evaluation expectations are not met there is failure to meet key operating targets. Industry experience indicates that when this happens commercial pressures are allowed to exert undue control and lead to short term planning which compounds the problems and leads to failure.