Martabe Gold Mine, Indonesia: a positive solution for positive reconciliation

摘要

A positive mill reconciliation at a mine is a double-edged-sword. Much back slapping happens. The bank and the board can't get enough until the downside becomes apparent. Over a prolonged period, there becomes an issue with market perception and the potential for shareholders to be misinformed regarding the potential value of the project. In addition, there are impacts on mine scheduling, waste allocation (or lack thereof), government expectations, and the potential for misguided external assumptions regarding the 'unexpected' results. The PT Agincourt Resources Martabe Gold Mine has shown a significant under-call, in the order of 20% total gold metal, between the Mineral Resource (MR) estimates and Grade Control (GC) estimates since production commenced in 2012. Recently, the under-call has been reduced by incorporating the use of grade control drilling in the MR grade estimates. Despite recent improvements in reconciliation, drilling in 2017 at both Purnama and Barani open pits shows that infill reverse circulation (RC) drill holes often produce significantly higher grades than those predicted in the MR block model.