What is the difference between a mineral resource and a mineral reserve How can one become the other?

What is the difference between a mineral resource and a mineral reserve How can one become the other?

Mineral Resources can be defined as the concentration of material of economic interest in or on the earth’s crust, whereas Ore Reserves are the parts of a Mineral Resource that can at present be economically mined. …

What is the difference between resource and reserve in mining?

A resource is that amount of a geologic commodity that exists in both discovered and undiscovered deposits—by definition, then, a “best guess.” Reserves are that subgroup of a resource that have been discovered, have a known size, and can be extracted at a profit.

What are the differences between resource and reserve?

The term resource refers to the total amount of a material or primary energy flow that exists. This includes fuel that is both discovered and undiscovered, economically recoverable or not economically recoverable. Essentially, reserves represent the amount of fuel that is a “safe bet” and can be reasonably extracted.

What is mineral reserve?

A Mineral Reserve is the economically mineable part of a Measured and/or Indicated Mineral Resource. This means that quantities converted to Mineral Reserve are removed from Mineral Resource.

What are reserves in mining?

The term “Reserve” refers to that part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination. Reserves must be supported by a feasibility study(2) done to bankable standards that demonstrates the economic extraction.

What is a reserve resource?

Reserve resources are those which we are not extracting them at present in spite of technological availability. They are stored to meet world’s future requirements. For e.g., storage of water in the dam to meet our energy requirement (for generating electricity) of future (whole year).

What are the types of mineral resources?

Types of Mineral Resources: Minerals in general have been categorized into three classes’ fuel, metallic and non-metallic. Fuel minerals like coal, oil and natural gas have been given prime importance as they account for nearly 87\% of the value of mineral production whereas metallic and non-metallic constitutes 6 to 7\%.

What are some examples of mineral resources?

Almost all minerals found on Earth are used in one way or another for economic benefit. Examples of minerals include gold, gravel, sand, aluminum, copper, limestone, clay and diamond. Finding and exploiting mineral resources often requires machinery.

What does mineral resources mean?

Mineral resources. A ‘Mineral Resource’ is a concentration or occurrence of material of intrinsic economic interest in or on the earth’s crust in such form, quality and quantity that there are reasonable prospects for eventual economic extraction.

What is the difference between reserves and resources?

As nouns the difference between resource and reserve is that resource is something that one uses to achieve an objective, eg raw materials or personnel while reserve is the act of reserving, or keeping back; reservation; exception. is that resource is to supply with s while reserve is to keep back; to retain.