Copper and gold mining business is a highly specialized, technologically advanced and capital intensive venture. It involves usage of cutting-edge technology, state-of-art machinery and round the clock operations manned by high skill workers. Safety of the people, the environment and heavy machinery is of utmost importance to the continuity of the mining operations. A successful world-class mining venture requires sound technical planning supported by conducive government policies and acceptance by the local communities.
TCC is developing a similar world-class open-pit mining project at Reko Diq in district Chagai of Balochistan province. The TCC Reko Diq Copper-Gold Mining Project is designed to be a state-of-the-art, low cost, high efficiency and large scale mineral mining project with over 56 years of commercial operations.
Basics About Mining
Resource vs. Reserve
A Mineral Resource is a concentration or occurrence of natural solid fossilized organic material including base and precious metals crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge.
TCC reports its resource and reserve to two International Minerals Reporting Standards: JORC (Australia) and CIM (Canada). Under these standards, resource can be classified as “Measured”, “Indicated” or “Inferred” depending on the degree of confidence in continuity and grade with “Measured” having the highest levels of confidence and “Inferred” the lowest.
Definition of a Reserve
The same international reporting standards define a “reserve” as “the economically mineable part of a Measured and/or Indicated mineral resource”. Also states that “appropriate assessments and studies have been carried out, and include consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction could be reasonably justified.”
Inferred mineral resource cannot be upgraded to reserve without additional geological definition and thus it is quite normal in the minerals industry that not all of the tonnage in a mineral resource becomes a mineral reserve.
Reko Diq Mineral Resource
Total mineral resources at Reko Diq are estimated at 5.9 billion tons. The breakdown of this resource includes:
Measured Resource: 1.7 billion tons
Indicated Resource: 1.3 billion tons
Inferred Resource: 2.9 billion tons
As previously explained, only a portion of Measured + Indicated resources could potentially become reserves, accomplishing all the requirements from international standards. In Reko Diq, the economically mineable resources have been estimated by the Feasibility Study at 2.2 billion tons.
Project Design of Mining & Processing at Reko Diq
Resource vs. Reserve
Future Project Design of Mining & Processing at Reko Diq