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Summary of Reserve and Resource Life

Summary of Reserve and Resource Life

Australia has vast resources of many of the 36 major and minor mineral commodities covered in this report, as well as unquantified resources of many other minerals, some of which are considered critical for modern and emerging technologies and by trading partners.

It is not possible to state with any certainty how long Australia’s resources will last because production rates vary, the economic viability of deposits may change in the future and the rate of new resource delineation rarely matches resource depletion. However, a general impression of the range of possibilities can be gained by deriving the ratio of the various 2019 reserve and resource estimates to 2019 production figures (Table 9). Operating mines have provided the production rates for each commodity and the resulting ratios are an average mine life that assumes the unlikely scenario that no new mines are ever developed, no mines are closed or, if so, other mines make up the shortfall in production.

The reserve and resource life estimations for ‘all deposits’ (Table 9) indicate the potential for longer-term mineral supply in Australia. Using the AEDR/production ratio as the best proxy for a long-term outlook, it is only diamond, gold and manganese ore that have resource lives of less than 50 years (Table 9).

Table 9. Average reserve life and resource life (years) for selected commodities as at December 2019.

Commodity Operating Mines1 All Deposits
Ore Reserves2 Demonstrated Mineral Resources3 All Resources4 Ore Reserves5 AEDR6 All Resources7
Bauxite 19 15 50 19 50 95
Black Coal 20 52 76 33 120 280
Copper 21 90 118 25 100 150
Diamond 1 0 0 1 <5 <5
Gold 9 20 29 12 35 50
Ilmenite 17 51 62 65 270 525
Iron Ore 13 33 77 26 55 165
Lead 18 45 54 23 75 125
Lithium 69 90 119 84 130 160
Manganese Ore 4 6 7 12 35 115
Nickel 15 49 56 54 135 280
Rutile 13 28 32 55 180 375
Silver 14 41 51 21 70 100
Tin 24 46 51 35 85 125
Uranium 40 224 333 43 165 295
Zinc 15 36 45 18 50 90
Zircon 8 22 25 45 145 250

Notes
Reserve and resource life for each mineral commodity are calculated by dividing the inventory by production. The resulting ratio is a snapshot in time that can only be used for general impressions because it is an average and it assumes (1) that production rates in the future will remain the same as those used in the calculation, (2) deposits deemed economic/uneconomic remain so in the future and (3) that depleted resources are never replaced.

1. Operating mines includes all mines that operated during 2018 and thus contributed to production (see Table 1).

2. Ore Reserves as reported in compliance with the JORC Code, plus non-JORC Code equivalents (see Table 1).

3. Measured and Indicated Mineral Resources, inclusive of Ore Reserves, as reported in compliance with the JORC Code, plus non-JORC Code-equivalents (see Table 1).

4. All Resources for Operating Mines includes Measured, Indicated and Inferred Mineral Resources, inclusive of Ore Reserves, as reported in compliance with the JORC Code, plus non-JORC Code-equivalents (see Table 1).

5. Ore Reserves as reported in compliance with the JORC Code, plus non-JORC Code equivalents (see Table 2).

6. AEDR = Accessible Economic Demonstrated Resources (see Table 3). Figures rounded to nearest five years.

7. All Resources for All Deposits includes EDR, Subeconomic Demonstrated Resources and Inferred Resources (see Table 3). Figures rounded to nearest five years.

Banner image: Copper cables and wires are used in electronics and electricity distribution. Demand is expected to increase with the decarbonisation of global economies.