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Appendices

Appendix 1: JORC Code

The following terminology and definitions are used by the Joint Ore Reserves Committee (JORC) Code for reporting of Mineral Resources and Ore Reserves (2012 Edition). A full copy of the JORC Code can be found at www.jorc.org.

Mineral Resource: A ‘Mineral Resource’ is a concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such form, grade (or quality), and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade (or quality), continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories.

Inferred Mineral Resource: An ‘Inferred Mineral Resource’ is that part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade (or quality) continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to an Ore Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

Indicated Mineral Resource: An ‘Indicated Mineral Resource’ is that part of a Mineral Resource for which quantity, grade (or quality), densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes, and is sufficient to assume geological and grade (or quality) continuity between points of observation where data and samples are gathered. An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Ore Reserve.

Measured Resource: A ‘Measured Mineral Resource’ is that part of a Mineral Resource for which quantity, grade (or quality), densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes, and is sufficient to confirm geological and grade (or quality) continuity between points of observation where data and samples are gathered. A Measured Mineral Resource has a higher level of confidence than that applying to either an Indicated Mineral Resource or an Inferred Mineral Resource. It may be converted to a Proved Ore Reserve or under certain circumstances to a Probable Ore Reserve.

Modifying Factors: ‘Modifying Factors’ are considerations used to convert Mineral Resources to Ore Reserves. These include, but are not restricted to, mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors.

Ore Reserve: An ‘Ore Reserve’ is the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at Pre-Feasibility or Feasibility level as appropriate that include application of Modifying Factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified.

Probable Ore Reserve: A ‘Probable Ore Reserve’ is the economically mineable part of an Indicated, and in some circumstances, a Measured Mineral Resource. The confidence in the Modifying Factors applying to a Probable Ore Reserve is lower than that applying to a Proved Ore Reserve.

Proved Ore Reserve: A ‘Proved Ore Reserve’ is the economically mineable part of a Measured Mineral Resource. A Proved Ore Reserve implies a high degree of confidence in the Modifying Factors.

Appendix 2: National Classification System

The following terminology and definitions are used in Australia’s National Classification System for Identified Mineral Resources.

Resource: A concentration of naturally occurring solid, liquid, or gaseous materials in or on the Earth’s crust and in such form that its economic extraction is presently or potentially (within a 20-25 year timeframe) feasible.

Identified Resource: A specific body of mineral-bearing material whose location, quantity and quality are known from specific measurements or estimates from geological evidence for which economic extraction is presently or potentially (within a 20-25 year timeframe) feasible.

To reflect degrees of geological assurance, Identified Resources can be divided into Measured Resources, Indicated Resources and Inferred Resources where Measured Resources have the most geological confidence and Inferred Resources the least. The National Classification System’s definitions for Measured, Indicated and Inferred Resources are consistent with those of the JORC Code.

Under the JORC Code, with the application of Modifying Factors and mine planning, Measured Resources can be converted into Proved Ore Reserves or Probable Ore Reserves and Indicated Resources can be converted into Probable Ore Reserves.

Demonstrated Resource: A collective term for the sum of Measured and Indicated Resources, including Proved and Probable Ore Reserves.

Economic: This term implies that, at the time of determination, profitable extraction or production under defined investment assumptions has been established, analytically demonstrated, or assumed with reasonable certainty.

Economic Demonstrated Resource (EDR): A Demonstrated Resource that is regarded as economic under the definition above. The EDR category provides a long-term view of what is likely to be available for mining (potential supply). It does not include Inferred Resources which do not have enough geological confidence to support mine planning. For shorter-term, commercial viewpoints of the economic category see Table 1 (Ore Reserves and Mineral Resources at Operating Mines) and Table 2 (Australia's Ore Reserves).

Subeconomic: This term refers to those resources that are geologically demonstrated but which do not meet the criteria of Economic at the time of determination. Subeconomic Resources include paramarginal and submarginal categories:

  • Paramarginal: That part of Subeconomic Resources which, at the time of determination, could be produced given postulated limited increases in commodity prices or cost-reducing advances in technology. The main characteristics of this category are economic uncertainty and/or failure (albeit just) to meet the criteria of economic.
  • Submarginal: That part of Subeconomic Resources that would require a substantially higher commodity price or major cost-reducing advance in technology to render them economic.

Accessible Economic Demonstrated Resource (AEDR): Some resources have enough geological confidence to be considered a Demonstrated Resource and, in normal circumstances, would also be regarded as economic but they are not currently available for development because of legal and/or land-use restrictions. They are included in EDR but not in AEDR.

Appendix 3: Additional Tables

Table 7. Comparisons of EDR of major commodities at Australian mines to total EDR as at December 2020.

Commodity Unit EDR Number of Percentage of EDR
Deposits with EDR Operating Mines All Mines Operating Mines All Mines Other Deposits
Bauxite Mt 5,132 20 9 10 61% 62% 38%
Black Coal – Recoverable Mt 74,147 272 91 117 40% 52% 48%
Copper Mt Cu 96.65 181 38 48 84% 86% 14%
Diamond Mc 10.97 3 1 3 95% 100% 0%
Gold t Au 11,101 695 164 201 77% 77% 22%
Iron Ore Mt 51,709 88 45 75 57% 59% 43%
Lead Mt Pb 35.73 77 19 29 78% 82% 18%
Lithium kt Li 6,174 12 5 9 64% 82% 14%
Manganese Ore Mt 276 8 3 4 68% 72% 28%
Mineral Sands
Ilmenite Mt 274.0 79 11 17 15% 43% 57%
Rutile Mt 35.3 58 8 12 11% 24% 76%
Zircon Mt 79.3 80 10 15 13% 46% 54%
Nickel Mt Ni 21.4 90 13 22 39% 49% 51%
Silver kt Ag 92.5 136 31 39 72% 76% 24%
Uranium kt U 1,239 33 3 4 81% 82% 18%
Zinc Mt Zn 66.41 85 20 27 87% 89% 11%

Abbreviations
t = tonne; kt = kilotonnes (1,000 t); Mt = million tonnes (1,000,000 t); Mc = million carats (1,000,000 carats).
Where an element symbol follows the unit it refers to contained metal content.

Notes
All Mines = mines that are currently operating, placed on care and maintenance or under development.
'Deposits with EDR’ is inclusive of the mines.

Table 8. Comparisons of Ore Reserves of major commodities to total EDR and AEDR as at December 2020.

Commodity Unit Ore Reserves EDR AEDR Ore Reserves/EDR (%) Ore Reserves/AEDR (%)
Bauxite Mt 1,739 5,132 5,132 34% 34%
Black Coal – Recoverable Mt 17,557 74,147 72,453 24% 24%
Copper Mt Cu 23.35 96.65 96.65 24% 24%
Diamond Mc 10.30 10.97 10.97 94% 94%
Gold t Au 4,229 11,101 11,074 38% 38%
Iron Ore Mt 23,001 51,709 51,709 44% 44%
Lead Mt Pb 11.59 35.73 35.73 32% 32%
Lithium kt Li 3,777 6,174 6,174 61% 61%
Manganese Ore Mt 135 276 276 49% 49%
Mineral Sands
Ilmenite Mt 61.5 274.0 264.1 22% 23%
Rutile Mt 9.7 35.3 32.7 27% 30%
Zircon Mt 24.3 79.3 76.7 31% 32%
Nickel Mt Ni 9.5 21.4 21.4 44% 44%
Silver kt Ag 27.23 92.5 92.5 29% 29%
Uranium kt U 255 1,239 1,236 19% 19%
Zinc Mt Zn 23.20 66.41 66.41 35% 35%

Abbreviations
t = tonne; kt = kilotonnes (1,000 t); Mt = million tonnes (1,000,000 t); Mc = million carats (1,000,000 carats).
Where an element symbol follows the unit it refers to contained metal content.
EDR = Economic Demonstrated Resources.
AEDR = Accessible Economic Demonstrated Resources.

Table 9. Distribution of EDR of major commodities in Australia as at December 2020.

Commodity Unit EDR Number of Percentage of EDR in largest
Deposits Deposits with EDR 10 deposits 20 deposits
Bauxite Mt 5,132 38 20 (52%) 99 100
Black Coal– Recoverable Mt 74,147 416 263 (63%) 28 41
Copper Mt Cu 96.65 404 181 (45%) 85 91
Diamond Mc 10.97 8 3 (100%) 100 100
Gold t Au 11,101 1,290 695 (38%) 52 62
Iron Ore Mt 51,709 282 87 (31%) 65 82
Lead Mt Pb 35.73 159 77 (48%) 88 95
Lithium kt Li 6,174 17 12 (71%) 100 100
Manganese Ore Mt 276 44 8(18%) 100 100
Mineral Sands
Ilmenite Mt 274 179 79 (44%) 66 81
Rutile Mt 35.3 162 58 (36%) 70 88
Zircon Mt 79.3 179 80 (45%) 76 90
Nickel Mt Ni 21.4 171 90 (52%) 63 86
Silver kt Ag 92.5 248 136 (55%) 76 89
Uranium kt U 1,239 97 33 (34%) 95 99
Zinc Mt Zn 66.41 62 86 (53%) 87 93

Abbreviations
t = tonne; kt = kilotonnes (1,000 t); Mt = million tonnes (1,000,000 t); Mc = million carats (1,000,000 carats).
Where an element symbol follows the unit it refers to contained metal content.
EDR = Economic Demonstrated Resources.

Notes
For classification as a mineral deposit there must be, at a minimum, an Inferred Resource compliant with the JORC Code (or equivalent) or, in some cases, a historical (pre-JORC) resource estimate.

Table 10. Export value ($million) of mineral commodities, resources and energy, merchandise and goods and services, 2011 to 2020.

Category 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Total Mineral Exports 167,867 149,879 162,572 158,312 140,885 150,186 178,999 201,208 233,772 231,283
Total Resources and Energy Exports 194,607 179,007 190,323 190,859 166,131 175,645 213,046 257,304 296,859 288,242
Total Merchandise Exports 26,222 249,678 263,456 266,739 250,334 259,071 301,998 345,468 390,579 372,696
Total Goods and Services Exports 319,539 306,237 323,442 33,120 323,136 336,894 386,677 438,284 492,684 435,674

Notes
Total mineral exports includes: metallic minerals, energy minerals (coal and uranium), gemstones, mineral sands and refined minerals (concentrates, bullion, ingot metals).

Source
Office of the Chief Economist (Resources and Energy Quarterly December 2021).

Table 11. Australian export volume and values of mineral and metal commodities 2020.

Commodity Export volume Unit Export earnings ($million) Value
($/t or $/c)
Percentage of total mineral export earnings
Aluminium
Bauxite 37,446 kt 1,490 40 0.6%
Alumina 18,237 kt 6,975 382 3.0%
Ingot Metal 1,406 kt 3,581 2,547 1.5%
Black Coal
Metallurgical 171,822 kt 33,049 192 14.3%
Thermal 199,521 kt 20,652 104 8.9%
Copper
Ore and Concentrates 1,745 kt 7,148 4,096 3.1%
Refined 396 kt 3,422 8,641 1.5%
Diamonds
Unsorted 11,299,851 c 162 14 0.1%
Sorted Gem 39,160 c 257 6,564 0.1%
Gold– Refined 307 t 25,492 83,035,831 11.0%
Iron
Ore 867,230 kt 116,913 135 50.5%
Crude Steel 893 kt 929 1,040 0.4%
Scrap 2,003 kt 958 478 0.4%
Lead
Concentrates 317 kt 810 2,555 0.4%
Refined 138 kt 521 3,775 0.2%
Bullion 158 kt 373 2,361 0.2%
Nickel
Ore and Concentrates 221 kt 451 2,041 0.2%
Refined and Intermediate 118 kt 2,269 19,229 1.0%
Silver – Refined 242 t 222 917,355 0.1%
Tin – concentrate 14,990 t 175 11,674 0.1%
Uranium – Oxide (U3O8) 7,015 t 762 108,624 0.3%
Zinc
Ore and Concentrates 2,240 kt 1,928 861 0.8%
Refined 440 kt 1,278 2,905 0.6%

Notes
Total mineral exports earnings in 2020 were $231,283 million (see Table 10).

Source
Office of the Chief Economist (Resources and Energy Quarterly December 2021).

Table 12. Changes in Australian mineral and metal export volumes, earnings and values from 2019 to 2020, along with percentage share of export earnings in 2019 and 2020.

Commodity Export Volume (%) Export Earnings (%) Value (%) Percentage of total mineral export earnings 2019 Percentage of total mineral export earnings 2020
Aluminium

Bauxite

-4% -6% -1% 0.7% 0.6%
Alumina 3% -18% -20% 3.6% 3.0%
Ingot Metal -3% -8% -6% 1.7% 1.5%
Black Coal
Metallurgical -7% -20% -14% 17.7% 14.3%
Thermal -6% -9% -3% 9.7% 8.9%
Copper
Ore and Concentrates -8% 14% 24% 2.7% 3.1%
Refined -3% -11% -8% 1.6% 1.5%
Diamonds
Unsorted -14% -31% -20% 0.1% 0.1%
Sorted Gem -45% -32% 23% 0.2% 0.1%
Gold – Refined -15% 9% 28% 10.0% 11.0%
Iron
Ore 4% 22% 17% 41.1% 50.5%
Crude Steel -22% -24% -3% 0.5% 0.4%
Scrap -10% -7% 3% 0.4% 0.4%
Lead
Concentrates -23% -16% 10% 0.4% 0.4%
Refined 18% 57% 34% 0.1% 0.2%
Bullion 33% -3% -27% 0.2% 0.2%
Nickel
Ore and Concentrates -14% 1% 18% 0.2% 0.2%
Refined and Intermediate -51% -38% 26% 1.6% 1.0%
Silver - Refined 73% 78% 3% 0.1% 0.1%
Tin – metal content 3% -7% -10% 0.1% 0.1%
Uranium – Oxide (U3O8) -14% 2% 19% 0.3% 0.3%
Zinc
Ore and Concentrates -3% -20% -17% 1.0% 0.8%
Refined 16% -10% -23% 0.6% 0.6%

Notes
For total mineral export earnings in 2019 and 2020 see Table 10. Value refers to $/unit of product, i.e. $/c for diamonds and $/t for all other commodities.

Source
Office of the Chief Economist (Resources and Energy Quarterly December 2021).