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200 $ , 1- 100 $ . 6 .
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0 1 2 3 4 5 6
170 200 230 260 290
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-
38
n - .
NPV = -86.96,
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,
= 15%.
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CF ,
.
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.
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1.3. CF
0 1 2 3 4 5
80 84 88 92 96 440
-- -30 -32 -34 -36 -38 -170
- -20 -20 -20 -20 -20 -100
= 1 30 32 34 36 38 170
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+ 20 20 20 20 20 100
- -100 -100
CF -100 40.4 41.8 43.1 44.5 45.8 115.6
NPV ( ) 15%
43.29 $ .
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-
39
( Depletion)
.
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(Net Smelter Return
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2000, (1.11)
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2000 , (1.12)
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-
41
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. , ,
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AMR NSR R (1.19)
AMR ( CV),
-
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45 95%.
, ,
.
1.6.
1. Camus, J.P. 2002. Management of mineral resources. Mining
engineering (SME),
January, p.: 17-25.
2. Ian C. Runge. Mining Economics and Strategy, SME, USA, 1998,
316 p.
3. Stephen B. Cheeseman., Integration The Road to Increased
Productivity., Gemcom
Software International Inc.,2000
4. Hustrulid W. Kuchta M. 1995. Open Pit Mine Planning &
Design. A.A.Balkema.
Rotterdam
5. Thomas F. Torries. Evaluating Mineral Projects., 1998 Society
for Mining, Metallurgy,
and Exploration, Inc
2.
2.1.
2.1.1.
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44
Indicated
Inferred
Measured
Probable
Proved
: , , , , ,
2.1.
, /
, ,
, ?
. 3
:
1.
. , ,
.
2.
.
( ,
- ), .
3. , ( ),
,
.
.
3-
, ,
, .
-
45
2.1.2.
SRK GEOSTATISTICAL ORE RESERVE ESTIMATION - 2001.
2
:
2.2.
, .
(h) (Co+C) ,
100 %.
. , , ,
,
/.
,
(h). 66
%, Proven (Measured) Probable (Indicated) /.
, / , ,
, ("
"), Measured.
66 %,
, Indicated . 2.2.,
Measured/Proven ,
, ,
. Indicated
Inferred "a" , ,
,
, , Indicated. .
2.2. ,
,
Indicated .
, , , ,
Proven/Measured
.
( ) ,
.
-
46
2.2.
/ 2- .
,
. ,
[3] .
(), ,
.
.
, .
, ()
, ,
, .
, , , ,
-
47
, ,
, .
Royle 1977 ,
. ,
, ''
(break-even cut-off grade - BCOG). -
.
:
K
*
K BCOG)/ - (ZD (2.1) , : Z *K ,
K - .
BCOG = 3 / , - 3.125 /, -
0.04 (/)2, :
0.625 0.125/0.2 0.043)/-(3.125D
3.125 3.0 / - 0.234,
, , BCOG
0.5 + 0.234, - 0.734 ( 73.4 %).
Proven ,
. , ,
.
BCOG
, ,
Indicated . ,
, , . ,
Probable .
Royle ,
(BCOG), BCOG .
Diehl David 1982
( 2.1) (,
USBM/USGS). ()
( ) .
- k/Z*k . , Proven
Probable 10 % 80%- , , : *
8.0 /)100(10 Kk Z (2.2)
08 = 1.282 (, P = 0.80).
:
078.0)282.1100/(10/* KK Z
95 %,
, 0.051 ,
Proved .
, ,
-
48
, ,
.
.
.
,
,
,
.
, ,
, . ,
,
,
.
,
.
,
. ,
BCOG, ,
. ,
.
.
, , ,
,
, .
/.
2.3. ,
80%- , -
,
. DIehl David (. 2.1.)
(BCR),
. ,
, , ,
80 %,
Proven. ,
, 60 %. .
, , ,
8 %, BCR - 85 %,
Proven Probable.
. ( )
( - 90 %) ,
. , 2.4.
. ,
10 % 20 %,
90%, Proven.
Probable 20 % 40 % ( - 0.4).
2.1. Diehl David (1982)
-
49
MEASURED
INDICATED
(POSSIBLE)
PROVED PROBABL
E
INFERRED
10%(1) 20%(1) 40%(1)
80%(1)
>80%(2) 60-80%(2) 40-60%(2)
20-40%(2)
10-20%(2)
-
50
2.4.. ,
(k / Zk )
2.1.3. / [4]
, ,
, , ..
, ()
. ,
, . Bre-X
1997
.
,
.
,
,
,
.
,
.
,
.
, .
-
51
,
.
1971 (JORC). 1991, Society for Mining, Metallurgy and
Exploration (SME)
Institute of Mining and
Metallurgy (IMM) ,
JORC. ,
1990-.
1994, 15- CMMI ,
(Council of Mining and Metallurgical Institutes International
Mineral
Reserves Committee - CMMI IMRC),
(Australasian Institute of Mining and Metallurgy - AusIMM),
(Canadian Institute of
Mining, Metallurgy and Petroleum - CIM), (South African
Institute of Mining
and Metallurgy - SAIMM), (IMM) (SME).
CMMI IMRC ,
,
.
1997 Bre-X
. CMMI
IMRC 1997, CMMI (, ,
, ) ()
: (resources)
(reserves) : measured, indicated
inferred proved, probable (. 2.5).
2.5. ,
( 1997 ).
-
52
, 1992, United Nations Commission for Europe (UN-ECE)
International Framework Classification for Mineral Reserves and
Resources
( ), (UNFC).
,
UNFC (UN-ECE Energy/WP.1/R.70, , 1997),
, ,
. 1998 43
, , 37
UNFC ,
.
1998 CMMI IMRC UN-ECE
CMMI IMRC
, UNFC ,
. UN-ECE
CMMI .
CMMI. 1998
1999, UN-ECE
- . ,
() (),
UN-ECEFramework Classification. 1999
UNFC .
1999, Mining Standards Task
Force "Setting New Standards, Recommendations for Public
Exploration and Mining
Companies" ,
, CIM
, .
1999, CMMI IMRC UN-ECE,
. :
mineral reserve,
proved mineral reserve,
probable mineral reserve,
mineral resource,
measured mineral resource,
indicated mineral resource
inferred mineral resource.
Institution of
Mining and Metallurgy. , 1999
JORC . UN-ECE
JORC UNFC. UNFC
Reconnaissance () Mineral
Resource, Pre-feasibility Mineral Resource, and Feasibility
Mineral Resource, ,
, CMMI IMRC,
, Framework Classification UN-ECE.
1999 CMMI IMRC , ,
CMMI ,
.
:
-
53
Competent Person ( ),
(. 2),
( ) , ,
,
,
.
JORC .
1994, , CMMI IMRC
,
. , 2000
.
.
CRIRSCO, 1994 CMMI
( , 2002),
-,
:
(JORC),
( ),
(CIM),
(SAMREC),
(SME),
( )
(IGI & EFG).
CRIRSCO
,
-.
CRIRSCO ,
,
.
, , CRIRSCO, 90-95 %
.
,
.
,
,
(IASB). ,
CRIRSCO, ,
, ,
.
-
54
CRIRSCO,
2006 , , ,
.
,
(UNFC)
(SPE). ,
.
CRIRSCO
, , . ,
, ,
CRIRSCO.
,
'.
UNFC UN Economic Commission for Europe (UNECE) 1997
,
,
. 1999 CRIRSCO
UNECE, CRIRSCO UNFC
, .
2003 UNFC , ..
.
CRIRSCO UNECE ,
, CRIRSCO,
UNFC.
2006 .
,
UNFC, (
) , ,
.
, CRIRSCO ,
.
2005 CRIRSCO IASB,
,
(IFRS). IASB
.
.
IASB CRIRSCO
, ,
() .
'',
, , ,
, . CRIRSCO ,
IFRS ,
.
-
55
UNECE IASB, ,
- ,
.
CRIRSCO ,
.
SPE Oil and Gas Reserves Committee ,
.
.
( 3),
.. ,
.
2.2. [5]
,
,
.
2.2.1.
-
.
.
( DCF),
30 ,
,
(NPV)
(IRR).
. NPV
, ,
,
,
.
, NPV
, NPV ,
. ,
NPV
IRR. , ,
,
.
, .
,
, .
, , , ,
, , .
, , , ,
() .
20 - 30
.
-
56
.
, , NPV (
, ).
.
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, .
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, .
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NPV.
. ,
,
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.
" " (Sustainable Development),
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2.2.2.
(1991 ), (1990 ) (1998 ).
,
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35
,
.
25
. .
39 20
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.
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, 50 % 75 % ,
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.
,
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.
-
57
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58
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59
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2.2.3. . (Grade Control)
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GC ,
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.
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60
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, Probable
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61
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62
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2.3.6).
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2.3.2.
. .
, Y(Xa) ,
E[Y(Xa)]= m.
X Z(X),
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,
.. Z(Xa)=Y(Xa).
Y*(X), Y(Xa),
.. Y*(Xa)=Y(Xa).
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3 Z(X), Y*(X) Z*(X).
[3], Z*(Xa) = Z(Xa)
Y*(Xa)=Y(Xa).
Zs(X) = Y*(X) + [Z(X) - Z*(X)],
Zs(Xa) = Y(Xa), ..
Z*(Xa) = Z(Xa) Y*(Xa)=Y(Xa).
"" [Z(X) - Z*(X)] Zs(X) no
Y*(X), , .
E(Zs(X)l = m, .. EtY*(X)]= m, E[Z(X)-Z*(X)i = 0 Y Z
. ! Y(Xa).
,
. 2.6.
-
63
Zs(X)
2.6.
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NSCORE BACKTR .
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CSMODEL
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-
67
P-P
.
, .. , ,
45 .
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CHART PPQQPLOT
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.
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-
68
. 2.8. CHART PPQQPLOT
2.3.5. [6]
.
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().
2.9 ,
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69
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Au) .
-
70
2.10.
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-
71
2.13. QQ (MIK) ,
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72
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2.7.
1. A Guide for reporting exploration information, mineral
resources, and mineral reserves (Submitted by: The resources and
reserves committee to the board of directors of SME,
USA, 01 March 1999)
2. Code for reporting of mineral exploration results, mineral
resources and mineral reserves (The reporting code), (Prepared by:
The Institution of Mining and Metallurgy working
group on resources and reserves in conjunction with the European
Federation of geologists
of Ireland October 2001)
3. .., , , , 2002, 424
4. G. P Riddler, N. Miskelly, An international reporting
standard for mineral reserves and resources, Mineral Resource
Evaluation into the 21st Century, IMM, Cardiff, March 2000
5. G R Appleyard, Ore reserve estimation practice - a financial
perspective, Mineral Resource Evaluation into the 21st Century,
IMM, Cardiff, March 2000
6. Bruce H. Van Brunt Analyzing Project Risk Due to Deposit
Grade Variation, Whittle North American Strategic Mine Planning
Conference, Colorado, August, 2000
7. Ian C. Runge. Mining Economics and Strategy, SME, USA, 1998,
316 p. 8. S. Henley, Three R Resources, Reserves and Reality,
Mineral Resource Evaluation into
the 21st Century, IMM, Cardiff, March 2000
9. Richard J Parker, Due diligence - geology and database,
Mineral Resource Evaluation into the 21st Century, IMM, Cardiff,
March 2000
10. Michael G Armitage, Due diligence - estimation and
classification, Mineral Resource Evaluation into the 21st Century,
IMM, Cardiff, March 2000
3.
3.1.
, ,
, ,
..,
.
-
:
,
http://www.imm.org.uk/mre21/apple.htm
-
97
( )
,
,
,
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Vulcan, Datamine, Gemcom, Surpac ..
NPVScheduler,
Mineable Reserve Optimiser, Mine2-4D, Multimine .
(, MRO) Datamine (Studio 3),
.
, .
3.2. ()
1960-,
. ,
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Four-X NPV Scheduler.
,
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Lerchs Grossmann 1964
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Three-D, Whittle 1985,
Lerchs-Grossmann.
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Four-D ( Four-X) NPV
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(
NPV Scheduler)
- ,
, Datamine
. 350000 ,
. (AU),
(CU) (DENSITY)
.
,
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SULF1 ( --) SULF2
( - SXEW).
-
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, Excel,
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(, general and administration)
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1 .
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3.1.
3.1. -
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$/ 9.65
..
$/ 0.54
:
$/ 1.00
:
(MCAF*) $/ 1.04
(MCAF*) $/ 0.95
:
-
99
(MCAF*) $/ 0.97
(MCAF*) $/ 0.89
:
(MCAF*) $/ 1.08
(MCAF*) $/ 0.98
:
( +560 ) $// 0.01
$// 0.01
$/ 0.20
:
:
$/ 7.35
$/ 7.35
$/ 9.65
:
% 95.3
% 95.3
% 93.5
% 97.0
% 7.0
./ 3000.0
:
, .:
5.0 . 44.0
98.0 . 48.0
205.0 . 50.0
274.0 . 46.0
% 12.0
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$/ 0.67
* MCAF
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NPVS
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-
101
3.1. ( Au)
NPVS
:
1. , .. , , .
2. , . :
AU CU
DENSITY
ROCKCODE 3. : AU /, CU %.
, ,
.
4. ( - $) ; : WASTE (), SULF1 (
) SULF2 ( )
:
Input Model Statistics
Model Dimensions: nX=80 nY=120 nZ=50
Block Dimensions: X=10.00 Y=10.00 Z=10.00
Model Origin: X=4700.00 Y=10000.00 Z=1800.00
Number of cells read: 321,078
Number of subcells read: 351,853
Field assignments
Density DENSITY
Rock types ROCKCODE
Product AU (grade)
Product CU (percentage grade)
Units
Rock tonnes
Volume CuM
AU grams
CU tonnes
-
102
.
,
.
, .
4 , NPVS
:
1. Revenue > rehabilitation cost ( > ) 2. Sum of (grades /
cut-offs) > 1 (
(/) > 1)
3. All grades > cut-offs ( > ) 4. Any grade > cut-off (
> )
( ) , ,
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3. (PC) = * *
*(1- )
-
103
4. (ECOG) = OC/(PR+PC)
5. (MC)= * MCAF*
*
6. *, = PR OC PC MC
7. *, = -MC
* ECOG (
)
: .
: Revenue () ,
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Revenue, ,
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:
Product Price Selling cost
AU 8.68 1.22
CU 2094.34 0.00
AU ,
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( ), .
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(gram/oz/lb/ton/tonne) . "selling cost" -
, .
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(G&A) .
; ($38 = $1.22 )
"Selling Cost", .
1 -
$0.62 - $0.08.
(dilution) (Mining recovery).
Mining cost 0.70
Mining dilution 0
Mining recovery 100
Mining CAF (MCAF),
1 . , MCAF =1,
SULF1 SULF2 - 1.186. ,
0.01 $//, ( ): 20, 24 26 ,
SULF1 SULF2 .
. - ,
.
SULF1 :
Mill ()
-
104
1 $3.63 ( $3.34 + $0.29
)
AU - 0.91, CU :
if(CU
-
105
3.2.
,
(cashflow)
.
cashflow (
-),
(shells).
( cashflow) ,
. :
-
-
-
,
(pushback).
(OES). OES ,
cashflow,
.
, ,
OES, , OES
NPV, ,
cashflow .
,
- DCF, ()
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-
106
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:
Azimuth
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.)
Slope
(,
)
012 41
093 43
128 44
145 41
280 40
NPV :
-
107
Annual discounting
( , %) 10
Average ore output rate
(
, )
006,000,000
Per (, ) 365
Lerchs Grossman .
, ,
.. .
AutoCad NPVS.
.
:
Number of blocks in pit
( ) 49,584
Total ore ( ) 60,542,909 tonnes
Total waste ( ) 49,807,864 tonnes
Profit () 199,528,445 $
Revenue () 513,189,048 $
Processing costs (
) 221,028,933 $
Mining costs (
) 92,631,669 $
NPV estimates (
NPV*) 100,718,044 - 147,655,282 $
SULF1 ( ) 50,767,551 tonnes
SULF2 ( ) 9,775,358 tonnes
SULF1-AU (insitu) (
) 34,312,527 grams (0.676 g/t)
SULF2-AU (insitu) (
) 6,360,576 grams (0.651 g/t)
AU (total insitu) (
) 40,673,103 grams
SULF1-CU (insitu) (
) 141,855 tonnes (0.279%)
SULF2-CU (insitu) (
) 25,257 tonnes (0.258%)
CU (total insitu) (
) 167,112 tonnes
Strip ratio (- ,
/) 0.82
Estimated mine life (
, ) 10.09 years
-
108
* ,
.
.
.3.3. ,
.
.
3.3. 3D
( ).
,
.
NPVS ( ..
) . 3.4 3.5.
( 10% )
.
(.3.6.)
3.4. NPV
20 100% ( )
-
109
3.5. NPV
3.6. .
,
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.
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/NPV -
/
- -
-
110
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3.7. ///-
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3. , ,
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