A ‘Mineral Resource’ is a concentration or occurrence of material of intrinsic economic interest on the Earth’s crust in such form and quantity that there are reasonable prospects for eventual 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. Mineral resources are a sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories.
An ‘Inferred Mineral Resource’ is that part of a mineral resource for which tonnage, grade and mineral content can be estimated with a low level of confidence.
An ‘Indicated Mineral Resource’ is that part of a mineral resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence.
A ‘Measured Mineral Resource’ is that part of a mineral resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a high level of confidence.
An ‘Ore Reserve’ is the economically mineable part of a Measured or Indicated Mineral Resource. It included diluting materials and allowance for losses which may occur when the material is mined. Appropriate assessments, which may include feasibility studies, have been carried out, and include consideration of an 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 reasonably be justified. Ore Reserves are sub-divided in order of increasing confidence into Probable Ore Reserves and Proved Ore Reserves.
A ‘Probable Ore Reserve’ is the economically mineable part of an Indicated Mineral Resource, and in some circumstances Measured Mineral Resource.
A ‘Proved Ore Reserve’ is the economically mineable part of a Measured Mineral Resource.
“Heavy Minerals” are a group of minerals with a high Specific Gravity and include ilmenite, leucoxene, rutile, zircon and monazite.
“Mineral Sands” It is a collective term applied to a group of “Heavy Minerals”. These Heavy Minerals are usually concentrated in a beach environment forming a placer-deposit.
“Mineral Sands” can also be used as a commodity term.
A “Heavy Mineral (HM) Ore” is material containing concentrations of Heavy Minerals suitable to be economically extracted.
An “Ore Grade” is the percentage of Heavy Minerals within the HM Ore.
An “Assemblage” is the ratio of individual minerals that combine to constitute "Heavy Mineral".
Reserves and Resources 2008
At the end of 2008, Iluka had total Ore Reserves of 33.2 million tonnes of in situ heavy mineral reserves and total Mineral Resources (which include reserves) were 141.1 million tonnes. Ore Reserves cover stands at 10 years.
Iluka's complete Ore Reserves and Mineral Resources Report, as reported in accordance with the JORC Code 2004, is available in the 2008 Annual Report.