Anglo American announces a 1.45 billion tonne Ore Reserve for Minas-Rio
15 February, 2013
Anglo American announces a Probable Ore Reserve totalling 1.45 billion Run of Mine (ROM) tonnes for the Serra do Sapo area of the Minas-Rio project in Brazil, equivalent to 685 Million tonnes of saleable product at an average grade of 67.5% Fe (iron) content.
This sizeable conversion from Mineral Resource to Ore Reserve follows Anglo American’s December 2011 declaration of a Mineral Resource totalling 5.77 billion tonnes for the entire Minas-Rio project, representing a more than four-fold increase in resources since acquisition.
The 2011 and 2012 Mineral Resource Statements for the entire Minas-Rio project (Serra do Sapo and Itapanhoacanga) are tabulated below, along with the 2012 Ore Reserve statement for Serra do Sapo.
Anglo American will continue to upgrade the confidence in the Compact Itabirite Indicated Mineral Resource through further drilling and will work to increase the Ore Reserves through conversion of these resources. Execution of this project remains subject to the normal regulatory processes of the Brazilian authorities.
| Exclusive Mineral Resources | 2012 | 2011 | 2012 | 2011 |
|---|---|---|---|---|
| Friable Itabirite | Mt | Mt | Fe % | Fe % |
| Measured | 181 | 586 | 33.21 | 35.65 |
| Indicated | 359 | 1498 | 36.28 | 38.93 |
| Inferred* | 286 | 240 | 38.26 | 38.00 |
| Compact Itabirite | Mt | Mt | Fe % | Fe % |
| Measured | 583 | 576 | 31.11 | 31.03 |
| Indicated | 2325 | 2325 | 31.22 | 31.22 |
| Inferred* | 534 | 521 | 31.47 | 31.27 |
| Total* | 4268 | 5771 | 32.22 | 33.94 |
| Ore Reserves | 2012 (ROM) | 2012 (Saleable) | 2012 (ROM) | 2012 (Saleable) |
|---|---|---|---|---|
| Friable Itabirite | Mt | Mt | Fe % | Fe % |
| Proved | 0 | 0 | 0 | 0 |
| Probable | 1453 | 685 | 38.76 | 67.5 |
| Total | 1453 | 685 | 38.76 | 67.5 |
*While it would be reasonable to expect the majority of the Inferred Mineral Resource would upgrade to Indicated Mineral Resource with continued exploration, due to the uncertainty of Inferred Mineral Resources, it should not be assumed that such upgrading will always occur.
These resource and reserve estimates have been prepared in accordance with the requirements set out in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) 2004 Edition and resources are reported on an exclusive basis.
The 2012 Ore Reserve statement and summary Mineral Resource statement reproduced here are valid as of 31 December 2012 and are detailed in the 2012 Annual Report of Anglo American plc.
The statement that relates to Ore Reserves is based on information compiled by Mr Bruno Pachione Sampaio Pelli, who is a member of the South African Institute of Mining and Metallurgy. Mr Pelli is a full-time employee of Anglo American Iron Ore Brazil and has experience which is relevant to the style of mineralisation under consideration and qualifies as a competent person as defined in JORC 2004. Mr Pelli consents to the context and format of this press statement.
The statement that relates to the Mineral Resources is based on information compiled by Dr Fernando Rosa Guimarães, who is a member of the Australasian Institute of Mining and Metallurgy. Dr Guimarães is a full-time employee of Anglo American Iron Ore Brazil and has experience which is relevant to the style of mineralisation under consideration and qualifies as a competent person as defined in JORC 2004. Dr Guimarães consents to the context and format of this press statement.