Research&Analysis Of Chinese Mineral Resource Classification System And JORC Type Mineral Resource Classification System

Classification for resources/reserves of solid fuels and mineral commoditie（GB/T17766-1999） is the official mineral resource/reserve classificationstandard in China which was promulgated on June8th1999and was implementedon December1st1999, the promulgation and implementation of the this standardmarks the mineral resource/reserves classification transits from a planned economyto a market economy dominated, this also aims to connect Chinese properties withinternational markets, however, current mineral resources/reserves reports producedunder Chinese standard are not accepted by the international market.In this article, it was briefly described the history of the development of Chinese andWestern Modern mineral resource classification system and the latest cutting-edge,comparing the two on the similarities and differences in evaluation, evaluationmethods and report formats, combined with the actual case of work and coordinationbetween the two, the conversion of the conditions, methods and steps.In this paper, an Independent Technical Report prepared by SRK Consulting ChinaCo., Ltd.("SRK") for a Chinese company listed in HKEx in2011has been quoted todetailed describe how a Chinese standard mineral resources report be converted to aJORC comparable mineral resources report. In this project, SRK has reviewed thegeological data, drilling and sampling data, has cross checked mineral resourceestimation methods and parameters, also has taken samples which were sent toindependent laboratory for examination, the results support SRK to draw conclusionthat the resource and reserve estimation performed by Chinese geological brigade formine A, B1, B2, C and D mine, could be equivalent to the JORC Code, in whicheconomical part of Measured and Indicated Mineral Resources can be used toestimate the probable and proved Reserves. JORC comparable indicated resourcewas50.9Mt, with grade of TFe30.42%and MFe24.48%；Inferred resource was44.95Mt, with grade of TFe31.43%and MFe23.86%; low grade indicated resourcewas63.72Mt, with TFe22.76%and MFe17.48%. Reserve estimation wasperformed based on the recovery and dilution from the mine production record, probable ore reserve is58.20Mt, with TFe25.27%and MFe20.34%，low gradeprobable ore reserve is70.83Mt with TFe19.45%and MFe14.94%.The Independent Technical Report prepared by SRK was accepted by HKSE and thecompany has successfully been listed on Hong Kong Stock Exchange, which showsthat the Chinese standard of mineral resources, reserves can be converted JORCcomparable or compliant mineral resources, reserves and could be accepted byinternational market.