Chemistry Reference
In-Depth Information
amount of a commodity that is declared as a reserve is dictated not by geology,
but by the reporting requirements of the legally binding codes adopted by the
commodity traders - to protect investors. The term 'reserve' refers to material
of known grade that is present in the ground in a known quantity and that can
be mined using present technology to generate a profit.
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In contrast, the term
'resource' refers to a material known to exist in the ground, that is suitable for
further development (in terms of mineral exploration and deposit modelling)
so that additional reserves can be defined.
Figure 2 shows a dramatic increase in the reserves of phosphate rock in
2010. This is because of reclassification of material following a change in the
application of the reporting codes. Additionally, extremely large deposits of
d
n
1
r
2
n
g
|
3
Figure 2
Annual rates of production (A) and declared reserves (B) for K and P
fertiliser minerals.
2,3
