Iluka reports its Ore Reserves and Mineral Resources in accordance with the JORC Code (2012 Edition). As at the end of 2015, Iluka had 23.0 million tones of Ore Reserves, representing approximately 12 years reserve cover based on 2015 depletion rates (a year of lower than usual depletions). Mineral Resources were 172.9 million tonnes of (inclusive of Ore Reserves), approximately 7.5 times the Ore Reserve level.

Resource to Reserve Conversion

Iluka typically converts Mineral Resources to Ore Reserves associated with the completion of definitive feasibility studies for potential projects and when sufficient confidence is achieved in relation to the technical and economic development of deposits. In this regard, Iluka is conducting two definitive feasibility studies on deposits in Australia: Balranald in New South Wales; and Cataby in Western Australia. In the Eucla Basin (South Australia), a pre-feasibility study was completed, including resource delineation work on satellite deposits to the Jacinth-Ambrosia operation. Scoping work and pre-feasibility study work is being undertaken on Mineral Resources in Sri Lanka. It would be expected that, progressively, additional Mineral Resource additions, as well as Mineral Resources to Ore Reserves conversion will be possible.

Historically, Iluka's conversion ratio from Resource to Reserve has varied between ~50 and 95 per cent, averaging around 65 per cent. Reconciliation of reserve recovery is typically around 105 per cent in recent years but does vary from site to site.

Summary Ore Reserves and Mineral Resources 2015


Ore Reserves
In Situ Heavy Mineral
Tonnes (millions)
Opening Ore Reserves 2015
24.9
Production / Depletions
(1.2)
New Ore Reserves / Adjustments
(0.7)
Closing Ore Reserves 2015
23.0 
Ore Reserves Net Change
(1.8)

Totals may not add due to rounding



Mineral Resources
In Situ Heavy Mineral
Tonnes (millions)
Opening Mineral Resources 2015
176.4 
Production / Depletions
(1.2) 
New Mineral Resources / Adjustments
(2.4)
Closing Mineral Resources 2015
172.9 
Mineral Resources Net change
(3.5)

Totals may not add due to rounding


The full Statement of Iluka's Ore Reserves and Mineral Resources 2015 can be accessed below in Further Information. 

The information in relation to the Ore Reserves and Mineral Resources for Australia and United States was first prepared and disclosed under the JORC Code 2004. It has not been updated since to comply with the 2012 JORC Code on the basis that the information has not materially changed since it was last reported.

The information in relation to the Mineral Resources for Sri Lanka has been separately reported in an announcement to the Australian Securities Exchange (ASX) on 5 August 2013, (refer Further Information below to view the full announcement) which complies with the guidelines of the 2012 JORC Code.

Further Information