Vietnam: Codification of reserve and resources of iron ore mines

Vietnam: Codification of reserve and resources of iron ore mines (Illustration)

Under Article 4 Circular 33/2010/TT-BTNMT, the codification of the reserve and resources of iron ore mines in Vietnam is specified as follows:

1. Basis for codification of reserves and resources of iron ore mines

- Level of geological study, including certain, reliable, estimated, and forecasted;

- Level of study of investment in mine construction, including mine construction investment project (feasibility study), mine construction investment report (pre-feasibility study), and general study;

- Degree of economic efficiency, including: economically efficient, potentially economically efficient, and unclear economic efficiency.

2. Codification of reserve and resources of iron ore mines in Vietnam

- Identified resources of iron ore mines are codified into three reserve levels: 111, 121, and 122, and six resource levels: 211, 221, 222, 331, 332, and 333;- Forecasted resources of iron ore mines are codified into two levels: 334a and 334b.

3. Reserves and resource levels of iron ore mines are coded as follows:

- The first digit represents the degree of economic efficiency: number 1 - economically efficient; number 2 - potentially economically efficient; number 3 - unclear economic efficiency;

- The second digit represents the Level of study of investment in mine construction: number 1 - has a mine construction investment project; number 2 - has a mine construction investment report; number 3 - a general study;

- The third digit represents the reliability Level of geological study: number 1 - certain; number 2 - reliable; number 3 - estimated; number 4 - forecasted.

More details can be found in Circular 33/2010/TT-BTNMT effective from January 28, 2011.

Nguyen Phu

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