Reserves and Resources
COAL RESOURCE AND RESERVE STATEMENTS FOR YEAR ENDING 31 DECEMBER 2015
The statement of Mineral Resources and Ore Reserves presented in this report has been produced in accordance with the Australasian Code for reporting of Mineral Resources and Ore Reserves 2012 (the ‘JORC Code 2012 Edition’). Commodity prices and exchange rates used to estimate the economic viability of reserves are based on the Yancoal longâ€‘term forecasts unless otherwise stated.
The Coal Reserves tabulated are all held within existing, fully permitted mining leases, are within areas under applications to become mining leases or are within areas of exploration tenements detailed in the Life of Mine Plans to become mining leases in future applications.
Yancoal’s leases are of sufficient duration (or convey a legal right to renew for sufficient duration) to enable all Coal Reserves on the leases to be mined in accordance with current production schedules. The information in this report relating to Coal Resources and Coal Reserves are based on information compiled by competent persons (as defined by the JORC Code 2012 Edition).
All competent persons have, at the time of reporting, sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity they are undertaking to qualify as a Competent Person as defined by the JORC Code 2012 Edition. The majority of the Competent Persons listed in this report are independent consultants.
The exceptions to this are the Competent Persons for the Coal Resource and Reserves reports for Yarrabee and the Coal Reserve reports for Austar, Ashton and Donaldson, which at the time of reporting were fulltime employees of Yancoal Australia. These Coal Resource and Coal Reserves reports were peer reviewed at the time of their generation.
Each Competent Person consents to the inclusion in this report of the matters based on their information in the form and context in which it appears. Yancoal Australia is not aware of any new information or data that materially affects the information included in this report and at the time of this report all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.
All endeavours have been made to comply with the JORC Code 2012 Edition. All of the Coal Resource and Coal Reserve figures presented are reported in 100 percent terms (unless otherwise stated). All of the Coal Resource information (unless otherwise stated) is inclusive of Coal Resources that have been converted to Coal Reserves (i.e. Coal Resources are not additional to Coal Reserves). The tabulated information is reported by Project, for details of the tenements and leases comprising each of these projects please refer to the following table.
On an attributable basis Yancoal’s group total year end 31st December 2015 position is as follows:
- Measured, Indicated and Inferred Resources are 2,894Mt.(1) (3)
- Recoverable Proved and Probable Reserves are 600Mt.(2) (3)
- Marketable Proved and Probable Reserves are 432Mt.(2) (3)
(1) Coal Resource depletions are only applied upon update of the JORC resource reports, as a result for those reports generated prior to the 31st December 2015, the Coal Resource numbers remain the same as those in the JORC report for the period.
(2) Where required the component Coal Reserve numbers for each site making up this total have been depleted by production from the JORC report date to 31st December 2015.
(3) 2015 Coal Resources and Coal Reserves have been rounded by the Competent Persons in line with the JORC Code 2012 Edition and the Yancoal reporting standards to reflect the relative uncertainty of the estimates.
The following abbreviations are used throughout this report:
AusIMM - Australasian Institute of Mining and Metallurgy
JORC - Joint Ore Reserves Committee
Met - Metallurgical Coal
Mt - Million Tonnes
OC - Open Cut
UG - Underground
SEOC - South East Open Cut