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Adding up the ounces in new way
ACCOUNTING FOR GOLD
ANGLO American could put the noses of other South African mining houses out of joint with its revised reporting of ore reserves and certain accounting reconciliations. The moves, introduced in the annual reports of Western Deeps, Vaal Reefs, Elandsrand and Freegold, are intended to explain to international investors why a local mine can have a 20-year life, yet show proven reserves of only two years. "This was never really fully understood," says Anglogold technical director Ian Cockerill, "so we have now revised our reporting of ore reserves to comply with accepted international practice based on Australia's code of reporting." Now, Anglogold reports both proved and probable ore reserves and measured and indicated mineral resources instead of proved reserves alone. The degree of confidence decreases from proved to indicated reserves. Mineral resources are firstly inferred, then indicated, then measured. Cockerill adds that the inferred reserves will be left out as they command the lowest level of confidence.
Anglogold's total resources add up to 215.4-million ounces of gold in an era when a 1-million ounce find sparks huge excitement.
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