Brazilian miner and iron ore producer Vale reported increased iron ore reserves at a document filed this week at the US securities exchange commission (SEC).
According to Vale, total iron ore reserves, which includes both “proven” and “probable” reserves, totaled 18.4 billion mt in 2016, up from a total of 17.4 billion mt in 2015.
Vale explained the volumes are stated metric tons of “wet run-of-mine,” based on the following moisture contents: Itabira 1.6 percent; Minas Centrais 5.9 percent; Mariana 3.9 percent; Minas Itabirito 5.1 percent; Vargem Grande 6.1 percent; Paraopeba 5.1 percent; Serra Norte 6.8 percent; Serra Sul 4.6 percent, and Serra Leste 3.6 percent.
Vale said “proven” iron ore reserves in 2016 reached 4.5 billion mt, while “probable” reserves for the commodity totaled 13.9 billion mt in the same year.
Vale explained "proven" reserves are those which all environmental licenses have been obtained, and "probable" are reserves for which the licensing process is still ongoing,
“although we have a reasonable expectation of receiving the required licenses on a timely basis.”
“although we have a reasonable expectation of receiving the required licenses on a timely basis.”