Resources & Reserves
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Resources & Reserves as at 31 December 2014 Contents Page number About this report 2 Definitions 4 Metals and Minerals: Copper 5 Zinc 16 Nickel 29 Ferroalloys 34 Iron ore 40 Energy Products: Coal 44 Oil 64 About this report “We report our resources and reserves in accordance with the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code), the 2007 edition (as amended July 2009) of the South African Code for Reporting of Mineral Resources and Mineral Reserves (SAMREC), the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves (2014 edition) and the Petroleum Resources Management System (PRMS) for reporting oil and natural gas reserves and resources.” Overview Zinc The resource and reserve data in the following tables are The Zinc Mineral Resource and Ore Reserve Statement at as at 31 December 2014, unless otherwise noted. For 31 December 2014 has been compiled in accordance with comparison purposes, data for 2013 has been included. the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Metric units are used throughout. Code). All data is presented on a 100% asset basis, with the The term ‘Ore Reserves’, as defined in Clause 28 of the Glencore attributable percentage shown against each JORC Code, has the same meaning as ‘Mineral Reserves’ asset, with the exception of Oil assets which are shown on as defined in The Canadian Institute of Mining, Metallurgy a working interest basis. and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves. All tonnage information has been rounded to reflect the relative uncertainty in the estimates; there may therefore The Mineral Resource and Ore Reserve statements have be small differences in the totals. been reviewed and the relevant data extracted and compiled by Ignacio Seebold, Glencore Zinc (ICOG- The Measured and Indicated Mineral Resources are EurGeol). reported inclusive of those resources modified to produce reserves, unless otherwise noted. Nickel The majority of the resources and reserves estimates are Commodity prices and exchange rates used to establish prepared in accordance with the Canadian Institute of the economic viability of reserves are based on long-term Mining, Metallurgy and Petroleum (CIM) Definition forecasts applied at the time the reserve was estimated. Standards on Mineral Resources and Mineral Reserves, adopted by CIM Council on 10 May 2014, and the CIM Where resources and reserves have not been updated, on Estimation of Mineral Resources and Mineral Reserves the basis that the information has not materially changed Best Practice Guidelines, adopted by CIM Council on 23 since it was reported under JORC 2004, this information November 2003, have been compiled using geo-statistical has not been updated to comply with the JORC code 2012. and/or classical methods, plus economic and mining Reference is given in the report where this is the case. parameters appropriate to each project. Copper The resources and reserves estimates at Murrin Murrin Copper has adopted the 2012 Australasian Code for and Cosmos in Australia have been prepared in Reporting of Exploration Results, Mineral Resources and accordance with the 2012 Australasian Code for Reporting Ore Reserves (JORC Code) as its standard for all public of Exploration Results, Mineral Resources and Ore reports of exploration results, Mineral Resources and Ore Reserves (JORC Code). Reserves. The Mineral Resource and Ore Reserve estimates are The Mineral Resources and Ore Reserves Statement has compiled and verified by Chester Moore, P. Eng., P. Geo., been compiled in accordance with the JORC Code. consultant with Roscoe Postle Associates an external auditor for Nickel. The Mineral Resources and Ore Reserves statements for Australia and Asia have been reviewed and the relevant Ferroalloys data extracted and compiled by Jason Hosken, Glencore South African chromite, vanadium and PGM’s (platinum Copper. group metals) resources and reserves in this report were prepared in accordance with the 2012 Australasian Code The Mineral Resources and Ore Reserves statements for for Reporting of Exploration Results, Mineral Resources each African and South American operation and project and Ore Reserves (JORC Code). have been reviewed, with the data being extracted and compiled by the respective competent person for each The Chromite, Vanadium and PGM’s Mineral Resource operation and project. and Ore Reserve Statement at 31 December 2014 is based on the Glencore Ferroalloys “Procedure for the Estimation of Mineral Resources and Ore Reserves”. Definitions of all the terms used in this report can be found in the relevant code. 2 Glencore - Resources & Reserves Report 2014 About this report The Mineral Resource and Ore Reserve statements have Resource Tonnage Range Rounding been reviewed and the relevant data extracted and Classification compiled by Pieter-Jan Gräbe, Glencore Ferroalloys < 10 Mt 1 significant figure (SACNASP). 10 Mt - 30 Mt 2 significant figures Measured Iron Ore + 30 Mt - 100 Mt Nearest 5 Mt Indicated Iron ore Resources and Reserves have been compiled in > 100 Mt 2 significant figures accordance with the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore >1000 Mt Nearest 50 Mt Reserves (JORC Code), unless otherwise stated in the < 100 Mt Nearest 10 Mt notes for a particular resource and reserve. Inferred 100 Mt - 400 Mt Nearest 50 Mt The Mineral Resource and Ore Reserve statements have > 400 Mt Nearest 100 Mt been reviewed and the relevant data extracted and compiled by Nick Brett, Glencore Iron Ore. Coal Reserves are rounded to the same assumptions as Measured and Indicated Coal Resources above. Individual Coal tonnage assessments are added to show Group or Australian, Canadian and Colombian (Prodeco) Coal Complex tonnages and geographical accumulations. Resources and Reserves have been prepared in These are not subjected to further rounding. accordance with the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore The Coal Resource and Coal Reserve statements have Reserves (JORC Code). been reviewed and the relevant data extracted and compiled by Jeff Gerard, Glencore Coal. South African and Colombian (Cerrejón) Coal Resources and Reserves have been prepared in accordance with Oil 2007 edition (as amended July 2009) of the South African Oil and natural gas resources and reserves have been Code for Reporting of Mineral Resources and Mineral prepared in accordance with the PRMS jointly published by Reserves (SAMREC). the Society of Petroleum Engineers, the World Petroleum Council, the American Association of Petroleum Geologists The Coal Reserve and Coal Resource Statements as at 31 and the Society of Petroleum Evaluation Engineers, as December 2014 conform to the requirements of these amended. Codes and are consistent with Glencore Coal’s internal Resource and Reserve Estimation and Reporting The Equatorial Guinea Oil Reserves statement has been Standard. reviewed and the relevant data extracted and compiled by Gaffney, Cline & Associates (GCA). Coal resources have been estimated for all coal seams that have reasonable prospects for eventual economic The Chad Oil Reserves statement has been reviewed and extraction by open cut or underground mining methods the relevant data extracted and compiled by McDaniel & within mining leases or exploration licences. In general, Associates (McDaniel). coal resources are reported within a geoshell limited by the areal and depth extent of the drill holes; i.e. there is very The Oil Resources statements for Equatorial Guinea, Chad little inclusion of coal resources extrapolated beyond the and Cameroon have been reviewed and the relevant data extent of the geological data. extracted and compiled by Glencore. Coal Resources are excluded from those areas where the Competent/Qualified Persons seam has been extracted or sterilised by mining. Resource and Reserve estimates are based on information compiled by Competent Persons (as defined by the JORC, Coal Resources do not include out-of-seam dilution. SAMREC Codes), Qualified Persons (as defined by CIM Underground Coal Resources are typically reported on a Definition Standards for Mineral Resources and Mineral full seam or working section basis, and therefore may Reserves) and Adequately Qualified Persons (as defined contain thin stone bands within the seam. Coal Resources by PRMS). are reported on an in situ moisture basis. Each of the Competent/Qualified Persons has the All tonnage information has been rounded to reflect the appropriate professional membership and the relevant relative uncertainty in the estimates; there may therefore experience in relation to the Resources and/or Reserves be small differences in the totals. being reported by them to qualify as a Competent or Qualified Person as defined in the relevant code or The following table summarises the data rounding standard. Each has consented to the inclusion of their assumptions for Coal Resources. resource and reserve estimates in the form and context in which it appears in this report. 3 Glencore - Resources & Reserves Report 2014 Definitions Throughout this report, the following abbreviations and definitions have been used: 3PGE Three Platinum Group Elements (Platinum, Palladium and Rhodium) AIG Australian Institute of Geoscientists APEGBC Association of Professional Engineers and Geoscientists of BC APEGGA