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Glossary Definitions
Competent person An expert in reporting of mineral assets and member of an independent expert organisation, for example FAMMP (Fennoscandian Association for Metals and Minerals Professionals).
Core drilling Rotary drilling used to extract a core from the bedrock.
Drill core Cylindrical sample of rock obtained during drilling.
Enrichment Process in which the concentration of the valuable mineral is increased, for example copper.
Environmental permit Permit under the Environmental Code to conduct mining and ore processing.
Exploration The exploratory work of looking for natural resources, such as mineralisation.
Exploration permit The exclusive right to explore the bedrock in the permit area, with the purpose of finding mineral deposits.
Feasibility study A Comprehensive technical and economic study of selected development options for a mineral project, including detailed appraisals and financial analysis. A feasibility study forms the basis for financing decisions.
JORC An Australian standard for reporting mineral resources and mineral reserves to the stock market and other stakeholders.
Magnetite Shiny, black, highly magnetic mineral with the chemical composition Fe3O4.
Mineralisation Concentration of potentially economically interesting minerals in the bedrock.
Mineral reserves Mineral reserves are the portion of measured and/or indicated mineral resource that are considered to be economically recoverable. Mineral reserves are divided into probable or proven resources depending on the level of knowledge.
Mineral resources Concentration or occurrence of mineral in or on the earth’s crust in such quantities and of such form, quality and quantity that it has reasonable prospects for eventual economic extraction. Mineral resources have classes of inferred, indicated, and measured depending on the degree of knowledge about the mineralisation.
Ore Previously a term for mineralisation that can be explored for economic gain, see also “mineral reserves” above.
PERC Standard for reporting of mineral resources etc published by The Pan-European Reserves and Resources Re-porting Committee (PERC).
Processing concession Permission to process (mine) a deposit. The licence is often limited to 25 years. In order to mine, an environmental licence must also be applied for from the Land and Environment Court.