Geography Revision: Resource Security
3.2.5.1 Resource development
Concept of a resource. Resource classifications to include stock and flow resources. Stock resource
evaluation: measured reserves, indicated reserves, inferred resources, possible resources. Natural
resource development over time: exploration, exploitation, development. Concept of the resource
frontier. Concept of resource peak.
Resource classifications
Stock resources – non-renewable resources which can be permanently expended. Their quantity is
expressed in absolutes rather than rates.
Flow resources – resources that are renewable and can be replaced. Commonly expressed in terms
of the annual rates at which they are generated.
Stock resource evaluation
Measured reserves – the part of a mineral resource for which quantity, grade or quality, densities
and physical characteristics are so well established that they can be estimated with confidence
Indicated reserves – the part of a mineral resource for which quantity, grade or quality, densities and
physical characteristics can be estimated with a level of confidence sufficient to allow further
evaluation of the economic viability of the deposits
Inferred resources – the part of a mineral resource for which quantity and grade or quality can only
be estimated on the basis of limited geological sampling
Possible resources –
Hypothetical resources: undiscovered materials that are reasonably expected to exist in
known mining regions under known geological conditions
Speculative resources: undiscovered materials that may occur in known types of
deposits in geological settings where no previous discoveries have yet been made
Natural resource development
Exploration – the process of searching an area with the intention of finding and mapping natural
resources
Exploitation – the action of using natural resources to the fullest or for the most profitable use
Resource frontier – a newly colonised region where resources have been discovered and are bought
into production for the first time
Resource peak – marking the point in time when the maximum production rate of a resource occurs
with production declining in subsequent years
3.2.5.1 Resource development
Concept of a resource. Resource classifications to include stock and flow resources. Stock resource
evaluation: measured reserves, indicated reserves, inferred resources, possible resources. Natural
resource development over time: exploration, exploitation, development. Concept of the resource
frontier. Concept of resource peak.
Resource classifications
Stock resources – non-renewable resources which can be permanently expended. Their quantity is
expressed in absolutes rather than rates.
Flow resources – resources that are renewable and can be replaced. Commonly expressed in terms
of the annual rates at which they are generated.
Stock resource evaluation
Measured reserves – the part of a mineral resource for which quantity, grade or quality, densities
and physical characteristics are so well established that they can be estimated with confidence
Indicated reserves – the part of a mineral resource for which quantity, grade or quality, densities and
physical characteristics can be estimated with a level of confidence sufficient to allow further
evaluation of the economic viability of the deposits
Inferred resources – the part of a mineral resource for which quantity and grade or quality can only
be estimated on the basis of limited geological sampling
Possible resources –
Hypothetical resources: undiscovered materials that are reasonably expected to exist in
known mining regions under known geological conditions
Speculative resources: undiscovered materials that may occur in known types of
deposits in geological settings where no previous discoveries have yet been made
Natural resource development
Exploration – the process of searching an area with the intention of finding and mapping natural
resources
Exploitation – the action of using natural resources to the fullest or for the most profitable use
Resource frontier – a newly colonised region where resources have been discovered and are bought
into production for the first time
Resource peak – marking the point in time when the maximum production rate of a resource occurs
with production declining in subsequent years
