Feasibility Study
A comprehensive engineering study evaluating the technical and economic viability of mining a mineral deposit.
Detailed Definition
A feasibility study is a comprehensive technical and economic analysis that evaluates whether a mineral deposit can be mined profitably. It is required before major investment decisions and for converting resources to reserves.
Study progression
Scoping Study (Conceptual): - Order-of-magnitude assessment - Accuracy: ±35-50% - Uses inferred resources - Identifies project potential
Pre-Feasibility Study (PFS): - Preliminary engineering and economics - Accuracy: ±25-35% - Uses indicated resources - Supports probable reserve declaration
Feasibility Study (FS/DFS): - Detailed engineering and financial analysis - Accuracy: ±10-15% - Uses measured resources primarily - Supports proven reserve declaration
Key components: - Geology and resource estimation - Mining method selection and design - Metallurgical testing and process design - Infrastructure requirements - Environmental and permitting analysis - Capital and operating cost estimates - Financial analysis and sensitivity testing - Risk assessment
Bankable Feasibility Studies (BFS) meet standards required for project financing and investment decisions.
Related Terms
Mineral Resource
A concentration of minerals with reasonable prospects for economic extraction, classified as inferred, indicated, or measured.
Mineral Reserve
The economically mineable portion of a measured or indicated mineral resource, classified as probable or proven.
Ore
Rock or material from which valuable minerals or metals can be profitably extracted.
Core Sample
A cylindrical rock sample obtained by diamond drilling, used to analyze subsurface geology and mineral content.
Stripping Ratio
The ratio of waste rock that must be removed to access ore in an open-pit mine, expressed as tonnes of waste per tonne of ore.
Mineral Deposit
A naturally occurring concentration of minerals in the earth's crust that may be of economic interest.