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KCMI 2011
Scope
1. The KCMI 2011 declares the scope of 1.
application of the code to industrial
minerals, coal, gemstones and
diamond. Especially legal letter for
Coal (SNI 5015:2011) and Mineral
(SNI 4726:2011)
JORC 2012
The JORC clarifies the scope of
application of the Code to all solid
minerals,
diamonds,
gemstones,
industrial minerals and coal
8. Not to control about information and 8. JORC have sense of correlation market
data based on market study
study and results of exploration.
economically correlation by results of
Therefore, public knows this financial
exploration
company who implemented open data
and increase confidence level on
public. Enable will be required from
time to time
9. KCMI have standard operational of 9. JORC is not designed covering coal
exploration
about
Coal
(SNI
standardized with steps exploration
5015;2011)
and
Mineral
(SNI
by defaults
4726;2011)
Legitimate Institution
10. Institution
related:
PERHAPI 10. Institution related: The Australasian
(Perhimpunan Ahi Pertambangan
Institute of Mining and Metallurgy,
Indonesia) and IAGI (Ikatan Ahli
Australian Institute of Geoscientists, or
Geologi Indonesia)
Recognized Overseas Professional
Organization (ROPO)
Business Sector
11. The KCMI Code is the required
11. The JORC Code is the required
reporting code for public reporting of
reporting code for public reporting of
exploration results in Indonesia
exploration results, mineral resources,
Exchange (IDX). In 2017, the
and ore reserves in Australia, New
regulation will do it.
Zealand and Papua New Guinea
12. The JORC Code is an accepted standard
for reporting to the Singapore
Exchange, Hong Kong Stock Exchange,
Australian Securities Exchange (ASX)
and New Zealand Exchange (NZX)
References:
Team Perhapi, et all. 2011. Kode Cadangan Mineral Indonesia. Indonesia
Team AusIMM, et.al. 2012. Australasian Code for Reporting of Exploration Results,
Minerals Resources and Ore Reserves (JORC 2012 Edition). Australia
Case Study
Joint Ore Reserves Committee 2012 Edition and Kode
Cadangan Mineral Indonesia 2011 Edition
Case Study I Poseidon Nickel Bubble
Nickel mining took a long time to get going in Australia, but when it did, it did so in a
spectacular fashion, fueling a frenzy that Business Insider recently included on its list of
the 10 most ridiculous price bubbles in history.
In December 1965, Western Mining Corporation (WMC), acting on information from two
local prospectors, commenced diamond drilling in the Kambalda region and intersected
2.75 meters grading 8.3-percent nickel. WMC announced the find on April 4, 1966, and
other discoveries soon followed. The most memorable find was made by Ken Shirley, a
prospector with Poseidon, who discovered nickel deposits at Mount Windarra and staked
around 40 claims in the area.
The timing was fortuitous: the Vietnam War was pushing up nickel demand, while a strike
at Incos mines in Canada was crippling supply. The result was a sharp rise in nickel
prices. Speculators put two and two together and sent Poseidons stock on an incredible
ride, from $1.85 in September 1969 to a peak of $280 in February 1970.
That fueled a bubble in shares of Australian junior miners that went well beyond nickel.
Any penny stock, it was believed, could make you rich overnight, mining journalist
Trevor Sykes told ABCs Radio National in 2007. And so Poseidon, when it roared off for
the wild blue yonder, dragged a whole ragtag and bobtail of other penny stocks along
with them. All sorts of things became believable. To give you an example: there was a little
stock called Pursuit Oil down in Victoria, which in one trading session ran from 4 cents to
12 cents. And I was spending most of the day as a reporter at the Melbourne Sun trying
to find out why.
However, grades at the mine ended up being about half of the 3.6 percent originally
reported. That, combined with higher-than-expected costs and a fall in nickel prices,
forced Poseidon into receivership in 1975. Mount Windarra, however, carried on. WMC
acquired it in 1974 and operated it until 1991, when low nickel prices forced the company
to shut the project down.
All was quiet at the site until 2006, when it was acquired by Niagara Mining, which was
later renamed Poseidon Nickel (ASX:POS) in honor of the original discoverers. It is now
conducting underground drilling at the site and has defined a JORC-compliant resource
of 3.95 million MT grading 1.73-percent nickel, for a total of 68,300 MT of contained
nickel metal, according to the companys website.
Another example of an Australian junior that has attracted investor attention is Rox
Resources (ASX:RXL), which continues to report positive results from its Camelwood
nickel sulfide prospect at its Fisher East project in Western Australia. The companys
latest assay results, which it released on March 21, include 16.3 meters grading 1.8percent nickel, including 6.3 meters grading 2.5-percent nickel and 0.47 meters grading
5.4 percent.
ever discovered. The company's descriptions of gold-laden drill samples were accepted
as proof of the Company's claims until independent drilling and analysis revealed that a
the massive deception had been committed by certain company employees. The Bre-X
saga is now known as the gold fraud of the century.
The whole play began to unravel in the spring of 1997 just after the annual Prospectors
and Developers Association of Canada Convention in Toronto a meeting at which
Felderhof was named Prospector of the Year and Walsh received the Developer of the
Year award. Within days, Bre-X shocked the investment world by announcing that an
interim report provided by its independent mining consultant concluded there was "a
strong possibility" that prior estimates concerning the quantity of gold at Busang "have
been overstated because of invalid samples and assaying of these samples."
On the same day of this announcement, Freeport McMoRan Gold & Copper, Inc., which
had recently been selected as Bre-X's major partner, reported its own due-diligence
analyses of seven core samples that "indicate insignificant amounts of gold." That news
came exactly one week after the death of Bre-X's chief geologist Michael de Guzman, who
supposedly jumped to his death from a helicopter while traveling to Busang to meet with
representatives of Freeport to discuss the assay results. A rambling suicide note was left
behind.
References :
http://investingnews.com/daily/resource-investing/base-metals-investing/nickelinvesting/inside-the-booms-and-busts-of-the-australian-nickel-business/ accessed on
April 29th 2016 at 10:41 AM
Achmad Juanzah
12113043
Mining Engineering
Faculty of Mining and Petroleum Engineering
Institut Teknologi Bandung
2016