Insights
Resource, reserve, reporting codes, ANM, CFEM, and mineral asset structuring — every article cites the primary source, with no sales pitch and no third-party name.
Resource is not reserve: the distinction that decides a deal
Mineral resource and mineral reserve are not synonyms. The difference, under JORC and CBRR, determines whether an asset supports an offer.
What is a Competent Person under JORC and CBRR
A Competent Person is not a job title or corporate seal: it is a personal credential, requiring registration and minimum experience under the code.
Why "certification" is the wrong word
No reporting code certifies a mineral asset. A Competent Person signs a technical report under personal professional liability.
JORC, NI 43-101, S-K 1300: three languages, one resource
The main mining reporting codes use equivalent categories, but each was created for a specific market with its own rules.
ANM Resolution 94/2022: The Brazilian CRIRSCO benchmark
Since 2022, Brazil has had its own mineral resources and reserves system, aligned with CRIRSCO — the first question from any foreign technician.
From exploration permit to mining concession: the ANM clock
Every stage of Brazilian mining law has a statutory deadline. Understanding this clock distinguishes a correct reading of a seller's claims.
The Final Exploration Report and an asset's value
The FER is required before mining and, since 2022, must incorporate the resource and reserve concepts of the SBRRM.
Stages of a mineral asset: from target to proved reserve
Between an exploration target and a proved reserve lies a ladder of technical stages. Confusing two of them is the most expensive error in an appraisal.
Assignment of mining rights: the sequence until registration
A mining right only changes ownership when the assignment is registered with the ANM — not when the contract is signed.
CFEM in practice: who pays, how much, and where it goes
The CFEM is the Brazilian mineral royalty, with rates determined by substance and destination defined by law.
TAH, PLG, PAE: ANM acronyms that confuse investors
The Brazilian mining regime includes acronyms with no direct equivalent — and PAE signifies two different things depending on the context.
What a mining title guarantees (and what it does not)
Mineral rights and surface ownership are distinct in Brazil. Confusing the two is a common error in due diligence.
Utilization Permit: revenue prior to mining concession
Brazilian law provides an exceptional pathway to extract and sell ore before a mining concession is granted: the Utilization Permit.
Corporate structuring is not a technical credential
The holding entity of a transaction and the mineral title are governed by different laws. Confusing the two indicates inexperience.
How a foreign investor reads a Brazilian asset
Before any offer, a foreign investor verifies specific points regarding a Brazilian asset, some of which have no equivalent in other jurisdictions.
Inferred resources are not probable reserves
An inferred resource has the lowest geological confidence recognized by the codes. Treating it as a reserve is the error that the codes exist to prevent.
Measured, indicated, inferred: the difference in practice
The three resource categories are not interchangeable labels: they reflect the amount of sampling data supporting each.
Mineral asset due diligence: the real checklist
There is a verifiable set of criteria that distinguishes a mineral asset ready for negotiation from a promise lacking documentary evidence.
Why no reserve regime is convertible
JORC, NI 43-101, S-K 1300, and CBRR share categories but are not interchangeable line-by-line — a common error in cross-border deals.
Two deposit types, two technical paths
The same element can originate from very different deposits: the deposit type alters sampling, metallurgical testing, and the time to reserve.
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