Journal of the Southern African Institute of Mining and Metallurgy · 1951 · 2.4K citations · 0 references
EngineeringMining EngineeringNatural Resource EconomicsMine EconomicsMineral Resource EstimationResource ValuationGrade EstimationMine ValuationMineral Resource ValuationMining GeologyResource EstimationFrequency Distribution EstimationGrade Distribution AnalysisLognormal RegressionOre Grade EstimationOre-grade EvaluationProbabilistic ValuationValuation Under Uncertainty
Certain fundamental concepts in the application of statistics to mine valuation on the Witwatersrand are discussed, and general conclusions are drawn regarding the application of the lognormal curve to the frequency distribution of gold values. An indication is given of the reliability of present valuation methods on the Rand. It is shown that the existing over- and under-valuation of blocks of ore listed as high-grade and low-grade, respectively, can be explained statistically. Suggestions are made for the elimination of such errors and for the improvement of the general standard of mine valuation by the use of statistical theory.