RPEE (Perspectivas Razoáveis para Extração Econômica)

Abstract

Among the components required by international codes for Mineral Resources and Reserves disclosure (CRIRSCO family Codes) for reporting Mineral Resources are the Reasonable Prospects for Economic Extraction (RPEE). According to the CBRR Guide, the term "Reasonable Prospects for Economic Extraction" implies a judgment, albeit preliminary, of all Modifying Factors by the Qualified Person (or Competent Person). The requirement of the codes is clear, as the obligation of the Qualified Person (QP) to report them using the principles of competence, materiality, and transparency. However, many doubts persist among professionals in the area about which Modifying Factors should be considered for this purpose, as well as the level of detail each of these factors should be studied. In the present work, the scarce bibliography on the subject was reviewed. Additionally, leading industry professionals from different jurisdictions were interviewed to discuss the main Modifying Factors considered in their mineral resources estimates reports, as well as the respective levels of study. Although not exhaustive, the material can be used as a guide for the Modifying Factors to be considered by professionals who will work on the estimation and reporting of Mineral Resources or in the evaluation of reports made by other professionals. It is the Qualified Person role to judge which modifying factors should be evaluated for the RPEE definition. However, at least aspects such as mine planning, mineral processing, metallurgical process, infrastructure, economic outline, marketing, regulatory, environmental, social, and governance (ESG) aspects must be observed. Moreover, there is not much clarity in the reporting codes regarding the minimum study level necessary to support the mineral resources disclosure and, consequently, what is required to define the RPEE.