Estimating what a mine is worth – A comparison of methods used to determine variation in resource estimates

Mentor: Dr Rutu Gupta, Curtin University of Technology
Intern: Ruth Oates-Boardman, Curtin University of Technology
Industry Partner: Sorousha Moayer, Quantitative Group Pty Ltd
Project Duration: November 2010 to April 2011

This study compared the variation in final resource estimates when using simplistic statistical methods of describing dependencies (such as Spearman’s and Kendall tau rank correlation coefficients) and more complex methods such as copulas. The merits, limitations and assumptions of each method were examined.