I'm an investor trying to understand the technical document of a mining resource.
If a mining report listed its indicated resources as:
- 25.59 Mt (meaning Million Tons)
- 1711 ppm
How is the contained resource in lbs determined?
The resource is Uranium, but contained lbs should be in U3O8 as 1 lb. U in U3O8 = 1.17924 lbs. U3O8.
The report states that the contained resource is 96.5 Mlbs of U3O8 but I'm not sure how they arrived there. I am interseted in the math, not necessarily the resource in questions.
$1711$ parts per million (i.e. tons per million tons assuming weight/weight PPM) and you have $25.59$ million tons, so tons of $U_{308}$ present is $1711\times 25.59$ which is $1711\times 25.59\times 1000\text{ kg}=43.78\times10^6\text{ kg}$. Convert this to $\text{lbs}$ to get the desired value $96.53$ million tons.