LOM

Definition

The period during which mineral resources at a mine are extracted economically.

Purpose

LOM represents the total duration of active mining operations, from the initial extraction to the closure of the mine. It is used in planning and financial forecasting for mining projects.

Examples of Use

• Mine planning: Determining the schedule and duration of extraction activities.
• Financial analysis: Estimating the economic viability and profitability of a mining project.
• Resource management: Assessing the total available resources and their extraction timeline.

Related Terms

• Reserves: The known quantities of minerals that can be economically extracted.
• Mine Closure: The process of shutting down mining operations and rehabilitating the site.
• Exploration: The process of finding and assessing mineral deposits.

Notes

• LOM calculations consider factors such as ore grade, extraction rate, and market conditions.
• Extending the LOM can increase the overall profitability of a mining project.
• Environmental and regulatory considerations are integral to LOM planning.