CTHRepealedLegislation
AASB 6 - Exploration for and Evaluation of Mineral Resources - December 2004
Appendix AAppendix A
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Appendix A
Defined terms
This appendix is an integral part of AASB 6.
| exploration and evaluation assets | Exploration and evaluation expenditures recognised as assets in accordance with the entity’s accounting policy. |
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| exploration and evaluation expenditures | Expenditures incurred by an entity in connection with the exploration for and evaluation of mineral resources before the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. |
| exploration for and evaluation of mineral resources | The search for mineral resources, including minerals, oil, natural gas and similar non-regenerative resources after the entity has obtained legal rights to explore in a specific area, as well as the determination of the technical feasibility and commercial viability of extracting the mineral resource. |
Additional Australian Defined Terms
| area of interest | An individual geological area which is considered to constitute a favourable environment for the presence of a mineral deposit or an oil or natural gas field, or has been proved to contain such a deposit or field. |
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| economically recoverable reserves | The estimated quantity of product in an area of interest that can be expected to be profitably extracted, processed and sold under current and foreseeable economic conditions. |