Changes in prices and costs change the mineable grade and the profitabil- ity of an ore reserve. In a static world the grade required for an ore reserve is measured by the ratio: Cost/tonne of ore x 100 Price received/tonne of product and profitability by the ratio:- Price received/tonne of product Cost/tonne of product If the words cost and price refer to average cost and average price over some suitable period, say 3 to 5 years, the above ratios express the convent- ional wisdom of the mining engineer, and assume there will be no change in technology or politics.