Depletion refers to the gradual extraction and consumption of an ore body or fossil fuel reservoir until it is no longer economically viable to mine. In geology and mine planning, it dictates the life-of-mine schedule. It is also a critical accounting concept, allowing mining companies to write down the value of their mineral rights as the physical resource is removed.
Heard on the job
Based on our current extraction rate of ten thousand tons a day, depletion of the south pit will be complete in five years.