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Conference Proceedings

International Mine Management Conference 2006

Conference Proceedings

International Mine Management Conference 2006

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Developments in International Mineral Resource and Reserve Reporting

A consistent and reliable international approach to public reporting of a mining company's main assets, its Mineral Resources and Mineral Reserves, has become of increasing importance in recent years with the rapid globalisation of the mining industry. Through the efforts of the Committee for Mineral Reserves International Reporting Standards (CRIRSCO), a committee representing national resource/reserve reporting committees in Australia, South Africa, UK/Ireland/Western Europe, Canada, USA and Chile, the reporting standards in most western' countries use almost identical resource and reserve definitions and are generally around 90 - 95 per cent compatible. New codes based on the CRIRSCO model are being developed or considered in other countries, including Peru and the Philippines. This unified approach has provided the mining industry, regulators and investors with a common framework to report and interpret mineral resource and reserve estimates, thereby facilitating funding to the mining industry through improved investor understanding and confidence._x000D_
The common reporting standards are reflected in the CRIRSCO International Template, available on CRIRSCO's web site, a document that is kept live' by reflecting the best of the most recently published CRIRSCO-type national standards._x000D_
In a significant exception to this unified industry approach, the USA Securities and Exchange Commission (SEC) requires adherence to its own standard, only partly compatible with CRIRSCO-type standards, with adverse and costly implications for companies listed in the USA. A major industry submission was presented to SEC in April 2005 which, if accepted, would bring about considerable compatibility of CRIRSCO and SEC standards._x000D_
The UN Economic Commission for Europe (UN-ECE) has, since 1992, been developing its Framework Classification (UNFC) as a single global system for harmonising all existing national and international resource/reserve reporting systems, covering both government and industry requirements and both the hydrocarbon and solid minerals sectors. While few mining companies report their resources and reserves using the UNFC, the system is accepted or is being examined as a basis for reporting by some governments, including those of Russia, China and India. The UN-ECE agreed in 1999 to incorporate CRIRSCO definitions into the UNFC for those categories of resources and reserves used for market-related reporting, but a more recent edition of the UNFC removed or changed the definitions, requiring re-engagement by CRIRSCO to ensure compatibility._x000D_
Since 2005, CRIRSCO and the Society of Petroleum Engineers (SPE) have been involved in discussions with the International Accounting Standards Board (IASB), which plans to develop a new Accounting Standard for the Extractive Industries as part of its International Financial Reporting Standards. At the request of the IASB, CRIRSCO and SPE have been examining any potential for convergence of resource/reserve definitions between the mining and hydrocarbon industries._x000D_
Each of these systems is described in this paper and high level comparisons made.
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  • Published: 2005
  • PDF Size: 0.238 Mb.
  • Unique ID: P200609010

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