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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.
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.
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.
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.
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.
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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