The Committee for Mineral Reserves International Reporting Standards (CRIRSCO), which was formed in 1994 under the auspices of the Council of Mining and Metallurgical Institutes (CMMI), is a grouping of representatives of organisations that are responsible for developing mineral reporting codes and guidelines in Australasia (JORC), Brazil (CBRR), Canada (CIM), Chile (National Committee), Colombia (CCRR), Europe (PERC), Indonesia (KOMPERS), Kazakhstan (KAZRC), Mongolia (MPIGM), Russia (NAEN), South Africa (SAMREC), Turkey (UMREK) and the USA (SME). The combined value of mining companies listed on the stock exchanges of these countries accounts for more than 80% of the listed capital of the mining industry.
CRIRSCO is a voluntary body whose members comprise National Reporting Organisations (NROs) that are responsible for developing mineral reporting codes, standards and guidelines. Based on the established reporting codes of its member countries, CRIRSCO has developed an International Reporting Template (the Template), the purpose of which is to assist with the dissemination and promotion of effective, well-tried, good practices for public reporting of Exploration Results, Mineral Resources and Mineral Reserves which is already widely adopted through national reporting codes and standards. Consistent with the aims, objectives and strategies of its members, CRIRSCO provides an international forum that enables NROs to ensure consistency of their reporting standards in an international setting, and to contribute to the development of best practice international reporting.
CRIRSCO and ICMM
CRIRSCO has an alliance with the International Council on Mining and Metals (ICMM) a body that represents many of the world’s largest mining companies and a number of association members including industry bodies, commodity institutes and chambers of commerce. One of ICMM’s objectives is a commitment to the highest level of public reporting in accordance with the Global Reporting Initiative (GRI) 2002 Sustainability Reporting guidelines and Mining and Metals Sector Supplement. CRIRSCO supports the ICMM principles, which all contribute to more transparent and reliable resource and reserve reporting.
Current CRIRSCO Activities
CRIRSCO is involved in the numerous ongoing activities including:
Updating the International Reporting Template and assisting countries develop a national reporting standard.
Alignment with the United Nations Framework Classification
Work continues on this project with the recent release of a UN Task Force report recommending that the UNFC should adopt generic definitions that would cover oil and gas and solid minerals, and that it should be re-drafted as a simpler, ‘umbrella’ reporting standard which would encompass other systems including the CRIRSCO Template and the Petroleum Resource Management System (PRMS).
International Financial Reporting Standards for the Extractive Industries
Since 2005, CRIRSCO has been involved in advising the International Accounting Standards Board (IASB), which is considering the development of a new Accounting Standard for the Extractive Industries as part of its International Financial Reporting Standards (IFRS), on the use of mineral reserves and mineral resources for financial reporting purposes. The petroleum industry, through the Society of Petroleum Engineers (SPE), has been similarly involved.
Convergence of Definitions between the Hydrocarbon and Solid Minerals Industries
CRIRSCO is participating in discussions to demonstrate the similarities, and considerable differences, between reporting systems in the hydrocarbon and solid mineral industries. Continuous contact has been maintained with the SPE Oil and Gas Reserves Committee since early 2006, and in 2007 this resulted in the publication of a CRIRSCO-SPE Mapping Report. CRIRSCO and the SPE continue to work together to assist the UNECE and others to interpret the needs of the two industries and to establish the main points of similarity for potential future convergence.
For more information on CRIRSCO, please visit www.crirsco.com