March 27, 2017
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CRIRSCO
About CRIRSCO
The Committee for Mineral Reserves International Reporting Standards (CRIRSCO) was formed in 1994, under the direction of the Council of Mining and Metallurgical Institutes (CMMI).

The international initiative is a grouping of representatives of organizations responsible for developing mineral reporting codes and guidelines:

  • Australia: JORC
  • Chile: National Committee
  • Canada: CIM
  • South Africa: SAMREC
  • USA: SME
  • United Kingdom: National Committee
  • Western Europe: IGI and EFG

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CRIRSCO Timeline
1994 - CMMI Congress at Sun City, South Africa: mineral definitions working group (later called CRIRSCO) formed, including representatives of all countries listed above except Chile. Objective: develop a set of international standard definitions for the reporting of mineral resources and mineral reserves

1997 - reached an agreement (the Denver Accord) for the definitions of two major categories: Mineral Resources and Mineral Reserves, and their respective sub-categories: Measured, Indicated and Inferred Mineral Resources, and Proven and Probably Mineral Reserves

1999 - agreement with UN Economic Commission for Europe to incorporate the CMMI-CRIRSCO resource/reserve definitions in its International Framework Classification for Mineral Reserves and Minerals Resources (UNFC)
           - Updated version of JORC Code released in Australia, and similar codes and guidelines in South Africa, Canada, USA, UK/Ireland/W. Europe, Chile, and Peru

2007 - CRIRSCO became a Task Force of the ICMM to provide it with the strong industry support it needs to carry out its mandate


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Current CRIRSCO Activities

International Minerals Reporting Template (CRIRSCO Template)


  • Similarity of various national reporting codes and guidelines enabled CRIRSCO to develop this template
  • Intended as a guideline for countries developing their own reporting standards, and a benchmark for comparison with other international reporting systems, including UNFC and the Society of Petroleum Engineers (SPE) Guidelines
  • Not intended as a replacement for existing well-established reporting standards

Alignment with the United Nations Framework Classification

  • Updated UNFC (2004) failed to recognize differences between the hydrocarbon and solid mineral industries in the way they report resources and reserves
  • In response, CRIRSCO re-engaged with the UNECE to lead efforts to produce definitions and guidelines based on the CRIRSCO Template
  • An UN Task Force report was released recommending the UNFC adopt generic definitions to cover oil and gas and solid minerals, as a simpler reporting standard encompassing 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 advising the International Accounting Standards Board (IASB) as it considers the development of a new Accounting Standard for the Extractive Industries (as part of its International Financial Reporting Standards)
  • IASB has indicated its preference to use existing reporting systems, primarily the CRIRSCO Template and the PRMS

Convergence of Definitions between the Hydrocarbon and Solid Minerals Industries

  •  There is a clear perception outside the extractive industries that the hydrocarbon and solid minerals sectors are essentially the same and that resource and reserve definitions should be compatible
  • CRIRSCO is participating in discussions to demonstrate the similarities and differences between reporting systems in the two industries

 


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More Information on CRIRSCO

CIM Magazine articles

Comparison of reporting environments - August, 2008
CRIRSCO 2007 - current activities - June/July, 2008
International resource and reserve reporting - March/April, 2008


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