Kazakhstan to introduce mineral reserves international reporting standards

By bne IntelliNews November 5, 2015

The Kazakh Ministry of Investment and Development and the Committee for Mineral Reserves International Reporting Standards (CRIRSCO) in London have signed a memorandum on cooperation. In line with the document, the parties will cooperate in the development of a CRIRSCO-compliant Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (KAZRC Code). The KAZRC Code will be based on the general principles of the CRIRSCO family of codes.

The second step will be the establishment of an independent Kazakh national organisation for reporting resources and reserves – KAZRC Association. The founders of the association will be industrial geological organisations, the Association of Mining and Metallurgical  Companies and state-run Kazgeologiya.

The adoption of the international standards will increase the attractiveness of the Kazakh mineral resources sector for investors.

The CRIRSCO was formed in 1994 and initially was an informal alliance of National Reporting Organisations in participating countries. With the rapid increase in international activity associated with the mining industry in recent years, the CRIRSCO has evolved to become a more rigorously constituted committee. At present, it is recognised by global organisations such as the International Accounting Standards Board (IASB), the United Nations Economic Commission for Europe (UNECE) and the International Council on Mining and Metals (ICMM), as the key international organisation representing the mining industry.

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