International Standards for Reporting of Mineral Resources and Reserves - Status, Outlook and Important Issues

In Australia and New Zealand, the 'Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves', which was released by industry in 1989, is operating successfully in a co-operative approach between industry and regulatory authorities. Similar codes or guidelines exist or are under development in the United States of America, Canada, the United Kingdom and South Africa, although the regulatory backing given to the Australasian Code is unique. International standard definitions for Mineral Resources and Reserves, and for categories of Resources and Reserves, have been under development by the Council of Mining and Metallurgical Institutions since 1994 and have already stimulated considerable convergence of definitions and reporting standards in participating countries. It is hoped that agreement on this international standard for public reporting by mining companies will be reached within the next two years, and it is expected that adoption of the standard will result in a higher and more uniform quality of reporting worldwide, with a consequently greater interest on the part of the general public and financiers in investing in the mining industry.