Progress on International Standards for Reporting of Mineral Resources and Reserves

Substantial progress has been made over the last ten years in the development of uniform national and international standards covering the definition, estimation and public reporting of mineral resources and mineral reserves. Agreement between the major participating countries has been reached, which include the requirement that a Competent Person prepares and approves publication of mineral resources and reserves. Most national regulatory organizations have accepted the new standards and have included them in the rules that must be followed by mining companies operating under their jurisdiction. These developments are the result of a concerted effort on the part of professional societies, national regulatory agencies, international organizations, and many dedicated individuals. The historical development of these standards is summarized in this paper. Accepted definitions of mineral resources and mineral reserves are discussed, as well as the definition and role of the Competent Person. Additional effort is needed before the international standards are fully understood, accepted and followed by mining companies, regulatory agencies, the investment community and the general public. Steps being taken toward development of a Mineral Reserves International Reporting Code Template (International Template) that will be available for all countries to use in deriving their specific country reporting codes, are outlined