Mining Industry Standards - How Bre-X Changed the International Reporting Standards for Mineral
In the mid-1990s, the biggest scandal of all time in the mining industry shook public
confidence and negatively impacted the industry’s capacity to raise capital. Bre-X reported a mineral resource of
70,000,000 troy ounces of gold which was subsequently found to be a fraudulent claim. (Detailed information about
the Bre-X scandal can be found on: http://en.wikipedia.org/wiki/Bre-X.) Suddenly there was an urgent need for determining
specific international mining industry standards in order to minimize the risk of a future scandal.
In response, the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) developed the CIM Definition
Standards on mineral resources & mineral reserves by reference in National Instrument 43-101
(NI 43-101), so that all estimates of mineral resources and reserves that are publicly disclosed in Canada
must use these CIM Definition Standards.
The Committee for Mineral Reserves International Reporting Standards (CRIRSCO) aims to
promote high standards for international public reporting of exploration results like the NI 43-101 of Canada. The
Members of The Committee for Mineral Reserves International Reporting Standards
International Reporting Standards
Canadian Institute of Mining, Metallurgy and Petroleum
National Instrument 43-101 (NI 43-101)
Joint Ore Reserves Committee
Society for Mining, Metallurgy and Exploration
South Africa Mineral Resource Committee
Institute of Mining Engineers of Chile
Pan-European Reserves Reporting Committee
Institute of Materials, Minerals & Mining
The most frequently used international reporting standard for mineral reserves is Canada's NI 43-101. The
complete report: National Instrument 43-101: Standards of Disclosure for Mineral Projects can be
found by clicking here.
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