In the mid-1990s, the largest scandal in the mining industry, Bre-X, shook public confidence and negatively impacted the industry’s ability to raise capital. Bre-X reported a mineral resource of 70 million troy ounces of gold, which was later found to be a fraudulent claim. This situation created an urgent need for specific international mining industry standards to minimize the risk of future scandals.
In response, the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) developed the CIM Definition Standards on mineral resources & mineral reserves, which were incorporated into National Instrument 43-101 (NI 43-101). As a result, 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, similar to Canada’s NI 43-101.
Members of The Committee for Mineral Reserves International Reporting Standards
|Country||Institute||International Reporting Standards|
|Canada||Canadian Institute of Mining, Metallurgy and Petroleum||National Instrument 43-101 (NI 43-101)|
|Australia||Joint Ore Reserves Committee||JORC|
|United States||Society for Mining, Metallurgy and Exploration||SME|
|South Africa||South Africa Mineral Resource Committee||SAMREC|
|Chile||Institute of Mining Engineers of Chile||IMEC|
|Western Europe||Pan-European Reserves Reporting Committee||PERC|
|United Kingdom||Institute of Materials, Minerals & Mining||IMMM|
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.