Reporting mineral resources and Mineral Reserves in the United States of America - Technical and regulatory issues

The Committee for Mineral Reserves International Reporting Standards (CRIRSCO) was formed in 1994 to promote development and adoption of international standards for estimation and reporting of exploration results, mineral resources and mineral reserves. The CRIRSCO standards have been accepted by most mining companies and professional societies worldwide. Market regulators from Australia, South Africa and Canada require that these standards be followed when releasing public information. Among these requirements is the use of specific definitions for what constitutes exploration results, mineral resources and mineral reserves. If such information is publicly disclosed in must be estimated by a Competent or Qualified Person. In the United States of America, public disclosures are regulated by the US Securities and Exchange Commission. The SEC does not recognise the CRIRSCO guidelines, and some of the SEC requirements for public release of information are materially different from those applicable in other countries. The CRIRSCO definitions and the Competent Person requirements are reviewed and compared with those of the SEC. The organisation of the SEC and its rule making process are briefly discussed. Ongoing efforts to bring the US regulatory requirements closer to those applicable in other countries are presented, as well as other activities that CRIRSCO is entertaining with the United Nations, the International Accounting Standard Board and other international organisations to reach the objective of worldwide standardisation of reporting procedures.