The annual meeting of members of the Committee for Mineral Reserves International Reporting Standards CRIRSCO will take place in September 17-20, 2018 in London.
Kazakhstan is represented by the Chairman of the Committee for Geology and Subsoil Use Akbatyr Nadyrbaev, Executive Director of the KAZRC Association Saule Urazayeva, Deputy Chairman of the Kazgeology JSC Kadyrzhan Kauldashev, Member of the Executive Committee of the PONEN Nikolay Enshin.
In the global mining sector competition for attracting investments for exploration projects is growing what increases the requirements for the completeness, quality and reliability of estimates of mineral resources and reserves provided by companies.
According to the 74-th step of the Plan of the Nation “100 concrete steps” an active work is being taken to introduce international reporting standards CRIRSCO on exploration results, mineral resources and reserves in Kazakhstan.
As part of this task the KAZRC national reporting standard was developed and in 2016 it was adopted as part of the CRIRSCO standards. KAZRC standard was stated in the Subsoil and Subsoil Use Code of the Republic of Kazakhstan which was issued in 2017. According to Subsoil Code the transition to KAZRC implementation will be of two-stages. At the first stage, KAZRC standard is mandatory for companies-subsoil users under new licenses for exploration and production. Under existing contracts for subsoil use, concluded before the Subsoil Code entries into force, has wright to use GKZ RK reporting suntil December 31, 2023.
A set of by-laws regulating the order of subsoil users’ activities under the Subsoil Code also was developed.
At the CRIRSCO annual meeting the draft of the updated international Template will be considered and, if approved, the KAZRC Association will subsequently consider the appropriateness of introducing appropriate changes into the KAZRC standard.
Also, the meeting will consider the documents for membership of CRIRSCO from the candidate countries China, India, Malaysia, Kyrgyzstan and Azerbaijan. Since the accession of Kazakhstan to CRIRSCO in 2016, Indonesia, Colombia and Turkey have become new members of the international standards committee.
An important factor for attracting investments is the recognition of KAZRC Code at the leading stock exchanges, in particular at London Stock Exchange.
The Kazakhstan delegation will visit the London Stock Exchange Group and discuss the requirements and mechanisms for recognizing the LSE standard KAZRC.