Mineral resources and mineral reserves: progress on international definitions and reporting standards

Abstract

Substantial progress has been made over the past 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 reached between the major participating countries includes the requirement that a ‘Competent Person’ prepare and approve the 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 and the accepted definitions of mineral resources and mineral reserves are discussed, as are 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. The steps that are being taken to develop an international code are outlined.