Kazakhstan joined the international organization CRIRSCO

Astana. June 14. KAZRC Association became a full member of the Committee for Mineral Reserves International Reporting Standards (CRIRSCO).

The members of CRIRSCO are nine professional organizations, represented by the following countries and regions: CIM (Canada), JORC (Australia and New Zealand), SME (USA), PERC (Europe), SAMREC (South Africa), IMEC (Chile), MPIGM (Mongolia), NAEN (Russian Federation) and CBRR (Brazil). All participants of CRIRSCO unanimously voted for approval of Kazakhstan’s entry application to join this organization.

"We believe that the Kazakhstan’s application meets all international standards, applicable to CRIRSCO. Certainly, I can highlight the qualified Kazakhstani specialists, as well as Kazakhstan's full readiness to high rates of mineral production and attracting the largest global investors” - said Harry Parker, a representative of the Committee for Mineral Reserves International Reporting Standards (CRIRSCO).

It is important that the CRIRSCO Committee of International Standards of Kazakhstan approved the Kazakhstani Code for Public Reporting of Exploration Results, Mineral Resources and Reserves and it was admitted to the scope of the CRIRSCO international standards.

"One of the most important reforms was the introduction of international accounting standards. Kazakhstan shall ensure a proper reserve registration system to comply with the highest international standards. On the assignment of the Head of the State, we are implementing the reforms in the area of subsoil use for a few years. Regarding the law on the subsoil use-we are simplifying the system of geological information provision to the investors, as well as conclusion of contracts for exploration and production. This is a priority now. The timing for concluding the contracts was reduced from 2 years to 25 days, allowing the small and medium-sized companies to participate in this work. This is a sector with huge potential, involving from 500 thousand up to million people in this sector, "explained Asset Issekeshev, Minister for Investment and Development of the Republic of Kazakhstan.

According to Mr. Issekeshev, the transition to international reporting standards will contribute to creation and development of junior companies in Kazakhstan. Moreover, due to increased exploration scope, it will lead to the discovery of new deposits.

It is expected that the Code on subsoils and subsoil use will be adopted already in 2017; this document will govern all the relations in the geological industry in view of domestic and foreign experience.

We remind that the meeting of CRIRSCO members took place in the frameworks of 7th International Congress and Exhibition “Astana Mining & Metallurgy” - AMM 2016, which was held on June 15-16, 2016 in Astana.