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Participation of Kazakhstan at the annual meeting of the international committee CRIRSCO in London

September 17-20, 2018 Annual meeting of members of the International Committee on Reporting Standards CRIRSCO took place in London.

Kazakhstan is represented by the Chairman of the Committee for Geology and Subsoil Use Nadyrbaev Akbatyr Aluadinovich, Executive Director of the KAZRC Association Urazaeva Saule Bakhtiarovna, Deputy Chairman of the JSC Kazgeology Kadyrzhan Kaledashov, Member of the Executive Committee of the PONEN Enshin Nikolay Viktorovich.

As part of this task, the Kazakhstan reporting standard KAZRC was developed and in 2016 it was adopted as part of the CRIRSCO standards. The KAZRC standard is legally enshrined in the Subsoil and Subsoil Use Code of the Republic of Kazakhstan, the transition to which will be two-stage. At the first stage, the KAZRC standard is mandatory for companies-subsoil users on new licenses for exploration and production. Under existing contracts for subsoil use, concluded before the entry into force of the Code, reporting can be provided through the Commission of mineral resources system until December 31, 2023.

At the annual meeting of CRIRSCO, 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 to the KAZRC standard.

Also, the meeting will consider the documents for membership of CRIRSCO from the candidate countries China, India, Malaysia. Since the accession of Kazakhstan to CRIRSCO in 2016, Indonesia, Colombia and Turkey have become new members of the international standards committee.

In general, members of the CRIRSCO gave a positive assessment of KazRC and PONEN in Kazakhstan and the measures taken with the support of the state to implement international reporting standards.

An important factor for attracting investments is the recognition of KAZRC standards on the leading stock exchanges, in particular on the London Stock Exchange.

The Kazakhstan delegation visited the London Stock Exchange Group and discussed the requirements and mechanisms for recognizing the LSE standard KAZRC.

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