Accurate mineral reporting and classification in the global mining industry is needed to ensure transparency, reliability, and comparability of data, facilitating informed investment and decision-making by governments and all stakeholders for sustainable resource management practices.
This will be simplified thanks to the harmonization of key international standards in mineral reporting methodologies and classifications: the Committee for Mineral Reserves International Reporting Standards (CRIRSCO) Template, which is the internationally accepted standard for financial reporting of publicly listed mining companies; and the United Nations Framework Classification for Resources (UNFC), a globally applicable tool for the assessment and management by governments and other actors of all energy and mineral resources.
The newly released CRIRSCO Template to UNFC Bridging Document, accompanied by a comprehensive Guidance Note, marks a significant milestone in harmonizing these two systems. This release is a collaborative effort by the Ad Hoc Task Group for Revising the CRIRSCO Template and UNFC Bridging Document. Both documents aim to provide a comprehensive guidance for mineral reporting and classification, and to facilitate a nuanced understanding of how to align CRIRSCO estimates with UNFC classifications, ensuring seamless integration between CRIRSCO-aligned codes and standards and UNFC.
"UNFC aims at integrating the economic, social and environmental dimensions in sustainable resource management, supporting the efforts of this industry to align with the Sustainable Development Goals and the Paris Agreement. The release of the updated CRIRSCO Template to UNFC Bridging Document is a testament to our commitment to enhancing transparency and consistency in mineral project reporting" remarked Dario Liguti, Director of the Sustainable Energy Division at UNECE.
Garth Kirkham, Chairperson for CRIRSCO emphasized: "We believe that this document, along with the accompanying Guidance Note, will provide invaluable guidance to stakeholders involved in mineral resource management providing transparency and consistency, globally."
The Bridging Document clarifies that while the two systems are independent from each other, they are complementary in nature, underscoring the flexibility in meeting diverse reporting requirements. This updated version was presented to and approved by the UNECE's Expert Group on Resource Management (EGRM) at its 15th annual meeting in Geneva, 22-26 April 2024.
Additionally, the Guidance Note offers detailed insights into the usage of the bridging document, catering to both experts and newcomers to the field. It clarifies the relationship between estimates reported in compliance with the CRIRSCO Template-aligned codes and those classified using UNFC. It sheds light on the complementary nature of the two systems, fostering a deeper understanding among users.
The release of the updated CRIRSCO Template to UNFC Bridging Document and the accompanying Guidance Note marks a significant step forward in harmonizing mineral project reporting standards, facilitating informed decision-making.
