The classification standards for mineral resource reserves serve as the basis for enterprises engaged in mineral exploration, development, and market operations, and also form the foundation for the state’s management of mineral exploration and development. With the rapid advancement of global integration in the mining capital market, global convergence has become an inevitable trend in the classification standards for mineral resource reserves. However, at present, China has not yet fully achieved seamless alignment with international standards in this regard.

“ China is the world’s largest producer and consumer of energy. However, the current classification standards for reserves of solid mineral resources in China do not align with the globally accepted normative systems, leading to certain discrepancies between Chinese and foreign geologists regarding project resource estimates and reserve quantities. This also results in higher costs for mining enterprises seeking to engage in international cooperation and exchange. 2016 During the China International Mining Conference, organized by the Department of Mineral Resource Reserves of the Ministry of Natural Resources, the Ministry’s Mineral Resource Reserve Evaluation Center, and the China Mining Association, “ International Comparison of Classification and Information Disclosure Rules for Mineral Resource Reserves in China’s Mining Capital Market ” At the sub-forum, Wang Jionghui, Assistant to the General Manager and General Manager of the Mineral Resources Department at China Minmetals Corporation, hit the nail on the head with a single remark: “ Chinese rules ” With “ International rules ” The confusion it causes different enterprises.

What are the prevailing practices for classifying mineral resource reserves and disclosing information in the international mining capital market? How do these practices differ from China’s relevant standards? At the forum, experts and scholars from international organizations, government agencies, and mining companies shared their comparative analysis results on China’s domestic and international mineral resource reserve classification standards and information disclosure regulations over recent years, and introduced the country’s… “ Mining WTO known as CRIRSCO the relevant information on the International Reporting Standards for Mineral Reserves, and regarding our country’s accession to it. CRIRSCO The path was explored.

Mining WTO ： CRIRSCO

It is understood that, CRIRSCO The Committee for International Reporting Standards for Mineral Reserves is an informal international organization established jointly by nationally representative organizations. Its members include national reporting bodies from countries such as Australia, Brazil, Canada, Chile, the European Union, Kazakhstan, Mongolia, Russia, South Africa, and the United States, which are responsible for developing guidelines and standards for mineral reporting. 2006 Year, CRIRSCO The first international reporting standard template for mineral reserves has been released, and its classification of mineral resource reserves is widely adopted by major global mining capital markets. The total market capitalization of mining companies listed on the stock exchanges of its member countries accounts for a significant share of the global market capitalization of listed mining companies. 80 More than %.

Industry insiders pointed out that, CRIRSCO Playing a role in the mining industry “ Exchange rate ” The role of [the entity] provides a set of internationally recognized reference standards for the classification and information disclosure of mineral reserves among various countries.

Was invited to participate CRIRSCO 2015 The annual meeting, and witnessing Wang Jionghui’s participation in Brazil’s accession to this international organization. CRIRSCO is very familiar with the situation. According to him, CRIRSCO Basically covers areas outside China. 90% In the mining market described above, although other developing countries are not members, most of them are using the system’s standards. CRIRSCO Its main contribution lies in the development of a template that reflects internationally recognized, repeatedly verified standards for public reporting on mineral resources, the establishment of a classification system for mineral resources and reserves that is compatible with international consensus, the setting of minimum standards for public reporting on mineral resources and reserves, and the provision of comprehensive guidelines.

Wang Jionghui believes that joining... CRIRSCO It can further integrate China’s mining industry into the international market, promote reforms in China’s mineral reserve classification standards and systems, and enhance the technological level and talent quality of China’s mining sector.

He stated that global convergence has become an inevitable trend in the classification standards for mineral resource reserves. Considering China’s global strategy in the field of mineral resources, joining... CRIRSCO It will help China integrate into the international mainstream mineral resource standards system and enhance its influence in the global mineral resources arena. It will also facilitate China’s acceleration in establishing a mining market that is efficient, transparent, environmentally friendly, and sustainably developed, and expedite the creation of China’s own mining capital market.

Comparative Study and Analysis of Two Classification Methods

After decades of development, China has established a mature system of technical standards for mineral resource reserves and a relatively comprehensive management system for mineral resource reserves under this framework.

According to the introduction, China’s current classification standard for mineral resource reserves is: 1999 The national standard released this year is based on... UNFC1997 Developed on a foundational basis, employing the three-axis coordinate method, totaling 16 Species classification.

However, when making comparisons from a corporate perspective, Wang Jionghui pointed out that China’s current standards feature a wide variety of mineral resource reserve types and lack sufficient market orientation. Moreover, the classification criteria do not place adequate emphasis on crucial market-relevant issues such as liability, data quality, resource utilization, and environmental protection.

Yu Haifeng, Director of the Department of Mineral Resource Reserves at the Ministry of Natural Resources and Environment, frankly admitted that recently... 20 In recent years, China's mining capital market has been rapidly developing. How to better integrate into the international mining capital market is the primary challenge we face.

Yu Haifeng stated that the mining industry is an important sector for China to further expand its opening-up to the outside world. China is actively studying ways to align with international standards for mineral resource reserves classification and information disclosure rules, thereby promoting greater openness in the mining sector.

According to the introduction, China is... CRIRSCO The organization’s operational methods and rules have been given long-term attention and focused scrutiny. The Ministry of Natural Resources has... 2015 Participated as an observer for the year. CRIRSCO The annual meeting also organized and carried out related research activities. Currently, the English translation of China’s mineral resource reserve classification has been completed, and a draft has been prepared. CRIRSCO Classification and Comparison Scheme.

Li Jian, deputy director of the Mineral Resources Reserve Evaluation Center of the Ministry of Natural Resources and head of China’s international comparative study on the classification of fixed mineral reserves, analyzed that classification is the core of the mineral technical standards system and also serves as the guiding principle for technical regulations in mineral resource management, shaping the way the country manages its mining industry and operates its capital markets. Due to historical reasons related to the economic and administrative systems, China’s current classification system is more suited to government management of resources, while its role in the financial and capital markets has not been fully recognized or leveraged. In contrast, CRIRSCO Classification is more suitable for commercial operations in which market behavior plays a dominant role. Therefore, the differences between the two classifications are not merely technical; they also involve factors at the operational and institutional levels.

Strive to align with international rules.

On the forum, CRIRSCO Former Chairman Harry · Parker introduced. 2014 the development of its members since the year. He stated, CRIRSCO It is both a national reporting organization and a professional association with an excellent reputation. CRIRSCO We hope to continue holding productive discussions with China to develop a framework that aligns with... CRIRSCO Template for National Reporting Standards.

JORC (Australian Joint Committee on Mineral Reserves) stationed at CRIRSCO Representative Pete · Stock introduced the application for membership at the forum. CRIRSCO the requirements. He also stated: “ Past 12 Over the past few months, China has done a great deal of work to align with international rules. China’s current standards and CRIRSCO The similarities between the standards go far beyond what people imagine. ”

It is understood that, when participating in... CRIRSCO 2015 During the annual meeting, our country's delegation and... CRIRSCO In-depth discussions were held on China's accession to the organization, as well as on conducting research into standards for publicly reporting mineral reserves in capital markets, establishing a committee to oversee these efforts, and setting up a system of qualified professionals.

2015 Year 9 Under the direct leadership of the Department of Mineral Resource Reserves at the Ministry of Natural Resources and the Mineral Resource Reserves Division of the Ministry of Natural Resources and国土资源部, China has officially launched a national special project to build a system of technical standards for mineral resource reserves. A series of preparatory efforts aimed at aligning with international standards for mineral resource reserve classification and information disclosure rules are steadily underway.

Yu Haifeng believes that, for China to further expand its opening-up, the mining sector is an extremely important area. On the basis of effectively managing resources, the government needs to promote the development of China’s mining capital market—for instance, by aligning with internationally accepted norms together with other major mining nations, including standards for reserve classification, transparent disclosure of standards, market regulation, and the development of qualified professionals.

According to him, in the past, China’s government management focused more on administrative standards for reserves, while there were still gaps in market-based reserve standards, which are currently being revised. The Ministry of Natural Resources is now in communication with relevant departments—including the Securities Regulatory Commission, the Banking and Insurance Regulatory Commission, the National Development and Reform Commission, the Ministry of Industry and Information Technology, and the Ministry of Commerce—on aligning with international rules, and is making every effort to advance this work.

“ Joining CRIRSCO On this issue, China’s attitude is positive, its preparations are serious, and its pace is steady. ” Yu Haifeng said.

Join CRIRSCO