public reporting of mineral resources & mineral reserves ... · public reporting of mineral...
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Public Reporting Public Reporting of of
Mineral Resources & Mineral ReservesMineral Resources & Mineral ReservesCurrent StatusCurrent Status
ininEurope and ChileEurope and Chile
John A CliffordJohn A Clifford
EFG / CRIRSCO
Ad Hoc Group of Experts on Harmonization of Energy Reserves and Resources Terminology
9-11 November 2005
PRESENTATION OUTLINEPRESENTATION OUTLINE
Professional Geological AssociationsProfessional Geological Associations
Principal Stock ExchangesPrincipal Stock Exchanges
ChileChile
November, 2005EFG / CRIRSCOUN-ECE
PROFESSIONAL PROFESSIONAL ASSOCIATIONSASSOCIATIONS
November, 2005EFG / CRIRSCOUN-ECE
The Reporting CodeThe Reporting Code
CRIRSCO Template
November, 2005
Code Adopted
2001
Governs Public Reporting of Mineral Exploration Results,
Mineral Resources and Mineral Reserves.
EFG / CRIRSCOUN-ECE
UK/Europe Professional AssociationsUK/Europe Professional Associations
Binding on all, circa 10,000, professional Binding on all, circa 10,000, professional
members.members.
Members subject to Ethics Code & Discipline.Members subject to Ethics Code & Discipline.
Professional titles are recognised, subject to Professional titles are recognised, subject to
relevance of CP experience, through “ROPO” relevance of CP experience, through “ROPO”
process, in Australia, Canada and South Africa.process, in Australia, Canada and South Africa.
November, 2005EFG / CRIRSCOUN-ECE
UK/Europe UK/Europe
Stock ExchangesStock Exchanges
November, 2005EFG / CRIRSCOUN-ECE
LONDON STOCK EXCHANGELONDON STOCK EXCHANGE
• 35 Mineral Resource Companies Listed on “Main
Board”
• Market Value Sterling £ 121,099 Million
• UK 74%
• South African 13%
• Canadian 11%
Source: LSE Website 4/11/2005
November, 2005EFG / CRIRSCOUN-ECE
UK/Europe Implementation UK/Europe Implementation -- LSELSE
“Yellow Book” applies the 1991 IOM“Yellow Book” applies the 1991 IOM33 Code, a preCode, a pre--
cursor of The Reporting Code, but LSE “minded” cursor of The Reporting Code, but LSE “minded”
to incorporate The Reporting Code in next to incorporate The Reporting Code in next
edition.edition.
November, 2005EFG / CRIRSCOUN-ECE
AIM MARKETAIM MARKET-- LONDONLONDON
0
50
100
150
200
250
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Sep-05
```
Money Raised –Sterling Millions
Market Value £ 4,352.75
Millions
0
200
400
600
800
1000
1200
1400
1600
1800
2000
Australia Canada UK Other
155 Mineral Resource Companies Listed
Source: LSE Website 4/11/2005
November, 2005EFG / CRIRSCO
£
£
UN-ECE
UK/Europe Implementation UK/Europe Implementation -- AIMAIM
Loosely regulatedLoosely regulated
Existing PracticeExisting Practice
•• Devolves responsibility to Sponsoring Devolves responsibility to Sponsoring
Company/NOMAD.Company/NOMAD.
•• Competent Person Report required for New Competent Person Report required for New
Issues.Issues.
•• General practice is to apply CRIRSCO templateGeneral practice is to apply CRIRSCO template
Have set up Advisory Task ForceHave set up Advisory Task Force
November, 2005EFG / CRIRSCOUN-ECE
UK/Europe Implementation UK/Europe Implementation STOCKHOLM EXCHANGESTOCKHOLM EXCHANGE
Swedish Association of Mines, Mineral and Metal Swedish Association of Mines, Mineral and Metal
Producers advise SE.Producers advise SE.
28 Mineral Resources Companies.28 Mineral Resources Companies.
Implementing Canadian NI 43Implementing Canadian NI 43--101 Reporting 101 Reporting
Standards.Standards.
The 2006 Edition will recognise The Reporting The 2006 Edition will recognise The Reporting
Code.Code.
November, 2005EFG / CRIRSCOUN-ECE
UK/Europe Implementation UK/Europe Implementation OTHER EXCHANGESOTHER EXCHANGES
MadridMadrid•• VolcanVolcan S.A. S.A. –– Largest Peruvian zinc Largest Peruvian zinc
producer, 5producer, 5thth largest worldwide:largest worldwide:Reports to CRIRSCO templateReports to CRIRSCO template
FrankfurtFrankfurt•• Generally follows NI 43Generally follows NI 43--101 Standards101 Standards
November, 2005EFG / CRIRSCOUN-ECE
CHILECHILE
November, 2005IIMCh / CRIRSCO UN-ECE
ChileChile
November, 2005
Yacimientos de Cobre DescubiertosProducción de Cobre Fino (Mt/año) Gasto en Exploración (MUS$)
II GuerraMundial
Guerrade Corea
0
200
400
600
800
1000
1200
1400
1600
1800
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
5500
190
01
902
190
41
906
190
81
910
191
21
914
191
61
918
192
01
922
192
41
926
192
81
930
193
21
934
193
61
938
194
01
942
194
41
946
194
81
950
195
21
954
195
61
958
196
01
962
196
41
966
196
81
970
197
21
974
197
61
978
198
01
982
198
41
986
198
81
990
199
21
994
199
61
998
200
02
002
0
10
20
30
40
50
60
70
80
90
100
Recu
rsos
+ R
eser
vas
(Mt)
Prod
ucci
ón d
e Co
bre
Fino
(Mt/a
ño)
Años
Inversión (MUS$)
El Teniente
Chuquicamata
Los Bronces El Salvador
Río Blanco
La Escondida
Zaldívar
Qda. BlancaEl Abra
Radomiro TomicLos Pelambres
Lomas Bayas
PERIODO1900-1930
PERIODO1930-1955
PERIODO1955-1974
PERIODO1974-2003
1974Dto. Ley 600
1971Ley 17.450
1955Ley 11.828
Nuevo Trato1929
La Gran Crisis
Co. ColoradoAndacollo
Collahuasi (Rosario)
Collahuasi(Ujina)
Source: Camus, 2005
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
19
85
19
86
19
87
19
88
19
89
19
90
19
91
19
92
19
93
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
Año
Mil
es d
e t
on
ela
das
El Tesoro
Los Pelambres
Lomas Bayas
Collahuasi
El Abra
Carmen de Andacollo
Zaldívar
Quebrada Blanca
Cerro Colorado
Candelaria
Escondida
Michilla
Sur Andes
El Indio
Mantos Blancos
Otras Minas
Codelco
Circa US $20 Billion investment in mining sector in the past 30
years.Supplies 37% of World’s Copper
Source: Keller, 2005
IIMCh / CRIRSCO UN-ECE
Chilean Code Chilean Code –– Current StatusCurrent Status
Working Group representative of State Working Group representative of State
institutions, mining professionals, national and institutions, mining professionals, national and
international mining groups operating in Chile.international mining groups operating in Chile.
Code based on CRIRSCO Template.Code based on CRIRSCO Template.
A Bill was submitted by the Government A Bill was submitted by the Government
Executive to Congress in October 2005 to Executive to Congress in October 2005 to
legislate for Competent Person registration.legislate for Competent Person registration.
November, 2005IIMCh / CRIRSCO UN-ECE