Are ukrainian subsoil users ready to speak “the same language” with international investors?

Abstract

The most common used classification of ore reserves and resources in the world is the CRIRSCO template classification, which underlies many national reporting standards (codes) such as the JORC Code (Australia) and NI 43-101 (Canada). All standards and codes used by the main stock exchanges in the world are based on the CRIRSCO classification (International Reporting Template for the Public Reporting of Exploration Targets, Exploration Results, Mineral Resources and Mineral Reserves of the Committee for Mineral Reserves International Reporting Standards). The preparation of a public report in accordance with one of the standards (codes) is necessary for listing on the exchange (in particular, IPO). The classification of reserves and resources of the state subsoil fund is valid in Ukraine and is based on the classification of the UNFC (United Nations Framework Classification for Fossil Energy and Mineral Reserves and Resources). It is harmonized with the CRIRSCO classification gene­rally accepted on exchanges, about which there are relevant documents. Joint use of these classifications in Ukraine is the most optimal and effective at the moment. It is important to indicate international categories of resources and mineral reserves in official government documents, databases, registers, balances, etc. It is necessary to ensure access of potential investors in the mining industry of Ukraine to this information. The article proposes steps and measures for the introduction and wider use of recognized international classifications and standards in Ukraine. It is necessary to ensure widespread use of the current classification of resources and mineral reserves, as well as to make appropriate changes to the existing regulatory framework.

Keywords

• international mineral resources and reserves classifications
• standards (codes) for reporting mineral reserves and resources
• listing
• ipo