Kazakhstan: introduction of international reporting standards system on the reserves of solid commercial minerals

Currently developing reforms in the sphere of subsoil use are aimed at increasing competitiveness and improving the environment for companies and investors in Kazakhstan. An important condition for improving the investment attractiveness of Kazakhstan's mining industry is the adoption of international standards on mineral resources.

Since the investment risks in projects of geological exploration and development are very high, the requirements of investors to the reliability of resources and reserves are very hard. Exchanges and banks rely on mining and exploration companies only if their activities and reporting comply with international standards. At the heart of most of the standards, adopted by the exchanges, is the CRIRSCO standard that defines how companies should disclose the geological and technical information about their projects to the public. It guarantees investors a reasonable level of assurance that the provided information is maximally accurate and truthful.

To improve standards, for the exchange of experiences, interaction with exchanges all of these standards are integrated into the family of CRIRSCO. In 2014, Kazakhstan started the process of development of standards, based on the unified CRIRSCO standard. In order to further develop the country in the global crisis, the President outlined the plan for the nation - 100 concrete steps. One of them is the 74 step, aimed at "Enhancing the transparency and predictability of the sphere of subsoil use through the introduction of international accounting standards system on reserves of solid minerals CRIRSCO».

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