India has adopted UNFC system in year 2003 to classify its mineral resources and prepare National Mineral Inventory to enable it make strategic decisions related to identification of strategic minerals for exploration, allotment of resources for exploration of deep-seated minerals and deployment of modern exploration and mining technology. The same was promptly incorporated in National Mineral Policy 2008 but with a caution that the Mineral Resource Inventory will be in accordance with latest version of the UNFC system. The Minerals (Evidence of Mineral Contents) Rules, 2015 are a blend of UNFC 1997 and CRIRSCO Template, which in principle are not in harmony. Recognizing the long felt need of the Indian Mineral Resource industry, a voluntary and independent group of domain experts from geosciences and mining, called NACRI, developed a Make in India CRIRSCO-compliant Reserves Reporting System, namely IMIC, which was duly recognised by CRIRSCO on August 1, 2019. Salient features of IMIC are described.The National Mineral Policy-2019, which was declared on the insistence of the Apex Court, pronounced that the Mineral Resource Inventory will be maintained in accordance with a globally accepted public reporting standard for ensuring reliability of reporting and acceptability to financial institutions and stock exchanges. In pursuance of this policy and the overriding need to attract investments in exploration and mining, the Ministry of Mines constituted a Group with representatives from MoM, NACRI, GSI, IBM and MECL for evolving a government structure of the mineral reporting codes, standards and guidelines under the CRIRSCO-compliant Reporting Standards.
Anatomy of an Internationally Recognized Mineral Resources and Reserves Public Reporting Standard (CRIRSCO): Critical Comments
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India has adopted UNFC system in year 2003 to classify its mineral resources and prepare National Mineral Inventory to enable it make strategic decisions related to identification of strategic minerals for exploration, allotment of resources for exploration of deep-seated minerals and deployment of modern exploration and mining technology. The same was promptly incorporated in National Mineral Policy 2008 but with a caution that the Mineral Resource Inventory will be in accordance with latest version of the UNFC system. The Minerals (Evidence of Mineral Contents) Rules, 2015 are a blend of UNFC 1997 and CRIRSCO Template, which in principle are not in harmony. Recognizing the long felt need of the Indian Mineral Resource industry, a voluntary and independent group of domain experts from geosciences and mining, called NACRI, developed a Make in India CRIRSCO-compliant Reserves Reporting System, namely IMIC, which was duly recognised by CRIRSCO on August 1, 2019. Salient features of IMIC are described.The National Mineral Policy-2019, which was declared on the insistence of the Apex Court, pronounced that the Mineral Resource Inventory will be maintained in accordance with a globally accepted public reporting standard for ensuring reliability of reporting and acceptability to financial institutions and stock exchanges. In pursuance of this policy and the overriding need to attract investments in exploration and mining, the Ministry of Mines constituted a Group with representatives from MoM, NACRI, GSI, IBM and MECL for evolving a government structure of the mineral reporting codes, standards and guidelines under the CRIRSCO-compliant Reporting Standards.
Publication Mode |
Online |
---|---|
Publication Author |
P. V. Rao, Abani Samal |
Publication Language |
English |
Publication Type |
Conference Paper |
Publication Year |
2021 |
DOI |
10.17491/cgsi/2021/165473 |
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