ArmInfo. Representatives of the geological community of Armenia discussed the issue of joining to the CRIRSCO Mineral Reserves Reporting Standards Committee.
CRIRSCO is a coalition of representatives of organizations responsible for developing mineral reporting codes and guidelines in Australia (JORC), Brazil (CBRR), Canada (CIM), Chile (National Committee), Colombia (CCRR), Europe (PERC), India (NACRI), Indonesia (KOMBERS | KCMI), Kazakhstan (KAZRC), Mongolia (MPIGM), the Philippines (PMARC), Russia (OERN), South Africa (SAMREC), Turkey (UMREK), and the United States (SME). The combined value of mining companies listed on the stock exchanges in these countries accounts for over 80% of the listed capital of the mining industry. The organization's goal is to promote international best practices in the reporting of mineral exploration, mineral resource and mineral reserves.
Speaking to journalists on the sidelines of the event, Vardan Janyan, Vice President of ZCMC and Chairman of the Association of Mining and Metallurgy of Armenia, mentioned that one of the provisions of the Armenian mining development strategy, adopted by the authorities several years ago, was the implementation of CRIRSCO standards. He emphasized that it would align national legislation in this area with international standards. "This will allow investors from around the world to understand our reporting. In other words, we will speak the same geological language-our standards will be consistent with international standards. This will help the industry develop properly," Janyan said.
According to the head of the Association of Mining and Metallurgy, the industry currently operates under standards adopted during the Soviet era, which are no longer relevant. Janyan believes that joining CRIRSCO will change the way international investors view Armenia's mining industry. "I've said many times that we face the task of attracting high-quality investors to the mining industry, and in this regard, the most important step is to implement these changes in the geological aspect. Because geology is the foundation of our mining industry. If these changes are successfully implemented, we will be able to register significant advancement in the industry," the deputy head of ZCMC clarified. He noted that all countries seeking high-quality investors, including Australia, Canada, the United States, Chile, Kazakhstan, and others, adhere to these standards.
During discussions with geologists, Janyan presented Kazakhstan's experience in implementing CRIRSCO standards. He noted that the Kazakh example (KAZRC) could be acceptable for Armenia given that both countries are post-Soviet states. He also mentioned that Armenia could join CRIRSCO as a separate national member and cited the European example (PERC). In this regard, the deputy head of ZCMC stated that the government will have the final say on the path Armenia chooses to take. "This is a matter for the state, as image issues may also be taken into account-whether to join Europe or Kazakhstan? Or to pursue an independent path, which is more challenging, but is also possible," the expert noted.
He emphasized that implementing standards is a massive undertaking that requires the involvement of all parties and industry representatives. This is the reason for the current meeting with the professional community. Janyan also stated that this matter is being discussed at the Ministry of Territorial Administration and Infrastructure during meetings of the specialized working group that has been established.
