PH as Newest Member of CRIRSCO

Original article: https://www.philippine-resources.com/articles/2024/4/ph-as-newest-member-of-crirsco

[Rio de Janeiro, Brazil] Oct. 17, 2023 – A ceremony that formally welcomes the Philippines as a new member of Committee for Mineral Reserves International Reporting Standards (CRIRSCO) – (L-R) Philippine Mineral Reporting Code Committee representatives, Rolando Cruz (VP of Nickel Asia Corp.) and Ciceron Angeles, Jr. (PMRCC Chairman and Consulting Geologist), with Edson Ribiero (CRIRSCO President) and Peter Stokes (Australia CRIRSCO representative)

The Philippine Mineral Reporting Code (PMRC) sets out the minimum standards, recommendations, and guidelines for public reporting in the Philippines of Exploration Results, Exploration Targets, Mineral Resources, and Mineral Reserves,” [1] as explained by Mr. Ciceron Angeles, Jr., PMRC Committee Chairman and Consulting Geologist.

In November 2021, the PMRC Committee (PMRCC) applied for membership in the highly regarded Committee for Mineral Resources International Reporting Standards (CRIRSCO).

CRIRSCO is a grouping of international representatives of organizations that are responsible for developing mineral reporting codes and guidelines. The other member countries are Australasia (JORC), Brazil (CBRR), Canada (CIM), Chile (National Committee), Colombia (CCRR), Europe (PERC), India (NACRI), Indonesia (KOMBERS/KCMI), Kazakhstan (KAZRC), Mongolia (MPIGM), Russia (OERN), South Africa (SAMREC), Turkey (UMREK) and the USA (SME). CRIRSCO was founded in 1994. The group is responsible for developing best practices for reporting mineral resources.

The main objective of CRIRSCO is to contribute to earnings and maintaining that trust by promoting high standards of reporting of mineral deposit estimates (Mineral Resources and Mineral Reserves) and of exploration.

When the Philippines’ PMRCC applied for membership in CRIRSCO in Nov. 2021, they are hoping to be approved before GEOCON 2023 in December. Fortunately, they received the approval they applied for in the timeframe they hoped for.

On Oct. 17, 2023, a ceremony was held in Rio de Janeiro, Brazil that formally welcomes the Philippines as a new member of CRIRSCO, thus making the PMRCC its 15th Member. This recognition also promotes the PMRC 2020 as one of CRIRSCO’s “family of codes”.

Representing the Philippines under PMRCC are Mr. Rolando Cruz (VP of Nickel Asia Corp.) and Mr. Ciceron Angeles, Jr. (PMRCC Chair and Consulting Geologist).

PMRCC is the Philippine’s reporting organization that is responsible for maintaining guidelines that ensure transparency, materiality, and competency, as a means to protect the investors, the public and other stakeholders.

With this milestone for PMRCC, they believe that the Philippines will now have a better chance of attracting more mining investments, because PMRCC is now at par with the standards of the other members of CRIRSCO.

Mr. Angeles said, “Joining CRIRSCO is a testament to our commitment to upholding the highest standards of reporting and ensuring the protection of investors. By aligning with internationally recognized reporting standards, we are strengthening the credibility and integrity of the Philippine minerals industry.”

In following the CRIRSCO framework, the PMRC abides by the key principles of transparency, materiality, and competence.

• Transparency will guarantee that all pertinent information is reported.

• Materiality pertains to the disclosure of all factors that will affect the company’s share price and profitability.

• Competence requires that the person who will be tasked to prepare the public disclosure reports is qualified and trustworthy.

The PMRC 2020 Edition (PMRC 2020) was approved by the Securities and Exchange Commission (SEC) in September 2021.

“The PMRCC in collaboration of the Philippine Stock Exchange (PSE) is in the final stages of the drafting of the Implementing Rules and Regulations (IRR) of the PMRC 2020. It will still undergo a public hearing and a PSE comment period before PSE submits it to SEC for approval before the end of this year.” (From “The Philippine Mineral Reporting Code (PMRC) Updates and Its Future for the Philippines” by Ciceron A. Angeles, Jr. – GEOCON 2023)

According to his report, PMRCC is still in discussion with the Department of Energy for the adoption of PMRC 2020. Coal is the last solid mineral commodity that is regulated by PSE among its listed companies but not yet by the corresponding national regulatory agency.

PH joins elite group for transparent mining

Source: https://business.inquirer.net/433501/ph-joins-elite-group-for-transparent-mining

The Philippines has joined an elite group of countries that follow strict reporting standards allowing for greater transparency in the mining industry’s operations.

As the 15th member of the Committee for Mineral Reserves International Reporting Standards (CRIRSCO), the Philippine Mineral Reporting Code Committee (PMRCC) believes the country will stand out as a responsible and appealing destination for mining investments.

Formed in 1994, CRIRSCO is composed of organizations worldwide responsible for developing best practices for reporting mineral resources. “The combined value of mining companies listed on the stock exchanges of these countries accounts for more than 80 percent of the listed capital of the mining industry,” CRIRSCO’s website read.

Representing the Philippines, PMRCC joins other countries in CRIRSCO such as Australia, Canada, Chile, Europe, South Africa and the United States.

PMRCC is a national reporting organization responsible for maintaining guidelines that adhere to transparency, materiality and competence in order to protect the public, investors and other stakeholders. Its guidelines were developed for public reporting of companies listed in the Philippine Stock Exchange.

Transparency calls for reporting all pertinent information, materiality requires disclosing the factors influencing a company’s share price and profitability and competence mandates that those preparing public disclosure reports are qualified and willing to take personal responsibility for their work.

The PMRCC said the inclusion in CRIRSCO underscored that its set of guidelines for public reporting has the same level of detail and transparency as that of its global counterparts. “By aligning with internationally recognized reporting standards, we are strengthening the credibility and integrity of the Philippine minerals industry,” PMRCC chair Ciceron Angeles Jr. said.

The PMRCC said the adoption of CRIRSCO standards, which includes incorporating a sustainability clause involving the declaration of resources with reasonable potential for economic extraction, was expected to have a substantial impact on short- and medium-term planning in the mining sector.

“We will continue to monitor the effectiveness and relevance of the [Philippine guidelines], subjecting it to periodic reviews to ensure its continuous improvement,” Nickel Asia Corp. vice president Rolando Cruz said. Nickel Asia is one of the members of the PMRCC.

Philippine accepted as 15th member of CRIRSCO

Source: https://www.msn.com/en-ph/news/national/philippine-accepted-as-15th-member-of-crirsco/ar-AA1ktE7w

MANILA, Philippines — The mining sector is seen benefitting from the acceptance as the 15th member of the Committee for Mineral Reserves International Reporting Standards (CRIRSCO) through the Philippine Mineral Reporting Code Committee (PMRCC).

PMRCC chairperson Ciceron Angeles Jr. said the membership of the Philippines to CRIRSCO would enhance the transparency and credibility of the Philippine mining sector.

“Joining CRIRSCO is a testament to our commitment to upholding the highest standards of reporting and ensuring the protection of investors. By aligning with internationally recognized reporting standards, we are strengthening the credibility and integrity of the Philippine minerals industry,” Angeles said.

The PMRC (2020 Edition) serves as the official set of guidelines for public reporting on exploration results, mineral resources, and mineral reserves in the country.

Developed for public reporting of companies listed in the Philippine Stock Exchange (PSE), the PMRC is intended to protect the public, investors, and other stakeholders.

Under the CRIRSCO framework, the PMRC adheres to the key principles of transparency, materiality, and competence.

Transparency ensures that reports communicate all pertinent information.

In addition, materiality requires the disclosure of factors influencing a company’s share price and profitability, while competence mandates that those preparing public disclosure reports are qualified and willing to take personal responsibility for their work.

The PMRC Committee, in its capacity as the national representative organization, commits to overseeing the effectiveness and relevance of the PMRC.

“We will continue to monitor the effectiveness and relevance of the PMRC, subjecting it to periodic reviews to ensure its continuous improvement,” Nickel Asia Corp. vice president Rolando Cruz said.

With its global certification, the PMRC strengthens the Philippines’ standing as a responsible and appealing destination for mining investments. This move serves to safeguard the interests of investors while promoting responsible practices for the benefit of both the community and the nation’s mineral resources.

Founded in 1994, CRIRSCO is a group of representatives of organizations that are responsible for developing mineral reporting codes and guidelines in Australasia, Brazil, Canada, Chile, Colombia, Europe, India, Indonesia, Kazakhstan, Mongolia, Russia, South Africa, Turkey and the US.

The PMRCC is composed of the parent organizations the Geological Society of the Philippines, Society of Metallurgical Engineers of the Philippines and the Philippine Society of Mining Engineers, while the associate organizations are the PSE, Philippine Mining and Exploration Association and Philippines-Australia Business Council.