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  • Emmanuel Caguimbal

Philippine accepted as 15th member of CRIRSCO

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.

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