About PERC

PERC is the organisation responsible for setting standards for public reporting of exploration results, mineral resources, and mineral reserves by companies listed on markets in Europe. It is a member of CRIRSCO, the Committee For Mineral Reserves International Reporting Standards, and the PERC Reporting Standard is fully aligned with the CRIRSCO Reporting Template. PERC is established formally as a not-for-profit organisation ('asbl') registered in Brussels by its four founding professional organisations.

History

Following a series of mergers of professional institutions, the Reserves Committee set up by the Institution of Mining and Metallurgy in the UK, to set standards for reporting mineral exploration results, mineral resources and reserves has been re-constituted with a broader remit, as the Pan-European Reserves and Resources Reporting Committee (PERC). PERC has now been formalised as a not-for-profit organisation based in Brussels, at the offices of EFG.

The first reporting standard in Europe was produced by the IMM Reserves Committee in 1991, modelled largely on the new JORC Code in Australia. These also appeared in a slightly modified form in the London Stock Exchange Listing Rules (Chapter 19 – Mineral Companies). During the 1990s there were also reporting standards defined in other regions of the world. The increasing globalisation of the mining industry, and mining finance in particular, led to an initiative to harmonise the various reporting standards. This was done undert the umbrella of the former CMMI (Council of Mining and Metallurgical Institutes).

CRIRSCO, which was formed in 1994 under the auspices of CMMI, is a grouping of representatives of organisations that are responsible for developing mineral reporting codes and guidelines in Australasia (JORC), Canada (CIM), Chile (National Committee), Europe (National Committee, now PERC) South Africa (SAMREC), Russia (NAEN) and the USA (SME). The combined value of mining companies listed on the stock exchanges of these countries accounts for more than 80% of the listed capital of the mining industry.

The international initiative to standardise market-related reporting definitions for mineral resources and mineral reserves had its start at the 15th CMMI Congress at Sun City, South Africa in 1994. The mineral definitions working group (later called CRIRSCO) was formed after a meeting at that Congress, and was made up of representatives from the countries listed above (except for Chile and Russia, which joined later), with the primary objective of developing a set of international standard definitions for the reporting of mineral resources and mineral reserves.

In 1997, the five participants reached agreement (the Denver Accord) for the definitions of the two major categories, Mineral Resources and Mineral Reserves, and their respective sub-categories Measured, Indicated and Inferred Mineral Resources, and Proved and Probable Mineral Reserves.

In 2001, the first new standard based on the Denver Accord, 'The [European] Reporting Code' was published. Titled in full The Code for Reporting of Mineral Resources and Mineral Reserves, it set out minimum standards, recommendations and guidelines for Public Reporting of Mineral Exploration Results, Mineral Resources and Mineral Reserves in the United Kingdom, Ireland and Europe. Initially it was drawn up by the Working Group on Resources and Reserves of the former Institution of Mining and Metallurgy (IMM), now the Institute of Materials, Minerals & Mining (IMMM), which was established in 1999 to produce an up to date Code in response to similar moves overseas. In July 2000, it was agreed to broaden the exercise working in conjunction with the European Federation of Geologists (EFG), the Geological Society of London (GSL) and the Institute of Geologists of Ireland (IGI).

With continuing organisational changes, the IMMM Working Group ceased operating, though individual members remained very active in CRIRSCO. However, with the preparation of the CRIRSCO Template and its publication in 2006, it was recognised that an update to The Reporting Code would be needed. A new committee was formed, with a Europe-wide remiit: the Pan-European Reserves & Resources Reporting Committee - PERC.

On 17 December 2008, the PanEuropean Code For Reporting Of Exploration Results, Mineral Resources And Reserves ("The PERC Reporting Code") was published. This incorporated not only the new 'consensus' standards of the CRIRSCO Template but also some of the most useful features of other CRIRSCO-aligned standards, such as the version of Table 1 included in SAMREC.

From late 2006 also PERC established a very fruitful relationship with Russian organisations. Initially this took the form of co-operation with GKZ (the State Commission on Reserves) to produce guidelines for conversion from the Russian national classification to CRIRSCO categories, completed and published in 2010. Following this, and with PERC's assisstance, a Russian national reporting standard was developed by the professional geologists association within NAEN. In 2011 this was published and NAEN joined CRIRSCO.

CRIRSCO has continued to introduce improvements and modifications, agreed in successive annual meetings, and in 2011-2012 a set of common standard definitions was agreed, allowing all CRIRSCO members to use identical wording for the set of key definitions, not only of resources and reserves, but also for public reports, competence criteria, and feasibility/pre-feasibility reports.

PERC itself operated as an informally constituted group from 2006 to 2011, but it was recognised that continuing development of its European role required some formalisation. From 2011 to 2013 a core 'acting committee' developed the new structure, giving PERC a legal identity, with formal relationship between PERC and its parent organisations. A strategic decision was made that PERC should be registered in Brussels, et the office of one of its parent organisations, the European Federation of Geologists.

PERC has been developing an updated version of its reporting standard during 2011-2012, and this is now completed, as the PERC Reporting Standard 2013, to be published at the first Annual General Meeting of the new committee, in March 2013.


PERC is the European equivalent of the Australasian JORC in Australasia, SAMREC in South Africa, and similar reserves standards bodies in the USA, Canada, Chile, and Russia, and with them is a constituent member of the Committee For Mineral Reserves International Reporting Standards (CRIRSCO - www.crirsco.com). Representation on PERC covers major and junior mining sectors, industrial minerals, aggregates, coal, the investment and financial community and the professional accreditation organisations including:

Click here for PERC's terms of reference.

Its principal activities are:

  • to manage and update the PERC Reporting Code, which is the successor to the former 1991 IMM code and the 2001 Reporting Code
  • to represent the European region on CRIRSCO, the international body harmonising reserves reporting standards around the world
  • to liaise with ESMA, the London Stock Exchange, AIM, FSA, and other stock exchanges and regulators in Europe, to assist them to incorporate into their rules the use of the PERC Reporting Code in particular and CRIRSCO-aligned codes in general
  • to promote good practice in the reporting of mineral resources and reserves.
  • participation as advisers in national and international minerals statistics and similar projects.

NEWS

We welcome Brazil to our expanding standards community, now the 9th member of CRIRSCO

Downloads

PERC 2017 Standard
List of RPOs
Presentation at EU-USA workshop, Brussels, 12-13 Sept 2012
RUSSIA