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.
A brief 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.
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:
- the Institute of Materials, Minerals, and Mining (IOM3)
- the European Federation of Geologists
- the Geological Society of London
- the Institute of Geologists of Ireland
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.