TERMS OF REFERENCE

The Pan-European Reserves and Resources Reporting Committee (PERC) is constituted to provide good practice in the public reporting of Exploration Results, Mineral Resources and Mineral Reserves and in this context serves as the National Reporting Organisation (NRO) for UK and Europe.

PERC provides a forum representing a broad spectrum of national interests concerning public reporting including professional accreditation and competence, industry, technical consultancy, finance, regulation and related agencies.

The formation of PERC recognises the need for the provision of accredited competent persons, for the coordination and application of reporting standards at national and international level, and for a single point of contact on these issues which is credible and whose representatives carry the authority of their constituent member organisations to fulfil the remit as defined within these terms of reference.

PERC relies on its constituent members to ensure regulatory and disciplinary oversight at a national level. It recognises the global nature of the minerals industry and the international consensus on reporting standards developed through the Committee for Mineral Reserves International Reporting Standards (CRIRSCO).

• Promote the consistency and improvement of national reporting standards for Mineral Exploration Results, Mineral Resources and Reserves, through consultation and cooperation at national and international level.
• Represent the minerals industry and related stakeholders on resource and reserve reporting issues.
• Maintain international reciprocity of Competent Persons through nationally based Recognised Overseas Professional Organisation ("ROPO") schemes.
• Maintain, improve and promote the use of the Reporting Code covering Mineral Exploration Results, Mineral Resources and Reserves, recognising and contributing from time to time developments and improvements relating to the CRIRSCO International Reporting Template.
• Facilitate the exchange of information and dialogue among PERC members and other stakeholders through an actively managed web site that promotes discussion on current issues.

PERC as a member of CRIRSCO has an international forum that will enable it to ensure consistency of its reporting standards in an international setting, as well as contributing to the development of good practice in international reporting.

PERC will serve the minerals industry and its stakeholders, including professional institutions, mining and exploration companies, technical consultancies, finance and mining analysts, banks, accountants, regulators and shareholders at national level, and through CRIRSCO at an international level.

The PERC remit covers all forms of solid minerals, including base and precious metals, gemstones, bulk commodities, aggregates, industrial minerals and energy minerals such as coal and uranium. It does not include non-solid energy minerals such as oil and gas and water. PERC will engage with the developers of oil and gas reporting standards at national level to ensure to the extent possible that resource and reserve definitions are compatible or mutually understandable to third parties.