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Kyrgyzstan switches to CRIRSCO reserves reporting system

Kyrgyzstan switches to cooperation within the Mineral Reserves International Reporting Standards CRIRSCO. The tripartite Memorandum of Understanding between the State Committee for Industry, Energy and Subsoil Use of the Kyrgyz Republic, the Association of Legal Entities Kyrgyz Mountain Association and the Committee for Mineral Reserves International Reporting Standards (CRIRSCO) was signed in Jakarta, Indonesia the day before.

According to the press service of the State Committee, the parties agreed to use the experience of the association to develop the Kyrgyz reporting code on mineral resources and to facilitate its adaptation in the context of the legislation on subsoil use of the Kyrgyz Republic.

«If we create our national reserves assessment system, harmonized with the international one, and recalculate our reserves, the value of local explored deposits will rise 2-3 times. This standard is perceived by serious investors and, most importantly, by the world’s largest banks,» the head of the association Ishimbay Chunuyev stressed.

The closest neighbors — Kazakhstan, China and Mongolia — have switched to the international CRIRSCO system.