MEMR to oblige KCMI as report standard

The ministry of energy and mineral resources (MEMR) has planned to oblige the use of scheme of Indonesian Mineral Reserves Committee Code (KCMI) as a standard of report to be used to measure proven and estimated reserves owned by mining companies.

The MEMR? Mineral and Coal Director General R Sukhyar said in Jakarta on Friday that until now the standard of report used to measure the proven and estimated reserves in Indonesia is the method of the Joint Ore Reserves Committee Code (JORC) which is originated from Australia.

?This should be replaced with the KCMI as a standard of report,? he was quoted by Bisnis Indonesia as saying on Saturday.

He said that the government supports the ministerial regulation that KCMI should be utilized. ?Therefore, we admitted that IAGI and Perhapi are competent institutions in giving such verifications,? he said.

Sukhyar pointed out that although KCMI will be obliged, the JORC from Australia will still be applied and admitted as a legal method, besides the KCMI proposed by Perhapi and IAGI.

He further said that the authority of the Indonesian Stock Exchange (IDX) acknowledged the KCMI as a legal method, which can be adopted by Indonesian mining companies if they want to be listed on the IDX. ?We?ll arrange mining companies wanting to be listed on the IDX,? he said. (*)