Miners required to use KCMI in reporting reserves estimate
Monday, April 20 2015 - 05:41 AM WIB
The Directorate General of Mineral and Coal at the Ministry of Mineral Resources and Energy has on April 14 issued new Regulation No 569.K/30/DJB/2015 requiring mineral and coal miners to use the Indonesia National Standard (SNI) and the Indonesia Mineral Reserves Code (KCMI) in reporting exploration results, reserves and resources estimate.
Miners must adjust to the new requirement within two years since the issuance of the new regulation.
The regulation says the report must be approved by Indonesian competent person.
Budi Santoso of the Indonesian mining experts association welcomes the new regulation as it would create standard of reporting and better transparency, which in turn would help encourage investment in the sector.
He said that wide discrepancy in reporting standard has been seen as one of the risks of investing in the country's mining sector.
Major Indonesian coal miners have been using the Austaralia-based JORC system in reporting the estimates of reserves and resources.
Editing by Reiner Simanjuntak