Russia aims to create sovereign audit of subsoil reserves to be recognized at international level
MOSCOW. Oct 5 (Interfax) - Russia aims to create a sovereign audit of reserves in subsoil use recognized internationally by the end of 2024, Vera Bratkova, general director of the International Centre of Excellence in Sustainable Management of Natural Resources (ICRE, located within Rosnedra to supervise the creation of a national audit of Russian reserves) said at the MINEX Russia 2022 mining and geological forum.
Bratkova said that there are currently de facto two systems of mineral reserves assessment in the country: one for the purposes of state regulation and one for financial institutions, investors, rating agencies and subsoil users, based on international classifications (PRMS, SEC, CRISCO). However, their goals are the same: both the state and businesses/auditors want to know which reserves are actually profitable and which could merit investment.
At the same time, Russia's subsoil users face problems of access to foreign capital in case of imposition of sectoral sanctions due to the failure to receive a foreign auditor's opinion. For solid minerals, the risks of influence of unfriendly countries are somewhat lower than for hydrocarbons - the audit of reserves for solid minerals in the country is carried out mainly by Russian experts. But as a rule, they are accredited by the Australian professional expert community. Almost all Russians this year encountered difficulties in confirming their accreditation. And there are no guarantees that these specialists will not be denied accreditation next year, Bratkova said.
"In accordance with the Strategy for Development of the Russian Mineral Resource Base, provisions have been made to ensure regulatory oversight of mining and geological audits with establishment of the institute of experts (competent persons) and auditing organizations in subsurface use recognized by Russian and international financial institutions by the end of 2024. We proceed from these deadlines. Over the next two years we should describe the system to be created via legislation and bylaws," she said.
"Proceeding from the set deadlines we should move in two directions at once when creating a sovereign audit of reserves: creation of a unified Russian system of reserves management in Russia and creation of an international system of mutual recognition of reserve expertise (audit) for equal access to financial resources," Bratkova said.