COAL RESOURCE BASE IN POLAND FROM THE PERSPECTIVE OF USING THE JORC CODE
The article will present a comparison of classifications of resources according to the JORC Code System with Polish classification, basing on system used in Eastern Europe. The differences between these classifications are significant. The information about mineral resources in Poland is not comparable to the main international system of reporting reserves like JORC, SAMREC, and PERC. Although comparisons between these systems are used, the transfer of particular categories of resources from the Polish system into a JORC category is not simple. Basing on the examples of privatization of Polish coal companies through initial public offering on the Warsaw Stock Exchange, the current practices providing guidelines how to convert resources from the Polish classification to the JORC system are described. Such independent assessment of resources is necessary for development of Mineral Expert’s Report (MER or CPR) which is an integral attachment to the prospectus.
Resources; Reserves; Systems; Reporting; mining; Coal; classification; Standards;