By Dan Oancea - Twitter

Mother Russia:

- Big - the world's largest country;

- Immense exploration (no modern exploration has ever been done on huge prospective swaths of land) and mining potential (from diamonds to gold and nickel);

-  Infrastructure, equipment need modernizing;

- Good geo-maps but 'weird' system of reporting mineral reserves & resources;

- Stable but not quite a favorite investment target because of the legislation, lack of transparency, corruption, etc.

Problem:

- Private Russian mining companies need access to international capital markets;

- Foreign companies invest in Russian mining and/or exploration sector and have to deal with the Russian resources & reserves system;

What has been done?

- Companies (Russian and foreign) hired international experts to do a 'Bankable Feasibility Study'; Downside: cost & time;

- The Committee for Mineral Reserves International Reporting Standards (CRIRSCO) met the Russian Federal Government Agency - State Commission on Mineral Reserves (FGU GKZ) and as of August 2010 delivered an agreement.

The paper's name is Guidelines on Alignment of Russian minerals reporting standards and the CRIRSCO Template. Click on it and enjoy.

As background info here's:

- CRIRSCO's take on a set of 'core' definitions; and,

- Some of the National Reporting Standards.