The development of the Combined Reserves International Reporting Standards Committee (CRIRSCO) family of international reporting codes is a response to a number of mining industry 'bubbles', e.g. the Poseidon nickel boom and bust of 1969/70 and the Bre-X scandal of 1997. Although the USA and Australia had already started developing their codes (1988 and 1989 respectively), the international initiative to standardize reporting definitions for Mineral Resources and Mineral Reserves began at the 15th Council of Mining and Metallurgical Institutions (CMMI) Congress at Sun City, South Africa in 1994. The ad-hoc International Definitions Group (later to become CRIRSCO) was tasked with the primary objective of developing a set of international standard definitions for the reporting of Mineral Resources and Mineral Reserves. Deliberations continued, with agreement being reached for the definitions of the two major categories, Mineral Resources and Mineral Reserves, and their respective sub-categories Measured, Indicated, and Inferred Mineral Resource, and Proved and Probable Mineral Reserves under the Denver Accord in 1997. Following these agreements, an updated version of the JORC Code was released in Australia in 1999 and the first SAMREC Code was issued in 2000.
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