Turkey’s Ministry of Energy and Natural Resources (“Ministry”) has announced principles for organizing the National Mineral Resource and Reserve Reporting Commission (“Commission”), including principles for selecting members, as well as their respective duties. Among other things, the Commission is tasked with establishing open, reliable and feasible resource and reserve information for mine prospection, research and production, as well as setting reporting standards (including financial aspects).
The Regulation on National Mineral Resource and Reserve Reporting Commission (“Regulation”) was published in Official Gazette number 30135 on 26 July 2017, entering into effect on the same date.
As per the Regulation, The Commission will be made up of seven each elected for a three-year term:
- Two members elected from candidates proposed by the General Directorate of Mining Affairs and General Directorate of Mineral Research and Exploration;
- One member elected from candidates proposed by the Capital Market Board and Istanbul Stock Exchange;
- Two members elected from among individuals registered to professional chambers;
- Two members elected from candidates proposed by the Union of Chambers and Commodity Exchanges of Turkey.
The Regulation also outlines details for when memberships expire, working principles for the Commission, as well as the duties and authorities of the commission, as well as its president.
Please see the link for full text of the Regulation (only available in Turkish).
Information first published in the MA | Gazette, a fortnightly legal update newsletter produced by Moroğlu Arseven.