UNFC-1997 is a system for the classification and reporting of reserves and resources of solid fuels and mineral commodities and provides a standardized, internationally recognized system for the reporting of reserves and resources.
It has been developed by the UN Economic Commission for Europe.
It promotes transparency and consistency in the reporting of mineral and energy assets and ensures that geological, engineering, and economic information is used consistently.
It provides a basis for comparing reserves and resources data between countries and regions which is widely used by governments, industry, and financial institutions around the world.
According to UNFC-1997, there are four stages of exploration for any mineral deposit: