JORC mining code under review as update is needed
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Australia’s widely-respected Joint Ore Reserves Committee (JORC) Code is currently under review and the mining industry and other interested parties are invited to submit their feedback to shape an updated version of the code.
Since the JORC Code was last updated eight years ago, public and industry expectations have evolved in a number of areas addressed by the code.
The code is important for exploration and mining companies listed on the ASX and other exchanges in reporting on the size of their mining resources.
All public reporting of exploration results, mineral resources and ore reserves has to conform to JORC’s parameters and be endorsed by an authorised person who is competent in the Code’s standards.
JORC chairman Steve Hunt said his committee has started work on a major update of the Code with the release of an online survey ahead of a full review.
The survey will be followed by a summary issues paper for circulation in April 2021, and further feedback will be sought before a final version of the updated Code is published.
“We would normally have started the periodic review of the JORC Code with public meetings of JORC stakeholders, though as with many things in 2020, this has not been possible due to the COVID pandemic impacts,” he said.
“Importantly, the key focus of the Code remains to provide principles-based disclosure and transparency for investors and potential investors in the mining and exploration markets,” he said.
The JORC Code and regulatory framework has helped Australia’s resources industry to reduce misleading or over-emphasised information that could affect company share prices.
The Australian resources industry’s adherence to the Code has won it significant international admiration.
The survey is open to individuals, companies, and stakeholder groups to provide their views on specific areas for review, improvement or alignment.
Australian Institute of Geologists president, Andrew Waltho, said he encouraged his members to take part in the survey.
“Professional geoscientists are critically important stakeholders whose voices need to be heard during the JORC Code review and update process,” he said.
“There is unprecedented interest globally, particularly among business and securities regulators, in codes of practice for public reporting of exploration results, mineral resources and ore reserves.”
AIG members are required to comply with and contribute to compliance with the JORC Code as part of their professional membership.
The survey can be taken at: http://www.jorc.org/code-update.asp until 12 February, 2021.