Australia’s resources industry has begun preparations for a “major update” to the world-leading Joint Ore Reserves Committee (JORC) Code, the first since 2012.
The Australasian Joint Ore Reserves Committee has released an online survey for public submission, seeking comment ahead of a full review and update of the code next year.
Australia’s resources industry said in a statement that “there are a number of areas where industry, regulator and public expectations have evolved” since the last update in 2012.
ASX-listed explorers and miners must report results within the parameters of the code, and receive sign-off by an authorised person, or face scrutiny.
JORC – world-leading reporting code
The JORC Code is the globally respected code by which Australia’s resources sector has to report exploration results, mineral resources and ore reserves, to ensure misleading or over-emphasised information does not lead to wild share price fluctuations.
Australian Institute of Geoscientists president Andrew Waltho said the update was essential to ensure the integrity of the code.
“There is unprecedented interest globally, particularly amongst business and securities regulators, in codes of practice for public reporting of exploration results, mineral resources and ore reserves and Australia is no exception,” he said.
How the update will work
JORC chair Steve Hunt said the public survey would be followed by a summary issues paper by April 2021 and further industry feedback before the code was updated.
“The survey allows the committee to start receiving feedback from various stakeholders and to plan for more direct engagement early in 2021 as COVID restrictions ease,” 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.”
Survey open now
The survey, open to individuals, companies and other stakeholder groups, is available here until February 12, 2021.
- Daniel Paproth