The Australasian Joint Ore Reserves Committee is calling for submissions to its 2011 JORC Code Review Issues Paper which reviews the most recent 2004 version of the Code.
The main reasons for the review of the 2004 JORC Code were increased stakeholder interest in improving standards of public reporting, and the evolution of reporting standards that have been witnessed globally over the last decade.
The review examines opportunities for improving the adequacy of information disclosed by resource companies so that investors and potential investors and their advisors are fully informed.
They key issues examined in the paper include disclosure of exploration results and targets and guidance on ‘reasonable prospects for eventual economic extraction’ for the purpose of estimating mineral resources.
Other issues include disclosure of key assumptions underpinning Mineral Resource and Ore Reserve estimates, minimum level of study required to support and initial Ore Reserve estimate and reporting, and disclosure of production targets.
The deadline for submissions is Friday December 16, 2011. Responses can be submitted online at www.jorc.org.
The JORC Committee is sponsored by the Australian mining industry and its professional organisations. The Code for Reporting of Mineral Resources and Ore Reserves (the JORC Code) is widely accepted as a standard for professional reporting purposes.
