REGULATION

Industry participation sought on JORC Code update

Public submissions for JORC Code now open

Staff reporter
Industry participation sought on JORC Code update

The Australasian Joint Ore Reserves (JORC) Committee has opened an online survey seeking comment from resources professionals until February 12. 

This will be followed by a summary issues paper to be circulated for industry feedback at the end of April 2021 before finalisation of the updated code.

"The JORC Code is a cornerstone of our sector and underpins global confidence in the Australian industry," JORC chair Steve Hunt said.

"It's essential therefore to consult widely with professionals to ensure the code remains relevant and fit for purpose. The survey allows us to start receiving feedback from various stakeholders and to plan for more direct engagement in mid-2021, particularly as COVID-19 restrictions ease".

There are several areas where industry, regulators and public expectations have evolved since the last update in 2012.

First published in 1989, the JORC Code is incorporated into ASX listing rules, making compliance mandatory for listed companies.

The JORC Committee comprises representatives of each of the three parent bodies: the Minerals Council of Australia, the Australasian Institute of Mining and Metallurgy, and the Australian Institute of Geoscientists (AIG).

It also comprises representatives of the ASX, the Financial Services Institute of Australasia and the accounting profession, and an observer from the Association of Mining and Exploration Companies (AMEC).

The JORC Committee is a member of and works closely with CRIRSCO, the Committee for Mineral Reserves International Reporting Standards to ensure international consistency in the development of reporting standards and the promotion of best practice in implementation of the relevant standards and codes.

AIG president Andrew Waltho strongly encouraged all members involved in mineral exploration, resource evaluation and mineral resource and ore reserves estimation, to contribute to 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 amongst business and securities regulators, in codes of practice for public reporting of exploration results, mineral resources and ore reserves. Australia is no exception."

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

editions

Mining Company ESG Index: Benchmarking the Future of Sustainable Mining

The Mining Company ESG Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

MiningNews.net Research Report 2024

Access a multi-pronged tool to identify critical risks and opportunities in Australia’s mining industry.