On October 5th, 2011, the Australian Securities Exchange (“ASX”) issued a consultation paper in respect of requirements for public reporting of exploration information, Mineral Resources, Ore Reserves and production targets for listed mining companies. The review seeks to enhance the quality of, and confidence in, reported information and promote thorough, balanced and consistent disclosure. The ASX is seeking comments by January 27, 2012.
The resource industry continues to be a significant factor on the ASX and in the Australian marketplace with
approximately 45% of the number of listed ASX companies being involved in mining and oil and gas, a market capitalization of $365 billion and $78 billion, in the mining and oil and gas sectors respectively, as at August 31, 2011, and more than 400 new junior resource company floats during the past 5 years.