The ASX has released the final amendments to the Listing Rules which become mandatory from 1 December 2013.
The new reporting rules enhance the standard of public reporting of reserves, resources and exploration information by listed mining companies.
New Reporting Standards
- The changes are intended to provide investors with more consistent information about listed companies’ mineral interests and forecast financial information.
- More onerous standards apply to disclosure of all material assumptions and the underlying basis for forward looking information such as production targets and financial forecasts.
- Internal processes will need to be updated to manage the new reporting standards. There are no additional technical assessments required to respond to the new reporting standards, however, care should be taken to obtain reliable geological information substantiating technical reserve announcements.
JORC has also released the finalised 2012 edition of the JORC Code (Australasian Code for Reporting Exploration Results, Mineral Resource and Ore Reserves) (2012 JORC Code), which replaces the 2004 edition.
ASX listed mining companies should start implementing systems and training to ensure they can comply with the new rules when they become mandatory from 1 December 2013. Copies of the amended reporting rules and guidance can be found at www.asxgroup.com.au/compliancedownloads. htm. A copy of the JORC Code is also available at www.jorc.org.