New ASX reporting requirements, due to come into effect in
December 2013, are set to significantly change how listed mining companies
report to the market.
The new requirements oblige mining companies to report in
accordance with the 2012 JORC Code, the latest edition of which was published
on 20 December 2012. The changes require mining companies to report on
estimated mineral resources and ore reserves by the inclusion of an annual
mineral resources and ore reserves report in the annual report and to disclose
production targets for major projects.
In these reports, the mining companies will need to
include all material information to allow shareholders to understand the
reported estimates of probable and proved ore reserves for major mining
projects.
Additionally, the new listing rules also streamline the
requirement for prior written consent of the competent person for annual
reports.
There will be a twelve month transition period, with the
new requirements to come into force on 1 December 2012.
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