The Australasian Joint Ore Reserves Committee (JORC) is seeking comment from stakeholders on its draft update of the code, with feedback closing 31 October 2024.
This revision is a critical next step of the current JORC Code 2012 – the most recent revision published in late 2012.
The JORC Code was first published in 1989 and is the keystone for metals and mining companies publicly trading on the Australian and New Zealand stock exchanges.
Announcements on a stock exchange, from annual reports to technical papers and public presentations, are prepared for the purpose of informing investors or potential investors and their advisors.
JORC is a mandatory system for the classification of exploration results, mineral resources, and ore reserves according to the levels of confidence in geological knowledge and technical and economic considerations in such public reports.
This is especially important for exploration companies – many of which are yet to generate revenue – as their market value is largely determined by their JORC-compliant declarations regarding the size, grade, and quality of undeveloped discoveries.
The proposed update expands into a range of new clauses covering competent persons, reasonable prospects, risk, reconciliation, and ESG among other guidance reviews. The draft also incorporates a changed structure with code and guidelines separation and table one format changes.
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; as well as 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.
The JORC Committee is responsible for the development and ongoing update of the code.
The committee is a member of and works alongside 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.
Public engagement events have been organised between August and September 2024 regarding the update.
The updated code is expected to be released in 2025.
Write to Adam Orlando at Mining.com.au
Images: JORC
