Codes and standards
Codes and standards
Many AusIMM members working in the resources industry are obliged to uphold two professional codes, The JORC Code and The VALMIN Code.
The JORC Code
The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code) is a professional code of practice setting the minimum standards for public reporting of minerals exploration results, mineral resources, and ore reserves. Any AusIMM member working as a Competent Person under the JORC Code is bound by the Code.
Reports prepared in accordance with the JORC Code aim to inform investors and their advisors. They include, but are not limited to, annual and quarterly company reports, press releases, information memoranda, technical papers, website postings and public presentations of Exploration Results, Mineral Resources and Ore Reserves estimates.
The current edition of the JORC Code was published in 2012 (The JORC Code, 2012 Edition) and came into mandatory operation from 1 December 2013. It has been incorporated in the Listing Rules of the Australian and New Zealand Stock Exchanges, making compliance mandatory for listing public companies in Australia and New Zealand. More information is available on the JORC website.
AusIMM offers the Professional Certificate in JORC Code Reporting for mining professionals
The VALMIN Code
AusIMM together with the Australian Institute of Geoscientists have created the Code for Valuation of Mineral and Petroleum Assets and Securities for Independent Expert Reports (The VALMIN Code). The VALMIN Code details the obligations for the assessment and valuation of mineral assets and securities for independent expert reports. It also provides guidance for petroleum assets and securities. The AusIMM has adopted the VALMIN Code as a professional Code that is binding for all AusIMM members undertaking relevant work.
The VALMIN Code 2015 Edition became mandatory for AusIMM members from 1 July 2016. More information is available on the VALMIN website.