JORC Committee announces closing date for online survey submissions for 2021 review and update of the Code
The Australasian Joint Ore Reserves (JORC) Committee has announced a closing date of 12 February 2021 for public submissions from resources professionals and industry stakeholders ahead of the 2021 review and update of the JORC Code.
As part of the first review the JORC Code has undertaken since 2012, a survey and submission process is open online at https://www.jorcsurvey.org/ until 12 February 2021, bringing to a close the first critical step of the review process. This will be followed by a summary issues paper to be circulated for industry feedback at the end of April 2021 before finalisation of the updated code.
The JORC Chair, Steve Hunt encouraged all interested participants to register their views before the cut off date of February 12.
“The JORC Code is a cornerstone of our sector, evidenced by the hundreds of submissions and survey responses already received to date,” Mr Hunt said.
“The JORC Committee has consulted widely, but we want to be sure that all interested parties have had the chance to participate in these final days of the consultation survey process”.
The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ('the JORC Code') is a professional code of practice that sets minimum standards for Public Reporting of minerals Exploration Results, Mineral Resources and Ore Reserves. It provides a mandatory system for the classification of resources and reserves according to the levels of confidence in geological knowledge and technical and economic considerations in Public Reports.
The consultation survey is open to individuals, companies and other stakeholder groups to provide feedback on the JORC Code including their views on specific areas for review, improvement or alignment within the Code.
Steve Hunt, JORC Committee Chair
Background to 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 that sets minimum standards for Public Reporting of minerals Exploration Results, Mineral Resources and Ore Reserves.
The JORC Code provides a mandatory system for the classification of minerals Exploration Results, Mineral Resources and Ore Reserves according to the levels of confidence in geological knowledge and technical and economic considerations in Public Reports.
Public Reports prepared in accordance with the JORC Code are reports prepared for the purpose of informing investors or potential 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 JORC Code was first published in 1989, with the most recent revision being published late in 2012. Since 1989 and 1992 respectively, it has been incorporated in the Listing Rules of the Australian Securities Exchange, other Australian stock exchanges and New Zealand Stock Exchange, making compliance mandatory for listing public companies in Australia and New Zealand.
Public reporting in accordance with the Code requires the formal signoff of a Competent Person, who is a mining professional meeting specific qualification, experience and professional membership requirements.
The JORC committee
The JORC Code is produced by the Australasian Joint Ore Reserves Committee ('the JORC Committee'). The JORC Committee was established in 1971 and is sponsored by the Australian mining industry and its professional organisations.
The JORC Committee comprises representatives of each of the three parent bodies: The Minerals Council of Australia (MCA), The Australasian Institute of Mining and Metallurgy (The AusIMM), and the Australian Institute of Geoscientists (AIG); as well as representatives of the Australian Securities Exchange (ASX), the Financial Services Institute of Australasia (FinSIA) and the accounting profession, and an observer from the Association of Mining and Exploration Companies (AMEC).
The JORC Committee is a member of and works closely with 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.