Eight years after its last revision, Australia recently launched a new review of the Australasian Joint Ore Reserves Committee (JORC) Code, which regulates the integrity of public reporting of exploration results, mineral resources and ore reserves.
Such reporting has to be described within JORC’s parameters and the statement signed prior to issuing it by an authorized person competent in the Code’s standards.
According to the Australian Institute of Geoscientists, the new revision – being carried out by the Australasian Joint Ore Reserves Committee – acknowledges that there are several areas where industry, regulator and public expectations have evolved since the last Code update in 2012.
“The key focus of the Code remains to provide principles-based disclosure and transparency for investors and potential investors in the mining and exploration markets,” JORC Chair, Steve Hunt, said in a media statement.
Hunt also pointed out that the periodic review of the JORC Code would have started with public meetings of JORC stakeholders but this was not possible this year due to the covid-19 pandemic. Thus, he said the Committee decided to launch an online survey seeking comment ahead of a fuller review and update of the JORC Code next year.
“The survey does allow the Committee to start receiving feedback from various stakeholders and to plan for more direct engagement early in 2021 as covid restrictions ease,” Hunt said. “Importantly, the key focus of the Code remains to provide principles-based disclosure and transparency for investors and potential investors in the mining and exploration markets.”