ASX calls for submissions on reforms to Aussie resource reporting

The ASX has asked for submissions on proposed reforms to resource reporting in an aim to harmonise Australian reporting requirements with international best reporting practice, enhance access to capital and reduce costs.

The proposed reforms will affect the internal work listed companies must do to support disclosure and how disclosure is made.

The paper covers two areas:

• Part A – mining companies, looks at enhancing disclosure of exploration information, Mineral Resources, Ore Reserves and associated production targets by reference to international reporting requirements and reporting issues identified in the Aussie market.
• Part B – oil and gas companies, looks at promoting consistency and confidence in reporting of petroleum reserves, other petroleum resources and related production targets by adopting standardised technical definitions, a petroleum resources classification system and updated general reporting requirements.

Aussie mining and oil and gas companies have until 27 January 2012 to comment on these proposed reforms.

Interestingly, the Australasian Joint Ore Reserves Committee (JORC) has cited an inability by the ASX to reach an agreement with JORC in respect of a joint paper. As a result, JORC will release its own issues paper in respect of the JORC Code. Mining companies should make separate submissions to both the ASX and JORC.

For a full copy of the paper go to http://www.asxgroup.com.au/media/PDFs/ASX_LRs_Review_Issues_Paper_mining_and_oil_gas_reserve_and_resource_reporting_20111005.pdf