New ASX reporting requirements, due to come into effect in December 2013, are set to significantly change how listed mining companies report to the market.
The new requirements oblige mining companies to report in accordance with the 2012 JORC Code, the latest edition of which was published on 20 December 2012. The changes require mining companies to report on estimated mineral resources and ore reserves by the inclusion of an annual mineral resources and ore reserves report in the annual report and to disclose production targets for major projects.
In these reports, the mining companies will need to include all material information to allow shareholders to understand the reported estimates of probable and proved ore reserves for major mining projects.
Additionally, the new listing rules also streamline the requirement for prior written consent of the competent person for annual reports.
There will be a twelve month transition period, with the new requirements to come into force on 1 December 2012.