Australasian Code for Reporting Mineral Resources and Ore Reserves
The Australasian Code for Reporting of Mineral Resources and Ore Reserves (the “JORC Code”) has been operating successfully for 13 years, and has an ancestry dating back over 30 years. Together with complementary developments in stock exchange listing rules, the JORC Code has brought about substantially improved standards of public reporting by Australasian mining and exploration companies. The Code is regarded as a world leader in its field, and has been used as a basis for the development of resource/reserve reporting standards in other countries. The reasons for its success are varied, foremost amongst them being its adoption in full by the Australian and New Zealand Stock Exchanges, and the ability and willingness of mining industry organisations to bring Competent Persons to account when necessary.
The latest revision of the JORC Code was undertaken in 2002, based in part on releases of upgraded reporting standards in Canada, United Kingdom/Western Europe and South Africa, and the 2003 edition is expected to be released mid-year. Two of the more significant changes are: introduction of a requirement for a Competent Person to be responsible for the documentation upon which Exploration Results are reported; and inclusion in the definition of a Competent Person of a reference to “Recognised Overseas Professional Organisations” (“ROPOs”). ROPOs are overseas professional organisations, recognised by the Australian Stock Exchange, to which Competent (Qualified) Persons may belong for the purpose of preparing documentation for the submission of reports to the Australian Stock Exchange. JORC is pleased to acknowledge the pioneering work undertaken in Canada over the last two years that has pointed the way for the introduction of the ROPO system.