What is 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 and New Zealand Stock Exchanges, making compliance mandatory for listing public companies in Australia and New Zealand.
The current edition of the JORC Code was published in 2012 and after a transition period the 2012 Edition came into mandatory operation from 1 December 2013. The JORC Code, 2012 Edition can be found here.
A range of supporting documents can be found on the Library Page of this site, including explanatory materials and a Table 1 template for use in developing Public Reports.
For public reporting in Australia Competent Persons also need to be particularly aware of Chapter 5 of the ASX Listing Rules and ASX Guidance Note 31. In other jurisdictions Competent Persons need to be aware of the relevant regulatory environment.
Frequently asked questions prepared by ASX, and JORC in consultation with ASIC, regarding the application of the JORC Code and ASX Listing Rules for entities with mining projects can be found here.
These deal with the questions related to:
- Transition to new disclosure rules, including the additional transition period to 1 December 2014 in the requirement for a study a Pre-Feasibility level to declare and Ore Reserve
- Competent Person Statements, and
- Exploration Targets
- Production Targets
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 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.
The Committee is responsible for the development and ongoing update of the JORC Code.
The Committee also 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.
This site is dedicated to publicising the Code, its application and discussing issues arising.