Frequently Asked Questions
FAQs 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,
- Competent Person Statements, and
- Exploration Targets
Further FAQs are in preparation and will be made available here as soon as possible.
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.
There are two Editions of the JORC Code which are current, as a transition is underway from the 2004 Edition to the 2012 Edition of the Code. The transition arrangements for the JORC Code are:
- The JORC Code 2012 Edition and the new ASX Listing Rules relating to the disclosure of reserves and resources by ASX-listed mining and oil & gas exploration and production companies will come into effect on 1 December 2013 (with the exception of the requirement for a Pre-Feasibility Study or a Feasibility Study to be completed in order to declare an Ore Reserve, which will come into effect on 1 December 2014).
- During the transition period until 30 November 2013, the minimum requirement for Public Reports is compliance with the JORC Code 2004 Edition and the current ASX Listing Rules. From 1 December 2013 all Public Reports must comply with the JORC Code 2012 Edition and the new ASX Listing Rules (with the exception of the above-mentioned Pre-Feasibility Study and Feasibility Study requirements which must be complied with from 1 December 2014).
- The new ASX Listing Rules are available at: http://www.asxgroup.com.au/compliance-downloads.htm.
- Both ASX and JORC encourage early voluntary adoption of the JORC Code 2012 Edition and the new ASX Listing Rules during the transition period, before the new requirements come into effect.
- An entity that voluntarily adopts the new requirements before they come into effect should ensure that it is in a position to apply the new requirements to all Public Reports issued by it from that point. ASX will expect the entity to continue to comply with the new ASX Listing Rules for the remainder of the transition period (with the exception of the above-mentioned Pre-Feasibility Study and Feasibility Study requirements, unless they are early-adopted).
The JORC Code, 2004 Edition can be found here.
The JORC Code, 2012 Edition can be found here.
The JORC Code, 2012 Edition was published 20 December 2012. An announcement of the release of the revised Code and its implementation can be found here. A number of supporting documents (including a summary of changes between the 2004 and 2012 Editions and a Table 1 reporting template) are available here.
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 delegates of the Australian Securities Exchange (ASX) and the Financial Services Institute of Australasia (FinSIA).
The Committee is responsible for the development and ongoing update of The Code for Reporting of Mineral Resources and Ore Reserves (the JORC Code), which is widely accepted as a standard for Public Reporting purposes.
The JORC Code was first published in 1989, with the most recent revision being published late in 2004. 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.
This site is dedicated to publicising the Code, its application and discussing issues arising.