The JORC Code and Coal – AusIMM Hunter Region Branch PowerPoint Presentation Presenter: Peter Stoker Summary:  An outline of the JORC Code – what is it? How does it work? What is the historical relationship of Coal Public Reporting to the JORC Code? Presented by JORC Chairman Peter Stoker to The AusIMM Hunter Region Branch on 29 April 2009. The PowerPoint additionally addresses The Australian Coal Guidelines, and Classification.

Progress on the revision of the Chinese Mineral Resources and Mineral Reserves Reporting Standard Author: Peter Stoker Summary: The current (1999) Chinese classification standard is discussed along with progress of a review undertaken on the basis that, although largely satisfactory, the current system is not regarded as particularly suitable for reporting in a market economy. An outline of the proposed revised system is presented, along with a brief discussion on the relationship of the Chinese classification system to the CRIRSCO Template.

The JORC Code - Its Operation And Application Author: PAT STEPHENSON Summary: The 1999 edition of the Australasian Code for Reporting of Mineral Resources and Ore Reserves (the "JORC Code") became effective in September 1999 and is the latest revision of a Code which was originally issued in 1989, but which has an ancestry dating back to the first JORC report released in 1972.The JORC Code has been operating successfully for over ten years and, together with complementary developments in stock exchange listing rules, has brought about substantially improved standards of public reporting by Australasian mining and exploration companies. The Code is now regarded as the world leader in this field, with other countries using it as a template for their own reporting standards, and Australia playing a leading role in the development of international reporting standards. The reasons for the success of the Code 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.

Rio Tinto's Adoption of the JORC Code as a World Reporting Standard Author: Niall Weatherstone; Principal Consultant Manager, Rio Tinto Technical Services Limited Summary: Rio Tinto is a global mining company, headquartered in the UK but with strong historical roots in Australia. It has operations in around 16 countries and interests through exploration, marketing or processing in many others. The estimation and reporting of mineral resources and ore reserves is of particular relevance given the geographical, cultural and product diversity of the Group. Rio Tinto set out several years ago to standardise its approach to resource and reserve reporting, and to ensure that the numbers that it reported were backed by the highest quality estimation procedures. This was done against a background of developing international pressure for companies to conform to an 'International System' that provided clear and consistent definitions of terminology and increasing transparency in all public reporting. In the longer term it is the quality of the estimates as well as the reporting style that matters. Good estimates and poor reporting will at worst bring confusion, criticism and some lack of credibility whereas a good report based on a poor estimate could mean the downfall of a company. Companies that achieve both (good estimating and good reporting) will be well placed to meet the demands of regulatory bodies and financiers. This paper describes Rio Tinto experiences in the past few years in attempting to achieve both good estimation and good reporting, while responding to developments in international reporting Codes.

Progress on International Standards for Reporting of Mineral Resources and Reserves Author: Norman Miskelly Summary: Substantial progress has been made over the last ten years in the development of uniform national and international standards covering the definition, estimation and public reporting of mineral resources and mineral reserves. This paper summarises the progress made up to October 2003. Steps being taken toward development of a Mineral Reserves International Reporting Code Template (International Template) that will be available for all countries to use in deriving their specific country reporting codes, are outlined

The Liability Of Company Directors And Competent Persons For Resource/Reserve Disclosure Author: Robyn Phillips; Partner, Allen Allen & Hemsley Summary: The provisions in the ASX Listing Rules which require adherence to the JORC Code and identification of the competent person who "signs off" on resource and reserve disclosures, and which require the company to obtain that person's consent to the use of the information provided for the report in the form in which it is issued, give a role of central and publicly visible responsibility to the reporting geologist or other mining professional. The professional's reputation will obviously be at stake if the work is done with insufficient care such that the information may be said to be misleading or deceptive either by commission or omission. In addition, legal liability for loss flowing from defective disclosure may attach to the professional as well as to the disclosing company and its directors. Defective reporting may, in some circumstances, amount to an offence under the Corporations Law. This paper outlines some of the situations in which directors and mining professionals may become exposed to legal liability at common law and under statute in connection with reporting on resources and reserves.

THE 1999 JORC CODE AND THE MINING PROFESSIONAL Author: P R Stephenson, Chairman - JORC Summary: This article examines the Code and ASX listing rules from the perspective of the mining professional. It is a condensed and modified version of a paper prepared for the 4 th International Mining Geologists Conference, held in Coolum, Queensland, in May 2000. For those mining professionals involved in Resource/Reserve estimation, the role and importance of the JORC Code is fundamental to their activities. It is a key regulatory standard, through its incorporation into stock exchange listing rules, and it therefore has legal ramifications.

INTERNATIONAL HARMONISATION OF CLASSIFICATION AND REPORTING OF MINERAL RESOURCES Author: Bill McKay, Ian Lambert and Norman Miskelly Summary: Many different resource and reserve classification and reporting schemes have been in use around the world for mineral (including fuel) commodities. Interest in harmonisation of classification has grown with the emergence of former Eastern Bloc countries. Furthermore, the need for rigorous reporting of resources for commercial purposes became generally accepted in the aftermath of the BreX scam in Indonesia in 1997. As a major mining nation, Australia has played a leadership role in achieving significant advances in the establishment of national and international standards for commercial reporting of mineral resources and reserves. Australia's industry reporting scheme has evolved from the McKelvey system (USBM/USGS, 1980). Resource estimation for the national inventory takes a broader and longer-term strategic perspective, but it is also based on the McKelvey system and it draws heavily on company reporting of reserves and resources. Independently, a Task Force of the United Nations Economic Commission for Europe (UN-ECE) has been promoting international use of the UN Framework Classification (UNFC) scheme, which it designed with a view to bringing closer together all existing classification systems. The UN-ECE convened a meeting on Harmonisation of Terminology for Fuel Resources in Geneva, 13th and 14th June 2001. The objective was to advance the harmonising of definitions for coal, uranium, oil and gas resources with other mineral commodities. This paper outlines industry reporting of resources in Australia and western mining nations, national-scale reporting by government, the UNFC, and agreement on definitions of common terms. It then summarises the outcomes of the Geneva meeting and their implications for Australia.

"The Reporting Code" (2001) for the United Kingdom, Ireland and Europe Summary: The Reporting Code of the Institution of Mining and Metallurgy (IMM), European Federation of Geologists (EFG) and the Institute of Geologists of Ireland (IGI) for Reporting of Mineral Resources and Mineral Reserves was released in October 2001, and closely mirrors the JORC Code. It sets out minimum standards, recommendations and guidelines for Public Reporting of Mineral Exploration Results, Mineral Resources and Mineral Reserves in the United Kingdom, Ireland and Europe.

Progress Report on the JORC/ASX ROPO Initiative - November 2002 Author: P R Stephenson Summary: To facilitate the application of the Competent Person provisions of the JORC Code, to experts who are members of a professional organisation outside Australia, the JORC committee is planning to produce a list of approved organisations which meet strict criteria.

Resources and Reserves:Their Impact on Financial Reporting, Valuations and the Expectations Gap Author: T Goldsmith, Partner, PricewaterhouseCoopers, Summary: Financial reporting is extremely reliant on the use of the reserves and resources, however, the geologists/engineers, accountants and directors do not always understand the interactions between themselves which may lead to misleading public reporting. More education and communication between various parties is needed.

Liability issues arising in relation to exploration, mineral resource and ore reserve reports included in takeover documents Author: Freehills Summary: The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the 'JORC Code') and the ASX Listing Rules may give rise to unintended liability issues for persons who have prepared exploration, mineral resource and ore reserve reports that are included in, or which form the basis for other reports or statements appearing in, takeover documents (that is, bidder's statements and target's statements).

International Mineral Resource and Mineral Reserve Classification and Reporting Systems Author: W.S. (Steve) Vaughan and Sonja Felderhof Summary: This paper begins with a brief history of how the definitions and reporting standards have been, and are currently, being developed into harmonized classification systems. A comparison of the adoption of these mineral resource and mineral reserve definitions by the world's leading mining jurisdictions will then be discussed. Summaries of the standards and regulatory frameworks in which these definitions are incorporated are provided for Australia, Canada, South Africa, the United Kingdom and the United States of America. This is followed by an analysis of the issues including a discussion of the SEC's Reserve Standard. Finally, conclusions will be drawn regarding the status of international harmonization as we move, hopefully, to a universally accepted system.

The International Mining Industry Linking the Upstream Mineralisation With the Downstream Money Author: N Miskelly Summary: There are five main factors of production in any mining development mineralisation, materials, manpower, management and money. Let's focus on the upstream input mineralisation, and the downstream input money, especially in the area of communications. Unknown to many, the Competent Person reporting on Mineral Resources and Mineral Reserves has a direct and unavoidable impact on the company's financial statements the profit and loss account and balance sheet. With respect to reporting of the major asset of most mining companies the resources/reserves investors are getting a better deal now than at any time in memory as regards flow and adequacy of information. Australia has been a world leader in this regard. The outlook is for even more informative and useful reporting.

Guidelines for the Estimation and Reporting of Australian Black Coal Resources and Reserves (2001 Edition) Author: Coalfields Geology Council of NSW and the Queensland Mining Council Summary: These guidelines were issued in 2001, to be read in conjunction with the 1999 JORC code. The objective of these Guidelines are to: + Outline the methodology, reflecting best industry practice, that should be followed when estimating the quantity and quality of Inventory Coal, Coal Resources and Coal Reserves + Provide guidelines for reporting to government and other non-public organisations; and + Provide guidelines for preparing supporting technical documents.

A Guide to the Understanding of Ore Reserve Estimation (1982) Author: Haddon King, Denis McMahon and George Bujtor Summary: This paper was published by the AusIMM in 1982 and is widely credited with being a seminal document in the setting the scene for the JORC Code and the other international reporting standards that followed.

1972 Guidelines

1981 Guidelines

1985 Guidelines

1989 JORC Code

1990 JORC Guidelines

1992 JORC Code & Guidelines

1996 JORC Code & Guidelines

1999 JORC Code & Guidelines

USGS-USBM Circular 831 "Principles of a Resource/Reserve classification for Minerals" Summary: This USGS/USBM 1980 document, issued as Circular 831, was one of the forerunners to the JORC Code.