Moves are afoot to standardise the language and reporting requirements of mining companies world-wide based on an Australasian Code.
The Code, for the reporting of mineral resources and ore reserves (the JORC Code), currently used in Australia and New Zealand, was originally released in 1989 and is updated periodically.
The 1999 Code comes into operation on 1 September for both the ASX listing rules and the mining industry.
Nearly forty countries have indicated they are moving towards adopting reporting definitions based on the JORC Code.
Launching the new Code, JORC chairman Norman Miskelly said that recognition and wider global use of the JORC Code are significant as it is now generally acknow-ledged as the most advanced, user-friendly and workable system with the longest track record of practical implementation.
“It has particular ramifications for establishing guidelines for countries in transition to market economies – and the language of the new code has been specifically simplified for ease of translation.”
Besides removing ambiguity, the revised 1999 Code includes adjustments to the definitions for mineral resources, measured mineral resource, indicated mineral resource, inferred mineral re-source, ore reserves, proved ore reserves and probable ore reserves to reflect agreement reached on international definitions.
Other changes include the simplification of the section on coal reporting to replace the separate Coal Code, with the aim of bringing coal more closely into line with other minerals.
Diamond reporting requirements, previously a separate appendix, have been incorporated into the main body of the Code and the Code and guidelines have been merged into a single document with the aim of making the Code more concise and user-friendly.
According to Mr Miskelly many global companies are already voluntarily adopting the JORC Code including Rio Tinto, Billiton, Anglo American and Ashanti Goldfields.
