JORC Code Update
On 1 August 2024, the Australasian Joint Ore Reserves Committee (JORC) released for public feedback the long awaited draft update to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code).
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 by listed mining entities. It is incorporated into the ASX Listing Rules. The most recent revision was published in 2012.
The update aims to enhance transparency and disclosure by Competent Persons, incorporate ESG considerations and improve the reporting of mineral resources and reserves.
The JORC Code as updated will be restructured to align with the Committee for Mineral Reserves International Reporting Standards (CRIRSCO) template (international reporting template for the public reporting of exploration targets, exploration results, mineral resources and mineral reserves – November 2019).
Other key changes include changes to Competent Person requirements and the introduction of specialists to assist Competent Persons with reporting where a subject may be outside their area of expertise and a requirement to consider ESG in more depth and at an earlier stage of project.
Public feedback is through an online survey which will be open for three months. There are also a number of opportunities to participate in public consultation events, in-person and on online.
The full draft JORC Code and online survey can be found at jorc.org. The public survey closes on 31 October 2024.