The new guidelines for reporting of Exploration Results, Mineral Resources and Ore Reserves – the JORC Code 2012 – are on the horizon. December 2013 is the starting period for the new code.
Coffey is offering an online tool that will help companies understand their reporting requirements under the revised reporting guidelines.
Coffey is urging firms to take the anxiety out of the impending guidelines, which are intended to ensure better quality of information for managers, investors, analysts, and economists, among others.
John Hearne – Coffey’s GM of Mining in Western Australia - says: “We’ve developed a quick and easy online tool to provide a way for most companies to immediately understand their exposure under JORC Code 2012.
“An in-house executive committee, for example, would then have the option of engaging with Coffey’s independent technical teams to verify their internal assessments, provide independent recommendations, and judge fully the implications on their current reporting.
“We think most firms know about the changes that are required from December, but they may not understand exactly what they mean for their businesses. Using the online tool, they can get an immediate read on their position.”
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, take effect from December 2013. The guidelines could have a significant impact on a company’s assets and on the decisions of those who audit and value those assets. Overall, companies will be providing more information to investors on the underlying material assumptions of their Resources.
Coffey’s tool is online and it’s free to users. It provides a self-assessed, confidence level audit on a project-by-project basis to indicate compliance confidence to the revised guidelines.
In turn, the health check tool will help board members, and others, to better understand compliance with the revised code. “It’ll assist decision-making for both technical and non-technical stakeholders,” says John Heane.