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PERTH (miningweekly.com) – The Australian bourse has received regulatory approval to introduce new listing rules enhancing the disclosure of reserves and resources by mining and oil and gas companies.

The new reporting requirements were part of a series of initiatives that would modernise the country’s equity capital markets, CEO and MD Elmer Funke Kupper said on Friday.

The new rules were a culmination of two rounds of consultation with listed mining and oil and gas companies, the Joint Ore Reserves Committee (Jorc), industry and investor groups, as well as the professionals responsible for estimating reserves and resources, and the Australian Securities and Investment Commission.

“The new rules are one of many new ASX initiatives aimed at ensuring that the Australian market remains globally competitive and attractive to companies and investors,” said Kupper.

The new rules would require mining companies to report in accordance with the Jorc Code with new requirements for the disclosure of additional information when exploration results, estimates and ore reserves, as well as production targets were disclosed.

For oil and gas companies, the new rules required them to report in accordance with the Society of Petroleum Engineers - Petroleum Resources Management system, as well as new requirements for the disclosure of resource and reserve estimates.

The new rules also required, from both mining and oil and gas companies, a yearly mineral resource and ore reserve statement in the annual report.

Kupper said ASX-listed mining and oil and gas companies would now be provided with a 12-month transition period, with the new rules coming into effect on December 1, 2013.

Edited by: Mariaan Webb
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