Wednesday, 14 November 2012 07:29
New rules for reporting mineral and hydrocarbon resources and reserves will boost consistency and transparency in the Australian share market, according to Federal Resources Minister Martin Ferguson.
The new requirements, introduced last week, compel mining companies to comply with a new Joint Ore Reserves Committee (JORC) code, which is expected to be released in mid-December.
The rules require the disclosure of more information when exploration results, estimates of mineral resources and ore reserves, and production targets are disclosed for significant projects.
Oil and gas companies must now report in accordance with the Society of Petroleum Engineers' Petroleum Resources Management System.
They will also have to disclose additional information when reporting estimates of reserves, contingent resources and prospective resources for material projects.
In addition, mining and oil and gas companies must now include an annual resources and reserves statement in their annual reports.
Mr Ferguson told a conference in Perth on Tuesday the new rules would align Australia's reporting framework with other major mining and oil and gas markets.
"A trusted regulatory framework is an essential component of capital raising for the giants and the hopefuls, and underpins Australia's attractiveness as an investment destination," he said.
"The slow recovery in Europe is in no small part a response to the frailty of institutions, and a lack of confidence in regulation and enforcement."
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