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New ASX Reporting Requirements for Mining and Oil and Gas Entities

New ASX reporting requirements for mining entities and oil and gas entities contained in Chapter 5 of the ASX Listing Rules came into effect on 1 December 2013. The changes mandate a greater level of disclosure, and impose requirements to ensure better quality disclosure.

Mining entities

From 1 December 2013, mining entities are required to comply with the new Chapter 5 and the 2012 edition of the JORC Code*  (with the exception of the requirement for a pre-feasibility study or feasibility study to be completed in order to declare an ore reserve, which will come into effect on 1 December 2014). The new disclosure rules apply in respect of an entity publicly reporting in relation to a material mining project either exploration results, resource estimates or reserve estimates for the first time, or any new exploration results or material changes from previous resource and reserves estimates in respect of a material mining project. More…