Survey to Establish Public Interest in JORC Awareness Seminar
Several International Codes have been adopted by banks and stock exchanges in Malaysia, Singapore and Hong Kong as accepted standards for Public Reporting of Exploration Results, Mineral Resources and Ore Reserves for listing of mining companies as well as for preparing annual/quarterly company reports, press releases, information memoranda, technical papers, and public representations. These codes are JORC (Australasia), PERC (UK and Europe) and NI 43-101 (Canada), among the few existing international codes and standards.
JORC code has been more frequently used in the region. Its committee members comprise The Australasian Institute of Minerals and Mining (The AusIMM) and Australian Institute of Geoscientists (AIG). It sets out the minimum standards, recommendations and guidelines in Australasia for Public Reporting of Exploration Results, Mineral Resources and Ore Resources. It is endorsed by the Minerals Council of Australia (MCA) as a contribution to good practices.
For JORC compliance, Bursa Malaysia and local banks accept reports prepared only by qualified Competent Persons from The AusIMM, AIG and/or Recognised Professional Organisations (RPOs) as stipulated by JORC. Institute of Geology Malaysia (IGM) and other local professional bodies related to the mineral resources industry are not in the RPO list.
A few IGM members are of the view that Bursa Malaysia and local banks should accept IGM members as qualified Competent Persons for public reporting, taking into consideration the long mining history and their experience, particularly in relation to placer tin, gold, coal, rock quarries and industry minerals. It is further opined that appropriate standards and guidelines reflective of local practices, methodology and environment should be prepared and adopted as the National Code.
Accordingly, IGM is planning to organise a one-day seminar on JORC awareness covering the following:
- Introduction to JORC code 2012;
- Concepts of Competent Person;
- General mine development processes from exploration to production;
- Data acquisition / management and QAQC;
- Resource and reserve definition methodology/statements;
- Stock exchange reporting obligations for listing of resources companies and for listed companies;
- Road to Competent Person;
- Affiliation with existing international code;
- Merit of formulating the National Code.
The objectives of this initiative are as follows:
- To acquaint Malaysian geologists, mining engineers and other professionals/government authorities related to mineral resources industry with the JORC code (Though rules/guidelines of the code are available in internet, a member from the JORC committee will help provide better insight and depth on the subject);
- To explore whether IGM can be accepted as a RPO for the JORC code;
- To determine the merit of formulating a national code based on modelling of the existing code(s).
The speakers invited to talk in this seminar comprise the president of The AusIMM and a Mining Consultant from Australia.
It is planned that this seminar be held in June 2018 at the club house of Persatuan Alumni UM (PAUM). A nominal fee shall be charged to cover the direct costs.
Please indicate your interest in participation by submit online survey using this link on or before 15 April 2018. Your prompt response, which shall help us establish the number of participants and finalise the seminar, would be much appreciated.
Ling Nan Ley
Institute of Geology Malaysia