JORC Review Update – Submission deadline extended

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The Joint Ore Reserves Committee (JORC) has extended the deadline for comment on its review paper to 27 January, in line with the deadline for comments on the issues paper released by the Australian Securities Exchange (ASX).

The common deadline for comments on the two papers, which are both intended to update and improve the standard and regulation of public reporting on ore reserves and resources, indicates the closer alignment achieved between JORC and the ASX following recent discussions.

JORC chairman Peter Stoker said continuing discussions between JORC and ASX representatives had clarified the objectives of each group and led to a better understanding of the regulatory requirements and the responsibilities being placed on competent persons reporting under the JORC Code.

“Recent information sessions around the country have reinforced the complexity of reporting and the need for greater communication between JORC and the ASX,” Mr Stoker said.

“In reviewing and updating the JORC Code, we have been able to strengthen the relationship between JORC and the ASX to ensure that the Code and the ASX Listing Rules continue to provide a world-leading reporting system,” he said.

“Without monitoring or feedback loops it is difficult to address issues that arise in the application of the Code. There is no one-size-fits all solution here.

“That’s why it is so important that everyone affected by possible changes to the JORC Code and reporting in Australia and New Zealand have their say.”

Submissions to the JORC issues paper close 27 January 2012. All interested persons and companies are invited to provide their feedback via the JORC website.