The Australian mining sector is gearing up for significant changes to the Joint Ore Reserves Committee (JORC) Code, as revealed at the recent RIU Explorers Conference in Fremantle.
Hamilton Locke Partner Deanna Carpenter delivered a keynote presentation, outlining the forthcoming updates that will reshape mineral reporting practices across the country.
The revised JORC Code, set to be implemented in 2025, introduces several key amendments aimed at enhancing transparency, accountability, and alignment with global best practices.
These changes include a restructured format that separates the Code, Table 1, and Guidance Notes, allowing for more frequent updates.
Additionally, Competent Persons will now be required to upload a public CV of Record to the JORC website and complete mandatory online induction.
A significant shift in the Code focuses on the concept of “reasonable prospects for economic extraction,” replacing the previous “eventual” extraction criterion.
This change demands a more comprehensive justification of assumptions and the inclusion of environmental, social, and governance (ESG) criteria.
The updated Code also emphasises enhanced ESG reporting requirements throughout a project’s lifecycle.
Carpenter highlighted the importance of these updates, stating: “The revised JORC Code ensures ongoing transparency, ESG accountability, and alignment with global best practices in the resources sector.”
With compliance to ASX Listing Rules being mandatory, exploration and mining companies are urged to familiarise themselves with the revised Code to ensure a smooth transition and continued regulatory compliance.
The RIU Explorers Conference, featuring over 150 companies and attracting more than 2,000 delegates, provided a critical forum for industry and regulatory discussions.
As one of Australia’s largest junior exploration events, the conference showcased presentations from companies exploring and mining various commodities, including precious metals, base metals, and battery metals.
As the mining industry prepares for these substantial changes, the updated JORC Code is expected to play a crucial role in shaping the future of mineral reporting and resource estimation in Australia and beyond.
