What is JORC Code?
The Australian Code of Reporting for Exploration Results, Mineral Resources and Ore Reserves (“the JORC Code”) is a professional code of practice that sets minimum standards for public reporting of exploration results, mineral resources and ore reserves.
The JORC Code provides for a mandatory system for classifying exploration results, mineral reserves and ores according to the level of confidence in geological knowledge and technical and economic considerations in public records.
Public Reports prepared in accordance with the JORC Code are reports prepared for the purpose of informing investors or potential investors and their advisors. These include, but are not limited to, company annual and quarterly reports, press releases, information memoranda, white papers, website publications and public presentations of exploration results, mineral resource and ore reserve estimates.
The JORC Code was first published in 1989 and the most recent revision was published at the end of 2012. Since 1989 and 1992, respectively, it has been listed in the Australian and New Zealand Stock Exchange Listing Rules, making it mandatory for listing public companies in Australia and New Zealand.
The current version of the JORC Code was published in 2012, and after a transitional period, the 2012 version entered into force on December 1, 2013. JORC code 2012 edition is available here.
The library page of thisweb-site contains a variety of supporting documents, including explanatory material and a table 1 template for use in developing public reports.
For public reporting in Australia, competent persons should also be particularly aware of chapter 5 a of the ASX Listing Rules and ASX guidance note 31. In other jurisdictions, competent persons should be aware of the relevant regulatory environment.
Frequently Asked Questions, prepared by ASX and JORC in consultation with ASIC, regarding the application of the JORC Code and the ASX Listing Rules for organizations with mining projects are available here.
JORC Committee
The JORC Code is developed by the Australian Joint Ore Reserves Committee (hereinafter referred to as the JORC Committee). The JORC was created in 1971 and is sponsored by the Australian mining industry and its professional organizations.
The JORC is composed of representatives from each of the three parent bodies: the Mineral Council of Australia (MCA), the Australian Institute of Mining and Metallurgy (AusIMM) and the Australian Institute of Geophysics (AIG); and representatives from the Australian Securities Exchange (ASX), the Financial Services Institute of Australia (FinSIA) and the accounting profession, as well as an observer from the Association of Mining and Exploration Companies (AMEC).
The JORC is responsible for developing and continually updating the JORC Code.
The JORC Committee is a member of CRIRSCO and works closely with it, the International Mineral Resource Reporting Standards Committee, to ensure international consistency in the development of reporting standards and to promote best practice in the implementation of relevant standards and codes.
