The primary purpose of the JORC Code is to provide a minimum standard for the public reporting of exploration results and estimates of Mineral Resources and Ore Rreserves.
The Code plays an important role in enhancing the integrity of reporting by mining companies, and in ensuring disclosures contain the information that investors reasonably require in making investment decisions. This is particularly critical because often the most important information about mining companies relates to the quantity and quality of the Mineral Resources and Ore Reserves under their control.
While the JORC Code serves investors greatly, it is also beneficial to mining companies themselves as reliable estimates are fundamental to the funding and valuation of mining projects and, ultimately, to the reputation of the company.
History of the JORC Code
The JORC Code was developed by the Joint Ore Reserves Committee (JORC) throughout the 1970s and 1980s in response to unacceptable reporting practices associated with the Poseidon boom and bust in Western Australia in the late 1960s.
Since the release of the first edition of the JORC Code, and its incorporation in the ASX Listing Rules in 1989, the Code has been revised a number of times with the current edition being adopted in 2004.
Following its release in 1989, the JORC Code has been used as the model for the development of other national resource and reserve reporting standards and codes around the world.
ASX Group and JORC
ASX works closely with JORC and all other interested stakeholders to ensure that the JORC Code continues to meet the needs of the Australian market. In particular listed mining exploration and production companies and investors.