Mining industry legend and Associate Principal Geologist at AMC Consultants’ office in Vancouver, Pat Stephenson, will present the paper The Australasian JORC Code for Public Reporting of Mineral Resources and Ore Reserves for the Benefit of all Stakeholders at the upcoming Resources for Future Generations Conference—RFG2018. The conference will examine three critical resources—energy, minerals, and water—in the context of the earth, environment, education, society, and the needs and roles of future generations and will take place in Vancouver, Canada between 16 to 21 June.
When: Thursday June 21, 2018 – 08:30 – 08:45
Where: Room 118, Vancouver Convention Centre
The Australasian JORC Code for Public Reporting of Mineral Resources and Ore Reserves for the Benefit of all Stakeholders by Peter Stoker, Brisbane, Queensland, Australia; Steve Hunt, Melbourne, Victoria Australia; Patrick Stephenson, Vancouver, British Columbia, Canada
The Australasian Joint Ore Reserves Committee (JORC) developed the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code, or the Code) in response to poor reporting practices in the late 1960s in Australia. The JORC Code is a code for the benefit of many stakeholders including investors, management, financiers and governments; it is mandatory for companies listed on stock exchanges in Australia, New Zealand, and Papua New Guinea, and is also one of the reporting standards required to be used in exchanges in Singapore and Hong Kong. The Code is not primarily concerned with the technical aspects of the estimation of resources and reserves, although it does provide an extensive checklist of these items in the JORC Code Table 1, a ‘Checklist of Assessment and Reporting Criteria’. However, to properly inform stakeholders, including certain governments that are now also requiring the use of the Code for reporting, the Code includes the requirement to report on an ‘if not, why not’ basis against all the relevant items in Table 1. This ensures that readers are adequately informed of the material information underlying the reporting of resources and reserves. Classification of resources and reserves is one of the most important aspects in communicating the confidence in the estimates to all stakeholders; management, investors, financiers, and government. This provides a thorough basis for decisions on project priorities and appropriate resource management at all levels of the industry. The Code does not stand alone; it is supplemented by stock exchange listing rules and guidance and market regulatory regimes and in a professional and technical sense by guides to good practice prepared by professional bodies, such as The AusIMM Monographs 23 & 30, Mineral Resource and Ore Reserve Estimation – The AusIMM Guide to Good Practice.
About the Presenter, Pat Stephenson P.Geo., Associate Principal Geologist
Pat is a geologist with 47 years’ experience who has been consulting for the last 29 years. After graduating from Aberdeen University in Scotland, he worked in all parts of Australian and in Papua New Guinea before setting up his Australian consulting business in 1989, and then joining AMC Consultants in Melbourne in 2001. He transferred to AMC’s Vancouver office in 2007 as General Manager, stepping down from that position in January 2015, but remaining as a Principal Geologist and Director of AMC. He retired from AMC and full-time work in January 2017 and now works on an occasional basis with AMC and other clients.
Pat was a member of the Australasian Joint Ore Reserves Committee (JORC) between 1988 and 2006, being Secretary and then Chairman between 1992 and 2005. He was Co-Chair of the Committee for Mineral Reserves International Reporting Standards (CRIRSCO) in 2005/2006. Pat has authored numerous papers and given many presentations on Resource / Reserve estimation, classification and reporting. In recent years, he has also been involved in mineral property valuation standards, joining the Canadian CIMVal committee in 2012 and the Australian VALMIN committee in 2015.