JORC Update – November 2024

On 1st August 2024 the Australasian Joint Ore Reserves Committee (JORC) released the draft JORC Code for a three-month consultation period, which closed on 31st October 2024.

JORC would like to thank all stakeholders who provided feedback on the draft JORC Code and participated in consultation events.

The committee are now reviewing all feedback received.

The draft documents and material from engagement events held can be found below.

Draft JORC Code

Draft JORC Code – Guidance Notes

Draft JORC Code – Table 1 Documentation Checklist

Draft JORC Code – Table 1 Exploration

Draft JORC Code – Table 1 Mineral Resources

Draft JORC Code – Table 1 Ore Reserves

Draft JORC Code – Summary of Proposed Changes

JORC Committee invites public feedback of the Draft JORC Code - August 2024

The Australasian Joint Ore Reserves Committee (JORC) has released the draft JORC Code for public feedback through an online survey, seeking comment from stakeholders ahead of the final review and update of the JORC Code.

The public feedback period will be open for three months, closing 31st October 2024.

The survey allows for responses to be tailored to those elements of the code with which you have the most interaction, experience and interest and can be completed by both individuals and/or organisation entities.

In addition to the survey, JORC engagement events will be held in major centres and online from mid-August to end of September. The schedule of events is available below.

JORC engagement events are being organised in co-ordination with the Parent Bodies AIG, AusIMM, and MCA, and will be advertised on the JORC Website and in member communications.

Your participation and feedback is encouraged.

The Draft JORC Code and online survey can be found at: Draft JORC Code Survey

Draft JORC Code Consultation Events 2024:

Draft JORC Code Consultation Events

Draft JORC Code - Consultation Events Presentation August-September

Draft JORC Code - Consultation Events Webinar Recording - August Video

Draft JORC Code – Consultation Events Perth Livestream Recording - September Video

Draft JORC Code – Consultation Q&A

JORC Update – June 2024

The Australasian Joint Ore Reserves (JORC) Committee is preparing for the public release of the revised Draft JORC Code as a critical next step of the JORC Code 2012 review process.

The anticipated timing of release is expected to be late July 2024, with the public feedback period open for 3 months.

The primary form of feedback to the JORC Committee will be via an online survey, accompanied by a series of public engagement sessions throughout the 3-month period. The public engagement events are yet to be organised but expected to be held between August and September 2024.

The online survey will be open to all individuals, companies and other stakeholder groups to provide feedback on the revised JORC Code including their views on specific clauses for review or improvement.

The release of the revised JORC Code and online survey will be advertised broadly with a series of branch events and online webinars for stakeholders.

JORC Review presentation Ballarat, June

FAQ’s

Why is there such a long delay?
The proposed code update expands into a range of new clauses covering Competent Persons, reasonable prospects, risk, reconciliation and ESG amongst other text and guidance reviews. The draft code also incorporates a changed structure with code and guidelines separation and table 1 format changes. Given these changes significant review has been required by ASX and ASIC to understand the potential impacts to listing rules and corporate compliance.

Will the public review period be shortened or cancelled?
No, once released for review there will be a 90 day review period, and a second draft circulated after comments are received and evaluated.

Is the Competent Person review process impacting or being impacted by the regulator review stage.
No, the Competent Persons review is continuing as a parallel engagement within the parent bodies, managed by the professional bodies joint task force. It is focussed on improving transparency of Competent Person competence.

How was the draft of the proposed update provided to the market operator and the regulator prepared?
As you will recall, JORC distributed a survey to which there were over 500 responses, from these responses the major areas of concern were derived. Working groups including Subject Matter Expert volunteers from outside the JORC then reviewed the issues and prepared recommendations which were consolidated and incorporated into the initial draft code.

Why are the views of the market operator and the regulator being sought before public consultation?
Since there are a number of significant changes proposed, inclusion of ESG and Risk for instance, it was seen as appropriate to ensure these were in accord with the market operator and the regulator views prior to full public consultation. There is also significant cross referencing with JORC and the ASX listing rules to be considered and managed within the drafting process requiring review.

Will the delay result in additional changes to the currently proposed Code content to align with Code updates being developed by other jurisdictions and organisations e.g., Canada, South Africa, CRIRSCO?
JORC engages with peer jurisdictions and organisations and we will seek to align with global regulatory requirements or guidance where appropriate.

JORC Update – November 2023

JORC Review Presentation Perth, November

JORC Review Presentation (recording) Perth, November

JORC Update – May 2023

JORC Review Presentation Brisbane, April 2023

JORC Review Presentation (recording) Brisbane, April 2023

JORC Update – November 2022

JORC would like to provide an update on the current status of the Code review.

JORC is continuing to actively engage with the market operator (ASX) and regulator (ASIC). Discussions related to specific aspects of the draft Code are progressing, to ensure alignment between all parties, before engaging with wider stakeholder groups.

In parallel the Parent Bodies Joint Taskforce review of the Competent Person framework is underway and continuing, with updates to members provided by the AusIMM and AIG.

As a result of this ongoing engagement process and cognisant of the December – January holiday season, wider engagement and distribution of the draft revised Code will be delayed.

JORC remains committed to ensuring all stakeholders have the opportunity to review and comment on the draft, and as such, will be providing a 3-month period for comment. JORC will provide further details on this early 2023.

JORC Update – July 2022

JORC Competent Person - a baseline review in a global context

JORC provided a draft updated Code to ASIC and ASX early this month for their preliminary review and comment. Positive discussion is underway, with a formal response likely to be received in August.

Following this, JORC will address any issues raised and revise documentation accordingly. We anticipate the public review period, where all stakeholders will have the opportunity to review and comment on the draft, will commence Q4 2022.

In parallel the Parent Bodies Joint Taskforce review of the Competent Person framework is underway, with updates provided on the AusIMM and AIG websites.

Code Review Progress Update

Based on the findings from the JORC 2020-21 online survey, nine key areas were identified for further detailed review:

Competent Person
Reasonable Prospects (RPEEE)
Environmental, Social, Governance (ESG)
Reporting of Risks
Reconciliation Performance Reporting
Guidance notes
Use of JORC Code for non-reporting purposes
Relationship to ASX Listing Rules and/or to other Codes
Other Issues (including format and structure)

A series of Working Groups formed to review issues and opportunities related to each key area. The Working Groups held meetings and workshops over a 4-month period from August – November 2021 and produced a series of recommendations for JORC to consider around their key area.

Engagement with Federal, State and Territory geoscience and mining related departments took place, with discussion and feedback relating to the use of the JORC Code in non-market settings and interrelation with various administrative processes.

JORC would like to thank the many individuals who volunteered their time and expertise participating in the Code Review Working Groups:

Andre Badenhorst	Geraldine McGuire	Kirsty Sheerin
Andrew Pocock	Godknows NJowa	Leslie M Watson
Beau Nicholls	Gregory MacDonald	Marco Orunesu Preiata
Bridget Alldridge	Harald Muller	Marcus Reston
Bruce Harvey	Heath Arvidson	Mark Adams
Bruce Sommerville	Ian Glacken	Mark Berry
Chris Davis	Ian Ritchie	Mark Murphy
Clint Ward	Ioannis Kapageridis	Peter Fairfield
Craig Morley	Ivy Chen	Rebecca Jackson
Deborah Lord	Jacinta Ireland	Sam Ulrich
Douglas Corley	Jeremy Peters	Selina Zoe Broun
Dr Paul Weber	John A. Rusnak	Shauna Martin
Emily Harris	Jon Crosbie	Tatum Woodroffe
Gabrielle Kirk	Jonathan Moore	Timothy O'Sullivan
Geoffrey Booth	Jonathon Trewartha	Todd McCracken

The Committee has consolidated all feedback and are currently in the process of drafting an initial release for stakeholder review.

A draft updated Code will first be presented to ASIC and CRIRSCO for their feedback. Following this, JORC will hold a public review period, where all stakeholders will have the opportunity to review and comment on the draft. We anticipate this engagement will commence mid-2022.

In parallel the Parent Bodies Joint Taskforce review of the Competent Person framework is underway. Updates on this process can be found on the AusIMM and AIG websites.

Working Groups - Update

Thank you to everyone who has expressed interest in volunteering to join a JORC Working Group. We have had a tremendous response, with over 70 individuals expressing interest.

The Committee are reviewing the EOIs, with the aim of forming groups that have broad representation across disciplines and experience.

We look forward to providing further updates as the Code Review progresses.

Terms of Reference

JORC Code update

28 June 2021

The Summary Paper of Key Issues and Work Plan based on responses from the online survey and other discussions held regarding the 2012 JORC Code review, is now available.

The online survey was open to all stakeholders for an extended period during December 2020 to April 2021, resulting in over 500 responses.

Key highlights and issues identified in the survey and an outline of the next steps in the review process, can be accessed here:

JORC Summary Paper of Key Issues and Work Plan

The analysis has highlighted several high priority areas which will be the focus of upcoming engagement. Further information relating to the formation of Working Groups will be released later this month. In parallel, AusIMM and AIG will be forming a Joint Taskforce to undertake analysis, consultation, and review of the requirements for Competent Persons under the Code.

JORC is grateful to everyone who took the time to register and complete the survey and has been involved in the review of the JORC Code to date.