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.