12 Nov 2012

ASX finalises enhanced disclosure rules for mining and oil and gas companies

Following two rounds of public consultations in October 2011 and September 2012, ASX has amended the Listing Rules to impose additional reporting obligations on listed mining and oil and gas exploration and production companies.

The enhanced reporting requirements are aimed to promote greater investor confidence and support efficient capital formation for ASX listed resources companies. They also aim to align Australia's reporting framework with other markets.

Although the changes do not take effect until 1 December 2013, it can be expected that listed resources companies would begin to voluntarily adopt the reporting framework in the coming 12 months. In particular, companies undertaking capital raisings should bear in mind the new regulations when reporting on reserves, resources and production targets.

Under the new rules, mining companies will be required to report in accordance with the JORC Code which is in the process of being revised and is anticipated to be released in mid-December 2012 (a version of the revised JORC Code has been released for consultation). The new rules include reporting requirements for exploration results, production targets and mineral resources and ore reserves (including a new requirement for a preliminary feasibility study (at a minimum) to support a maiden ore reserve) and the ability to report historical or foreign resource or reserves estimates.

Oil and gas companies will be required to report in accordance with the Society of Petroleum Engineers Petroleum Resources Management System (SPE-PRMS) and provide additional information when disclosing reserve estimates, contingent resources and prospective resources (being material assumptions and the basis on which those estimates were made).

For both mining and oil and gas companies, the amended Listing Rules imposes further annual reporting obligations, such as requiring the inclusion of a resources reserves statement.

The amended Chapter 5 of the Listing Rules is to be read in conjunction with the newly-published Guidance Note 31 (for mining companies) and Guidance Note 32 (for oil and gas companies).

We will provide a detailed overview of the amended Listing Rules and implications for resources companies shortly.

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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.