ASX pushes ahead with mining changes

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The ASX says it will push ahead with controversial new changes to disclosure rules for mining companies after receiving positive feedback from the industry.

ASX senior policy analyst Diane Lewis said the mining industry had been generally supportive of the changes after a consultation paper was released last year.

After the paper’s initial release the Australasian Institute of Mining and Metallurgy said it was concerned the changes would weaken rather than strengthen ASX statements from mining companies.

The ASX is looking to change the way miners report the size and potential of their assets after an investigation revealed deciphering company news was not always straightforward.

The ASX said it was concerned some companies were taking advantage of the jargon in their market statements to mislead non technical investors.

The Joint Ore Reserves Committee, which sets the current standards, also expressed concern after the rule changes were proposed last year.

While JORC was never opposed to changing the rules it was initially concerned by the ASX naming its preferred changes prior to consulting with the industry.

According to The Australian JORC chairman Peter Stoker said that as long as there was significant guidance on improved reporting he was confident the changes would not be onerous on mining companies.

Image: Reuters

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