The current edition of the Australasian Joint Ore Reserves Committee Code (JORC Code) was published in 2012 and after a transition period, came into mandatory operation from 1 December 2013.
A PDF of the code can be downloaded HERE (1.5MB) – JORC_code_2012
The 2012 edition has made some significant changes to the requirements regarding the reporting of industrial mineral resources that should be addressed by players in the industrial minerals space.
The fundamental difference between JORC 2004 (Clause 44) and JORC 2012 (Clause 49) is contained in an all-important new paragraph in Clause 49, which requires that Industrial Mineral Resources or Reserves must be reported in terms of mineral specifications: (download clause 49 (240kb) - JORC 2012 Clause 49 Reporting of Industrial Minerals Exploration Results)
‘For minerals that are defined by a specification, the Mineral Resource or Ore Reserve estimation must be reported in terms of the mineral or minerals on which the project is to be based and must include the specification of those minerals.’
Further references to specifications are found in the JORC 2012 guidelines, of which excerpts from Clause 49 are listed below:
‘It may be necessary, prior to the reporting of a Mineral Resource or Ore Reserve, to take particular account of certain key characteristics or qualities such as likely product specifications, proximity to markets and general product marketability.’
‘Some industrial mineral deposits may be capable of yielding products suitable for more than one application and/or specification. If considered material by the reporting company, such multiple products should be quantified either separately or as a percentage of the bulk deposit.’
It is noteworthy that the word ‘specification’ is referred to no less than four times in Clause 49, demonstrating its significance in public reporting according to JORC 2012.
KlipStone Pty Ltd acknowledges that the changes to Clause 49 are a welcome improvement, and fully supports the concept of reporting industrial minerals resources and reserves according to market-related specifications.
See PDF download for published article on the JORC Code 2102 by KlipStone – Pg 26-27 Regulation