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Canadian securities regulators adopt updated mining disclosure rule

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11 Apr 2011

The Canadian Securities Administrators (CSA) have published a new version of National Instrument 43-101 Standards of Disclosure for Mineral Projects, its related form and policy.

The Instrument establishes standards for disclosure of scientific and technical information regarding mineral projects and requires that the disclosure be based on a technical report or other information prepared by or under the supervision of a qualified person. The Instrument does not apply to disclosure concerning petroleum, natural gas, bituminous sands or shales, groundwater, coal bed methane, or other substances that do not fall within the meaning of the term "mineral project" in the Instrument.

The revised mining rule and related amendments eliminate or reduce the scope of certain requirements, provide greater flexibility to mining issuers in certain areas, reflect changes that have occurred in the mining industry, and clarify or correct areas where the previous standards were not having the desired effect.

The IASB's Discussion Paper DP/2010/1 Extractive Activities also contains proposed disclosure requirements in relation to reserves and resources. The IASB is yet to decide whether to add a project on Extractive Activities to its active agenda.

Subject to obtaining all necessary approvals, the new mining rule will come into force on 30 June 2011. Click for National Instrument 43-101 Standards of Disclosure for Mineral Projects (link to CSA website).

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