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ASX updates listing rules and guidance notes

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29 Nov 2012

The Australian Securities Exchange (ASX) has introduced new listing rules designed to enhance disclosure of reserves and resources by ASX-listed resources companies, and reminded companies of new listing rules applying from 1 November 2012 and new guidance notes applying from 31 October 2012.

Summary of the new ASX Listing Rules for resources companies:

  • For mining companies – a requirement to report in accordance with the 2012 JORC Code (which is expected to be released by JORC in mid-December 2012) and for the disclosure of additional information when exploration results, estimates of mineral resources and ore reserves, and production targets are disclosed for material projects. The new rules also streamline the requirement for prior written consent of the competent person for public reports, and provide the ability for companies to report historical or foreign estimates of mineralisation for material projects subject to certain conditions being satisfied
  • For oil and gas companies – a requirement to report in accordance with the Society of Petroleum Engineers - Petroleum Resources Management System (SPE-PRMS) and for the disclosure of additional information when estimates of reserves, contingent resources and prospective resources are disclosed for material projects
  • For both mining and oil and gas companies – a requirement to include an annual mineral resources and ore reserves statement or an annual petroleum reserves statement (as the case may be) in the annual report.

ASX-listed mining and oil and gas companies will be provided with a 12-month transition period, with the new rules coming into effect on 1 December 2013.

In addition:

  • amendments to the admission listing rules in Chapter 1 (link to ASX website) of the Listing Rules became effective on 1 November 2012
  • two Guidance Notes have been substantially rewritten and were reissued on 31 October 2012: Guidance Note 14 'ASX Market Announcements Platform' and Guidance Note 21 'Appeals'.

Click for ASX Companies Update (link to ASX website).

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