By Revin Mikhael D. Ochave, Reporter
THE Stock Exchange, Inc. (PSE) has proposed changes to the 2007 Philippine Mineral Reporting Code (PMRC) to meet international reporting standards.
In a memorandum dated March 2 uploaded on its website, the stock market operator said it proposed to include a discussion on the mitigation and remediation plans to address environmental, social, and health and safety impacts.
Another proposal is the addition of a statement that verifies the compliance of an accredited competent person or the report with the 2020 PRMC version.
The PSE also recommended other revisions such as the accredited competent person’s consent to the public disclosure of the report; editorial revisions; and the disclosure of any potential conflict of interest with the issuer’s related parties as defined in the PSE’s consolidated listing and disclosure rules.
According to the PSE, the 2007 mineral reporting code outlines the minimum standards needed to be followed by stakeholders for the public reporting of exploration results, mineral resources, and ore reserves.
However, the Philippine Mineral Reporting Code Committee (PMRCC) initiated the review of the reporting code in Feb. 2019 to make it compatible with global reporting standards.
The PSE said the proposed 2020 code was “modeled substantially after the 2019 International Reporting Template of the Committee for Mineral Reserves International Reporting Standards and the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves of the Australasian Joint Ore Reserves Committee.”
Meanwhile, the committee has also proposed changes to the 2007 code such as changing the term “competent person” to “accredited competent person”; modifying reporting terminology from ore reserve to mineral reserve; requiring the reporting of metal equivalents; prohibiting of in ground valuations; and introducing technical studies, including the scoping, pre-feasibility, and feasibility.
“Another proposed revision is the inclusion of a transitory provision, which states that the 2020 PMRC shall be fully implemented two years after SEC approval and that during said two-year transitory period, the reporting company shall comply with the 2007 PMRC but may choose to comply with the 2020 PMRC,” the memorandum said.
Ronald S. Recidoro, executive director of the Chamber of Mines of the Philippines, said in a mobile phone message that the group fully supports the proposed amendments to the PMRC.
He said the chamber is working closely with the PMRCC and lead professional associations to upgrade the country’s mineral reporting code and match it with leading global reporting codes.
“Once approved, the PMRC will give due recognition to the work being done by Filipino geologists, mining engineers, and metallurgists in determining and reporting on mineral resources and reserves,” Mr. Recidoro said.
In a mobile phone message, PMRCC Chairperson Ciceron A. Angeles, Jr. said he is hopeful that the 2020 PMRC will be approved as soon as possible.
“Our current PMRC 2007 edition is no longer compatible with the international mineral reporting codes recognized by stock exchanges other than the PSE,” Mr. Angeles said.
BusinessWorld sought the comment of Mines and Geosciences Bureau regarding the proposed revisions, but it has not responded as of press time.
The PSE is asking concerned parties to send their comments on the proposed amendments until March 16.