By Adrian H. Halili, Reporter
MINERS said that the new reporting rules for mining companies are expected to improve mineral reporting, thereby boosting investor confidence in the industry.
Chamber of Mines of the Philippines (CoMP) Chairman Michael T. Toledo said via Viber that the new rules help raise the quality of reporting when miners disclose output tonnages, grades and estimated reserves.
The implementing rules and regulations (IRR) of the Philippine Mineral Reporting Code 2020 (PMRC) now require miners to submit quarterly and annual exploration results, exploration targets, mineral resources, and mineral reserves.
The Securities and Exchange Commission has recently approved the IRR, according to a memorandum from the Philippine Stock Exchange (PSE). The rules took effect on Monday, Jan. 13.
“This will help advance investor confidence through a balanced presentation of risks, challenges, along with the technical, environmental, social, and economic aspects prepared by accredited competent persons,” Mr. Toledo added.
“These developments will help achieve PMRC 2020’s primary purpose of protecting the investing public through transparency and consistency in promoting a common understanding in public reporting of minerals comparable with global standards,” he said.
He added that investors interested in mining can now make informed and balanced judgments regarding reported exploration results, mineral resources or reserves.
CoMP was among the members of the committee which drafted the PMRC alongside the PSE, the Philippine Society of Mining Engineers, the Geological Society of the Philippines, the Society of Metallurgical Engineers of the Philippines, the Philippine Mining and Exploration Association, and the Philippines-Australia Business Council.
Mr. Toledo said that the PMRC served as the primary basis for the formal admission of the Philippines into the PMRC Committee.
“This underscores that the PMRC has the same level of detail and transparency in reporting mineral resources and mineral reserves as those of its global counterparts in Australia, Canada, Chile, South Africa, Europe, and the US, among others,” he added.
Separately, Philex Mining Corp. President and Chief Executive Officer Eulalio B. Austin, Jr. said via Viber that “mineral resources and reserves for sure should be declared (after undergoing) technical evaluation.”
However, Mr. Austin added that publicizing exploration reports may be taken negatively by the public.
“Reporting exploration projects, however, might be too early but it can be articulated in such a way that the public is not being assured of its viability. It can be reported in broad terms and not forward-looking,” he said.
According to the Mines and Geosciences Bureau, the value of metallic mineral production rose 3.17% to P195.92 billion in the first nine months of 2024.
The rise in mineral value was mainly due to the increased in the value of gold and silver during the period.