Asia Pacific Stock Exchange to Commence Operations in December

Australian Institute of Geoscientists > Best Practice > Asia Pacific Stock Exchange to Commence Operations in December

The Asia Pacific Stock Exchange launched a new set of listing rules last week which are specifically aimed at mining and oil and gas companies.

The rules will take effect from Monday December 14.

It effectively creates a new exchange for public companies a new listing venue which have operations in Asia, Australia and the Pacific region. Companies listed on the APX will be able to use a number of international codes for publicly reporting exploration results, mineral resources and ore reserves.

APX chief operating officer David Lawrence was quoted as saying “This represents a significant step forwards in the internationalisation of mining markets in Australia. Until now, all mining companies listed in [the country] had to report solely under the JORC Code.”

“In developing the new framework we adopted best practices from Australia and a number of different other markets throughout the world [and] we believe it is more efficient for listing and investing in MOG companies than frameworks that currently exist in other markets.”

Mining companies will be permitted to issue reports and announcements that conform to the Australian JORC, Canadian NI-43-101 or South African SAMREC codes while oil and gas companies will use the SPE-PRMS code.

However, mining companies with assets predominantly in Australia, New Zealand or Papua New Guinea will be required to report in compliance with the JORC code.

All codes are considered by APX to be comparable to each other and are recognised and adopted globally for market-related reporting and investment.

AIG has confirmed to the APX that Institute Members reporting to APX will be required to adhere to the codes adopted by APX for public exploration and mining reporting purposes.