New Zealand Embraces the JORC Code

Australian Institute of Geoscientists > News > New Zealand Embraces the JORC Code

NZpetminThe New Zealand Government has moved to make reporting of exploration results, mineral resources and ore reserves in compliance with the JORC Code for all entities holding a Tier 1 Minerals Permit from 2014.  The first reports subject to this requirement must be lodged with New Zealand Petroleum and Minerals by 31 March 2015.

Tier 1 permits are issued for complex, higher risk and return petroleum and mineral operations and are subject to a more proactive management and regulatory regime than Tier 2 permits, which apply to lower-return industrial, small business, and hobby mineral operations.  All permits are judged to be either Tier 1 or Tier 2 permits.  The distinction applies to all forms of mineral title, including prospecting, exploration and mining permits.

All prospecting and exploration permit holders are required to provide and annnual summary report on prospecting or exploration activities under the permit for the previous calendar year and a report on expenditure on prospecting and exploration.  The information in this form is required under regulations 35 and 37 of the New Zealand Crown Minerals (Minerals Other than Petroleum) Regulations 2007.  For Tier 1 permits, permit holders must also submit a report on their engagement with iwi and hap? whose rohe includes some or all of the permit area or who are directly affected by the permit.

For mining permits and licences, the report includes a report on a summary of prospecting and exploration activities as outlined above, unless it is for an underground mine and the annual royalty payable by the permit holder for the minerals obtained under the permit is less than or equal to $50,000.

These changes mean that government entitles, including Solid Energy and private companies, in addition to NZX listed companies who have been required to meet the requirements of the JORC code for public reports of exploration results, mineral resources adore reserves for many years, will be required to appoint Competent Persons and lodge reports which meet the requirements of the JORC Code (2012) for the first time next March.  Permit holders will also be able to lodge annual reports and applications for renewals electronically from the second quarter of 2015.