Beginning today, January 13, new mineral reporting rules will mandate mining companies to submit exploration results both quarterly and annually.
In a report by Business World, the Philippine Stock Exchange (PSE) announced that the Securities and Exchange Commission (SEC) approved the implementing rules and regulations (IRR) for the Philippine Mineral Reporting Code 2020 (PMRC 2020).
The new rules require mining companies to include exploration results, exploration targets, mineral resources, as well as mineral reserves in their annual reports.
In addition, quarterly reports must now include any exploration results from that period.
As these new regulations take effect, stakeholders can expect a more transparent and accountable mining sector that prioritizes both environmental and business sustainability.
The PSE clarified that only public reports meeting the standards of the PMRC 2020 and its IRR guidelines will be accepted for listing or disclosure purposes.
The IRR also introduces a requirement for companies to disclose environmental, social, and governance (ESG) considerations.
These can be voluntarily included in companies’ technical reports until they are required to follow a reporting framework aligned with international financial reporting standards (IFRS) S1, IFRS S2, and any upcoming sustainability standards to be adopted by the SEC.
The PSE emphasized that all public reports submitted on or after January 13 must comply with the PMRC 2020 and its IRR.
Global Ferronickel Holdings, Inc. (FNI) President Dante R. Bravo expressed strong support for the new rules, emphasizing the company’s commitment to transparency, good governance, and responsible mining.
A two-year transitory period is in place for the submission of technical reports, which include exploration results, exploration targets, mineral resources, and metallurgical assessments. Companies are expected to comply within two years from the effective date of the IRR.
However, the transitory period does not apply to companies engaged in capital-raising activities through the stock exchange. For these companies, technical reports must fully comply with the PMRC 2020 IRR upon submission of their listing application.
According to the Mines and Geosciences Bureau, the value of the Philippines’ metallic mineral production for the first nine months of 2024 increased by 3.17%, totaling P195.92 billion.
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