New mining reporting rules in effect

New mineral reporting rules take effect today, Jan. 13, requiring mining companies to submit exploration results both quarterly and annually, according to the Philippine Stock Exchange (PSE).

The PSE said in a notice dated Jan. 8 that the Securities and Exchange Commission (SEC) had approved the implementing rules and regulations (IRR) of the Philippine Mineral Reporting Code 2020 (PMRC 2020).

The IRR, which takes effect on Jan. 13, states that annual reports from mining companies must include exploration results, exploration targets, mineral resources, and mineral reserves.

The rules also say that quarterly reports must include any exploration results from that period.

“Only public reports that comply with the reporting standards under the PMRC 2020 and the guidelines under the PMRC 2020 IRR shall be accepted by the exchange for listing and/or disclosure purposes,” the PSE notice said.

The IRR also mandates the disclosure of environmental, social, and governance considerations, which may be voluntarily included in the companies’ technical reports until they are required to report using a reporting framework in accordance with international financial reporting standards (IFRS) S1, IFRS S2, and any future sustainability standards to be adopted by the SEC.

Meanwhile, the PSE said all public reports of covered entities submitted on or after Jan. 13 should comply with PMRC 2020 and its IRR.

The market operator added that there is a two-year transitory period for the submission of technical reports of all covered entities.

Companies are directed to provide technical reports on exploration results, exploration targets, mineral resources, mineral reserves, and metallurgical assessment and design to the PSE relevant to their mineral property within two years from the date of the IRR’s effectivity.

However, the PSE said the two-year transitory period is not applicable to companies with capital-raising activities through the bourse.

“For these companies, technical reports that are fully compliant with the provisions of the PMRC 2020 IRR must be submitted to the exchange upon filing of the relevant listing application,” the PSE said.

The value of the country’s metallic mineral production for the first nine months of 2024 climbed by 3.17% to PHP 195.92 billion, data from Mines and Geosciences Bureau showed.

“We fully support the PSE’s mandate to uphold transparency and accountability among listed mining companies,” Global Ferronickel Holdings, Inc. (FNI) President Dante R. Bravo said in a Viber message.

“Since FNI became public in 2014, we have ensured timely and comprehensive disclosure of exploration results, exploration targets, mineral resources, and mineral reserves as it aligns with our commitment to good governance, investor confidence, and responsible mining,” he added. — Revin Mikhael D. Ochave