The Philippine Mineral Reporting Code Committee (PMRC Committee), as the National Reporting Organization (NRO), is spearheading the advancement of the mineral reporting code in the Philippines for the purpose of having a reporting standard abreast with other internationally recognized reporting codes.
Referred simply in the mining industry as the Code, the PMRC, as adopted by the Securities & Exchange Commission (SEC) and The Philippines Stock Exchange (PSE), sets out minimum standards, recommendations and guidelines for Public Reporting of Exploration Results, Mineral Resources and Ore Reserves for solid mineral raw materials.
PMRC Committee has led the process of revising and upgrading the Code. Today, the first draft of the PMRC 2020 Code, an advanced upgrade of its 2007 Edition – is ready for industry and public exposure.
“Simply put, the new ‘Code’, once adopted by the SEC and the PSE, sets out the highest standards, recommendations and guidelines for Public Reporting that will help elevate the level of trust and confidence we need for the mining industry” explains Engr. Ciceron “Jun” A. Angeles, Jr., PMRC Committee Chairman.
The PMRC Committee, composed of the Philippine Society of Mining Engineers (PSEM), the Geological Society of the Philippines (GSP), and the Society of the Metallurgical Engineers of the Philippines (SMEP), together with the PSE and other minerals industry-related organizations, since 2019, has led the process of revising and upgrading the Code.
“The upgrade and the evolution of the PMRC Code couldn’t have come at a better time when, now more than ever, we need investor confidence and public trust towards mining in the Philippines” says Angeles.
The Code was formulated with the intent of setting minimum standards for public reporting that are compatible with global standards. Its original version, was compatible with the Australasian Joint Ore Reserves Committee (JORC) Code (2004) and Committee for Mineral Reserves International Reporting Standards (CRIRSCO) International Reporting Template (2006). To date, CRIRSCO Template is now on its 2019 edition while the JORC Code’s is on its 2012 edition and will soon be upgraded to conform with CRIRSCO Template 2019.
The PMRC is being updated in order to be compatible with the CRIRSCO Template and its related codes.
CRIRSCO aims to maintain the trust of stakeholders by promoting the highest standards in the reporting of mineral resource and reserve estimates as well as exploration progress and results.
“Our application to become part of CRIRSCO is progressing very well and when we get acknowledged as a member-country, which we hope will be another achievement very soon, we can expect improved confidence and trust from investors and other mining countries which, will be very good for mining in the Philippines as we slowly revive the industry in order to be part of the country’s economic recovery,” Angeles further elaborates.
On April 29, 2021, starting at 9 AM, to dissect the PMRC further and to present the Code to a wider audience, everyone is invited as the Committee hosts a Webinar titled – PMRC: What’s in it for the Philippines. Expected to deliver a reaction from the mining industry is Nickel Asia Corp. (NAC) President and CEO, Martin “Dennis” G. Zamora.
For further info on this event, please visit : www.pmrcc.org.ph or email info@pmrcc.org.ph
