The Philippine Mineral Reporting Code Committee, as the National Reporting Organization, is spearheading the advancement of the mineral reporting code in the Philippines to have a reporting standard abreast of other internationally recognized reporting codes.
Referred to simply in the mining industry as the Code, the PMRC, as adopted by the Securities & Exchange Commission and The Philippine Stock Exchange, sets minimum standards, recommendations, and guidelines for the Public Reporting of Exploration Results, Mineral Resources and Ore Reserves for solid mineral raw materials.
The PMRC Committee has led the process of revising and upgrading the Code. On Monday, 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,” said Ciceron Angeles Jr., PMRC Committee chairman.
The PMRC Committee, composed of the Philippine Society of Mining Engineers, the Geological Society of the Philippines and the Society of the Metallurgical Engineers of the Philippines, 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,” said 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 Code 2004) and the Committee for Mineral Reserves International Reporting Standards International Reporting Template (2006). To date, the 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 the CRIRSCO Template 2019.
The PMRC is being updated 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 said.