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On 16 June 2016, the SEC issued a proposed rule (available here), which, if adopted, would result in a revamp of its disclosure requirements for mining companies. The proposed changes include:
- requiring the disclosure of mining resources (currently prohibited under SEC rules);
- requiring that every disclosure of mineral resources, mineral reserves and material exploration results reported in a company's filed registration statements and reports be based on, and accurately reflect, information and supporting documentation prepared by a "qualified person;" and
- providing one standard requiring companies to disclose mining operations that are material to the company's business or financial condition and formalising guidance that mining operations constituting 10% or more of a company's total assets are presumed material.
These changes are further discussed in our client publication available at:
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