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June 13 2020

The Philippine Mineral Reporting Code (“PMRC”) Committee held on 13 June 2020 a public hearing on the draft of the 2020 PMRC, which seeks to update the 2007 PMRC. Philippines Australia Business Council (“PABC”) Chair Dennis A. Quintero delivered the Welcome Remarks. Around 170 participated in the public hearing conducted by webinar/videoconference. The PABC is an associate member organization of the PMRC Committee.

The formulation of the technical provisions of the 2007 PMRC was undertaken by the three professional associations Geological Society of the Philippines, Philippine Society of Mining Engineers, Society of Metallurgical Engineers of the Philippines, and chaired by the Philippine Minerals Development Institute Foundation (“PMDIF”). The 2007 PMRC is an initiative of the PMDIF together with the Philippine Stock Exchange, Mines and Geosciences Bureau, Chamber of Mines of the Philippines, PABC, and the Board of Investments. The three professional associations are spearheading the formulation of PMRC 2020 with support from the associate organizations.

The PMRC sets out minimum standards, recommendations, and guidelines for public reporting in the Philippines of exploration results, mineral resources, and ore reserves. The PMRC was formulated with the intent of setting minimum standards for public reporting by listed companies and companies intending to enlist with the Philippine Stock Exchange that are compatible with global standards.