The Resources and Reserves Committee of the Society for Mining, Metallurgy & Exploration Inc. (SME) recently released the 2014 Guide for Reporting Exploration Results, Mineral Resources and Mineral Reserves. First published in 1992, the guide has been updated periodically to reflect current international standards for reporting industry best practices.
SME said its Resources and Reserves Committee has been working for more than a decade to encourage the U.S. to update the disclosure requirements of the Securities and Exchange Commission (SEC) Industry Guide 7 (IG7) for U.S. mining companies to bring them in line with those of the rest of the world. The IG7's mineral reporting and disclosure standards have become increasingly outdated and out-of-sync with those used internationally. As a result, U.S.-based mining companies and their investors suffer a competitive disadvantage.
SME filed a petition for rulemaking with the SEC in 2012 requesting the SEC update IG7 using the SME Guide as a model. In June, the SEC began the process of updating IG7 by calling for applications for an academic fellow to work with the commission and aid senior staff in reviewing public company disclosure requirements. The outcome of this project, said SME, will positively affect the U.S. mining industry.
A copy of the SME 2014 Guide can be downloaded from the committee's webpage at http://ow.ly/ze5aT.