ABC Mining is listed on the ASX and has just entered into an agreement to acquire a significant
project from another company. The project has Mineral Resources and Ore Reserves that were
reported in accordance with the JORC Code (2004) by the former owner. They have never been
reported in accordance with the JORC Code (2012). No material work has been carried out on the
project since the estimates were last reported, and the Ore Reserve was reported without a Pre-
Feasibility or Feasibility Study. The agreement is of interest to ABC’s investors since ABC
considers it a material mining project.
Answer the following questions:
1)
What are ABC’s obligations to report the agreement to the market?
2)
Can ABC disclose the former owner’s estimates of Mineral Resources and Ore Reserves in an announcement of the agreement?
3)
What other information must the announcement include?
4)
Are Competent Person’s statements and the reporting of all items in Table 1 mandatory?
5)
After the acquisition is completed, can ABC reference the former owner’s estimates of Mineral Resources and Ore Reserves?
consider ASX FAQ 35 and 37.
