By Heath Lewis and David Jewkes. King & Wood Mallesons’ Perth Office

Alewis_hSIC’s release of Information Sheet 214 (IS 214) regarding the publication of forward-looking statements by mining and resources companies has created significant controversy. Clearly there is a disconnect between what some resources industry participants believe they should or need to be able to do in publishing forward-looking statements based on mineralogical information and what ASIC says they can do under Australian law.

Although ASIC has been singing from the same hymn sheet on the issue for some time, the 2016 “re-mix” of ASIC’s policy poses challenges for companies that find themselves in the ‘twilight zone’ – those that have JORC-compliant mineral resources predominantly in the measured or indicated categories but no certainty of project funding.

For the sake of the industry, being one of economic significance to Australia, it is time for reform.

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