SME is pleased to report that finally, after four years of advocacy efforts, the Securities and Exchange Commission (SEC) has released for public comment a proposed update to Industry Guide 7 on disclosure requirements for mineral resource and reserve reporting. SME filed a petition for rulemaking with the SEC in 2012, requesting the SEC update requirements for U.S. mining companies to reflect current international standards for reporting.
The SME Resources and Reserves Committee has been working for more than a dozen years to encourage the SEC to update the IG7’s reporting standards by using the SME
Guide for Reporting Exploration Results, Mineral Resources and Mineral Reserves as a model. These suggested revisions would align U.S. requirements with those of the rest of the global mining community. Current standards are outdated and out-of-sync with those used internationally, and have placed U.S.-based mining companies at a competitive disadvantage.
Public comments on the proposed rule should be received by the SEC no later than 60 days after publication in the
Federal Register (approximately August 15, 2016). To read the SEC press release announcing the proposed rules, please visit
www.sec.gov/news/pressrelease/2016-122.html. A copy of the SME
Guide for Reporting Exploration Results can be downloaded from
www.smenet.org/publications-resources/resources/sme-guide-for-reporting.