Listings

Requirements Relating To Resources and Reserves

Competent Person’s Report

Charltons advises mineral companies on the requirements relating to resources and valuations contained in Chapter 18 of the HKEX Listing Rules. We are also experienced in liaising with independent mining experts on requirements applicable to the presentation of resource related data in “Competent Person’s Reports”.

A new applicant mineral company must include in its listing document a report on its resources and reserves prepared by a Competent Person (Competent Person’s Report).

A Competent Person’s Report for mineral resources and reserves must be prepared in accordance with:

1. the JORC Code;
2. the (Canadian) Standards of Disclosure for Mineral Projects, including Form 43-101 (NI 43-101); or
3. the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (2007 edition) as amended from time to time (the SAMREC Code).

A Competent Person’s Report for petroleum resources and reserves must be prepared in accordance with the PRMS or any other code with respect to which the HKEX is satisfied that it provides a comparable standard of disclosure and sufficient assessment of the underlying assets.

Waiver from the Requirement for a Competent Person’s Report

The HKEX has previously granted waivers to allow certain listing applicants to exclude part of their mining assets from the Competent Person’s Report (Excluded Projects). Waivers have been granted where the Excluded Projects were not material to the applicant’s portfolio of mineral / petroleum resources and where the applicant demonstrated that the necessary information for the preparation of a Competent Person’s Report was not available (e.g. the mine was at an early exploration stage or the applicant did not have the necessary information on the relevant entities or businesses which it planned to acquire or had an option to acquire). Where the necessary information for preparation of a Competent Person’s Report is available, it must be included in the report and a waiver will only be granted from the Competent Person’s Report requirement in special circumstances.