Select Page

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.

Read our latest News

Platinum demand increases

Zijin Mining invests in lithium

NATURAL RESOURCES News Zijin Mining, one of China’s largest gold and copper producers has acquired Neo Lithium Corporation for $770 million in a bid to carve out a stable supply chain for the future. This comes as the latest in a slew of...

Platinum demand increases

Price of steel rapidly increasing

NATURAL RESOURCES News The lack of supply for steel has US companies scrambling to produce cans, metal desks and filing cabinets, Peloton bikes and cars as prices have shot up to $1940 a ton this September compared to $560 for both 2019...

Platinum demand increases

Financial institutions adopt IPCC targets

NATURAL RESOURCES News Shying away from the International Energy Agency’s ‘Net Zero by 2050’ plan, which bars committed companies from operating new fossil fuel exploration projects this year, most banks have chosen to follow the...

Platinum demand increases

China increases local coal production

NATURAL RESOURCES News As the United Nation’s COP26 climate conference looms, President Xi Jinping has won international praise for promising that China’s peak carbon emissions would peak before 2030, and the country would achieve carbon...

Platinum demand increases

Exploration tech backed by billionaire

NATURAL RESOURCES News KoBold Metals (“KoBold”), an exploration company which discovers materials critical for the electric vehicle and renewable energy revolutions has partnered with BHP to search Western Australia for metals and critical...