PH Mineral Reporting Code and Its Relevance to PH Minerals Industry
Atty. Dennis A. Quintero, PABC Chair - Presenting the Brief History of Philippine Mineral Reporting Code (PMRC) at the "Focus Group Discussion on the Philippine Mineral Reporting Code and Its Relevance to the Philippine Mineral Industry", Sofitel Philippine Plaza Manila - 10 Sept. 2019 (Photo by Marcelle P. Villegas, Philippine Resources Journal)
By Marcelle P. Villegas
When the Chamber of Mines of the Philippines organised their annual Mining Philippines last year in September, one of the most important parts of their three-day international conference and exhibition took place on its first day at the Sulu Room of the Sofitel Philippines Plaza Manila. It was a small gathering in a separate venue outside of the main conference -- the “Focus Group Discussion on the Philippine Mineral Reporting Code (PMRC) and Its Relevance to the Philippine Minerals Industry”. Although the discussion took place last September, the further development of the PMRC is something to look forward to this year and perhaps even the following year.
The Philippine Mineral Reporting Code or the “Code” was created to set out minimum standards, recommendations and guidelines for Public Reporting in the Philippines of Exploration Results, Mineral Resources and Ore Reserves. “The Code was formulated with the intent of setting minimum standards for public reporting on minerals that is compatible with global standards. The formulation of the PMRC relied on the international codes from Australia, South Africa, European Union and Canada,” according to the Philippine-Australia Business Council (PABC).
The closed-group discussion was moderated by Atty. Ronald S. Recidoro, COMP Executive Director. Atty. Dennis A. Quintero (PABC Chair and Meeting Chair) started the event with an “Introduction of Meeting Attendees and Brief History of PMRC”.
"The idea of having a Philippine Mineral Reporting Code started during one of the mining roadshows in Australia, participated in by representatives from the Philippine-Australia Business Council. Back then, the Chairman was Atty. Leo Dominguez and the delegation was composed of the various mining industry stakeholders like the Chamber of Mines and also the Philippine Stock Exchange. And the idea came up that if Australia has its JORC (Australasian Joint Ore Reserves Committee), and [thought of] the idea for the Philippines to have its own as well. And that's how the idea of having PMRC came about,” said Atty. Quintero.
Organizations that were involved in the promulgation of the PMRC back in 2007 were Philippine Minerals Development Institute Foundation, Philippine Society of Mining Engineers, Geological Society of the Philippines, Society of Metallurgical Engineers of the Philippines, Mines and Geosciences Bureau, Philippine Stock Exchange, Board of Investments, Chamber of Mines of the Philippines and Philippine-Australia Business Council.
The Secretariat Head of the Geological Society of the Philippines CPAC, Engr. Ramon N. Santos reported on the “Basics of the Philippine Mineral Reporting Code 2007 and Its Implementing Rule and Regulations”.
Mr. Joey Nelson R. Ayson (PMEA President) reporting on “PMRC: Updates and Relevance to the Mineral Industry”. Other speakers were (top left - right) Engr. Roger A. De Dios (PSEM National President) and Mr George B. Baquiran (GSP CPAC Chair) (Photo by Marcelle P. Villegas, Philippine Resources Journal)
Engr. Juancho Pablo S. Calvez, Chief Metallurgist of the Mines and Geosciences Bureau and Member of the PRC Board for Metallurgical Engineering gave a rundown of the PMRC Committee Role and Composition. This was followed by a discussion on the Committee for Mineral Reserves International Reporting Standards (CRIRSCO) and International Reporting Codes by Mr George B. Baquiran. He is the Chairperson of the Geological Society of the Philippines - Competent Person Accreditation Committee (GSP CPAC) and PMRCC Standards Committee Chair.
PMEA President, Mr Joey Nelson R. Ayson reported on “PMRC: Updates and Relevance to the Mineral Industry”. Included in his report is the CRIRSCO Membership Update (Task Force of International Council for Mining and Metals - ICMM):
● Feb. 23, 2019 - CRIRSCO-PMRCC MOU signed
● March 2019 - PMRCC-CRIRSCO Working Group formed
● Sept. 9-11, 2019 - Annual CRIRSCO Meeting in Washington D.C., U.S.A.
○ PMRCC Executive Committee attended (Jun Angeles and Jake Foronda)
● Proposed Timeline for PMRCC to become a CRIRSCO member
○ Aim by third quarter of 2020
● Upgrading PMRC 2007 according to the CRIRSCO Reporting Template 2019
○ Approved PMRC Code aim by second quarter of 2020
Mr Ayson also reported the “Bases for PMRC Review/Upgrade” wherein the primary basis is the CRIRSCO International Reporting Template 2019, and the secondary bases are JORC 2012 and NI 43-101.
In conclusion, he stated the PMRC and PMRCC relevance to the Philippine minerals industry, namely:
● To protect investors in mineral exploration and mining
● To protect the capital markets from fraudulent practices
● To promote a common understanding in reporting mineral assets
● For our Philippine Stock Exchange (PSE) to be world class in attracting mineral investments, both domestically and internationally.
PMRC Committee’s Relevance:
● Need for a Philippine-wide National Reporting Organization (NRO) to monitor the effectiveness and relevance of the PMRC and subject the PMRC to periodic reviewers
● Growing importance of compatibility and substantial equivalency with other international reporting codes
○ It is important to be a CRIRSCO member to ensure that PMRC Code will always be at par with the CRIRSCO family of internal reporting codes.
Finally, the Open Forum was conducted by Engr. Roger A. De Dios, PSEM National President.