Mining companies must give investors more comprehensive details on their properties. The decision is a result of the Securities and Exchange Commission’s (“SEC”) issuance of Release No. 33-10570, Modernization of Property Disclosures for Mining Registrants. Release No. 33-10570 requires mining companies to make available certain specified information regarding mineral resources and mineral reserves, which would help investors make better decisions. The final rules also bring the SEC’s disclosure requirements for mining companies more in line with industry practices and the Committee for Reserves International Reporting Standards.
The final rules will be effective 60 days after being published in the Federal Register, and mining companies must comply with the new disclosure requirements starting January 1, 2021. Mining companies can comply with the new rules once the SEC completes its changes to the Electronic Data Gathering, Analysis, and Retrieval system.