Abstract
Canadian securities regulators have recently implemented a new regime for the estimation, classification and public reporting of mineral exploration information and mineral resources and reserves. The new Canadian requirements, which incorporate some of the key elements of the Australasian Code for Reporting Mineral Resources and Ore Reserves, will bring about significant improvements in the frequency, quantity and quality of disclosure by Canadian mining companies and foreign companies listed on a Canadian stock exchange of scientific and technical information concerning their material properties. While the new Canadian requirements achieve the intended objectives of enhancing investor protection and increasing the fairness and efficiency of the Canadian capital markets, they have also created some significant new obligations and liabilities for issuers and their qualified persons and may over the longer term have some undesirable impacts on disclosure quality and qualified person independence. This article summarizes the main elements of the new Canadian system and identifies some of the principal issues raised by its implementation.
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