PSE seeks tighter reporting rules for mining firms

The Philippine Stock Exchange (PSE) has submitted to the Securities and Exchange Commission (SEC) a proposal to revise the current Philippine Mineral Reporting Code (PMRC)—a guideline used by publicly-listed mining companies in filing their reports.

In an online forum on Thursday, PMRC committee chair Ciceron Angeles Jr. stressed the need to improve the current guidelines to prevent major mining frauds and protect the investing public.

Some of the key proposals were the use of a mandatory system for classifying tonnage and ore grade estimates and including the company’s exploration targets and technical studies in the reports.

The committee also recommended the addition of nontechnical aspects in public disclosures, such as commodity pricing, permitting and legal requirements, and sustainability considerations.

It also recommended that only accredited competent persons must prepare the reports (geologists, metallurgical engineers, mining engineers).

Dennis Quintero, PMRC committee member and chair of the Philippines Australia Business Council, said these proposals would help the public make sound investment decisions, as the current reports might still be susceptible to inaccuracy, misrepresentation and fraud.

The revisions were welcomed by the Chamber of Mines of the Philippines (COMP), the largest organization of large-scale mining firms in the country.

“All of these moves that go beyond compliance is in the hope of earning the public’s trust, which we acknowledge to be important if this industry is to grow and substantially contribute to nation-building,” COMP president Gerard Brimo said, who also heads Nickel Asia Corp.

The proposal to revise the current PMRC came two weeks after President Duterte lifted the suspension on the issuance of new mining permits.

Since its issuance, the Department of Environment and Natural Resources has already received more than 100 applications for permits.