🧭 A Brief History of the JORC Code

⏱️ Estimated reading time: 3–4 minutes

✨ When Gold Glittered… but Lied

the most notorious mining scandals in history

In the mid-1990s, the world witnessed one of the most notorious mining scandals in history. The Canadian company Bre-X Minerals claimed to have discovered a massive gold deposit in Busang, Indonesia — a find that would be worth billions. But there was just one problem: it wasn’t real.

Samples had been salted with gold dust, inflating assay results and duping investors, analysts, and even governments. The scandal eventually unraveled, leading to the collapse of Bre-X, the mysterious death of one of its key geologists, and the loss of billions in shareholder value.

The story was so dramatic that Hollywood couldn’t resist: the 2016 film Gold, starring Matthew McConaughey, drew direct inspiration from these events — a cautionary tale of ambition, deception, and the lack of proper standards.

🛠️ Why the JORC Code Was Needed

Long before Bre-X shook the industry, there was already concern about inconsistent and overly optimistic mineral resource reporting. In the absence of clear guidelines, investors were left guessing — or worse, misled.

To address this, the Australasian Joint Ore Reserves Committee (JORC) was formed in 1971 by:

• The Australasian Institute of Mining and Metallurgy (AusIMM)

• The Australian Institute of Geoscientists (AIG)

• The Minerals Council of Australia (MCA)

Their goal? Create a transparent, consistent, and accountable framework for reporting mineral resources and reserves — one that would protect both investors and the integrity of the industry.

overly optimistic mineral resource reporting ?

📘 The First JORC Code (1989)

In 1989, the first official version of the JORC Code was published. It introduced fundamental principles still used today, including:

• Measured, Indicated, and Inferred Resources

• Proved and Probable Reserves

• The role of a "Competent Person" — a qualified expert responsible for the credibility of public reports

It wasn’t just a technical manual. It was a shield against misinformation — a lesson reinforced just a few years later by the Bre-X disaster.

🔄 Key Milestones in JORC’s Evolution

JORC didn’t stand still. It evolved with the times:

• 1992: Updates to align with global best practices

• 1999: Greater emphasis on transparency for public reporting

• 2004: Harmonization with the CRIRSCO Template, promoting international standardization

• 2012: Integration of social, environmental, and economic considerations — a nod to the rise of sustainable mining

  
  

🌍 Global Impact: JORC Beyond Australia

The JORC Code didn’t just change the game in Australasia — it became the blueprint for global mineral reporting. It directly inspired:

• Canada’s NI 43-101

• South Africa’s SAMREC Code

• The UN Framework Classification for Resources (UNFC)

Today, these systems form the backbone of responsible, transparent mining disclosure worldwide.

⚖️ The JORC Code Today: Still Holding the Line

Even in the age of AI and ESG, the JORC Code’s core values — transparency, competence, and accountability — remain vital.

With increasing scrutiny on environmental and social impacts, the mining sector can’t afford a return to the opaque practices of the past. The JORC Code offers not just structure, but credibility.

🔮 Looking Forward

Some professionals are advocating for the next Code revision to cover topics such as:

• Integrating ESG (Environmental, Social, Governance) reporting

• Incorporating new tools like AI and machine learning for resource modelling

• Achieving closer alignment with global sustainability frameworks
  

Whether these points will make it into the final update remains uncertain, but JORC’s mission stays the same: safeguarding trust in an industry where trust is everything.

🗨️ What’s your experience with the JORC Code? Have you ever seen the consequences of bad reporting firsthand? Let us know in the comments.