PMRC 2020 Flashcards
What does PMRC mean?
A. Philippine Mining Report Card
B. Philippine Mineral Reporting Code
C. Philippine Mineral Resources Code
D. Philippine Mineral Reporting Checklist
B. Philippine Mineral Reporting Code
In what year was the PMRC first established?
2006
In what year was the PMRC revised?
2020 (to align with global standards)
Who regulates the PMRC
MGB
What are the significance of the PMRC
- Provide accurate data on mineral resources and reserves
- Guide informed decision-making
Provide two objectives of the PRMC
- Promote transparency and accuracy in mineral reporting
- Enhance investor confidence in the PH mining sector
Is the PMRC applicable for liquid metals or natural gas?
No. The PRMC is specifically applied for all SOLID mineral raw materials.
The National Reporting Organization is composed of members from the following organizations, except:
A. Geological Society of the Philippines
B. National Institute of Geological Sciences
C. Society of Metallurgical Engineers
D. Philippine Society of Mining Engineers
B. National Institute of Geological Sciences
This is an associate organization of the PMRC Committee created to provide and maintain a fair share for private non-profit and non-stock organization
Philippine Stock Exchange
The PMRC aims to conduct public mineral reporting that compatible whit which global standards?
a. International reporting template
b. Australasian Code for reporting of exploration results (JORC - Joint Ore Reserves Committee)
The jurisdiction of this agency is to supervise all corporations, partnerships or associations who are the guarantees of primary franchises and or a license to permit issued by the govt
Security Exchange Commission
What are 16 standard definitions from CRIRSCO 2019?
- Mineral
- Public reports
- Accredited CPs
- Modifying factors
- Exploration target
- Exploration results
- Mineral resources
- Inferred
- Indicated
- Measured min resource
- Mineral reserve
- Probable mineral reserve
- Proved mineral reserve
- Scoping
- Pre-feasibility study
- Feasibility study
Who are qualified to apply as Accredited Competent Persons (ACPs)?
A member of PSEM, GSP, SMEP, duly accredited as an ACP must have 5 years of relevant experience in the style of mineralization
These are experts responsible for verifying and certifying reports and ensure professional oversight and quality control
Qualified Persons (QPs)
Based on the 16 standard definition of CRIRSCO 2019, this is a statement estimating the exploration potential of a mineral deposit; geological setting, exploration strategy, exploration activity, mineralized outcrops and assays, surface geochemical sampling results, geophysics, drill holes, test pits and underground works.
Exploration Target
Based on the 16 standard definition of CRIRSCO 2019, this includes the exploration results, declaration of mineral resource; annual and quarterly company reports submit to SEC and PSE
Public reports
Based on the 16 standard definition of CRIRSCO 2019, this is a comprehensive study for technical and economic viability of a mineral project that has advanced to a stage where a preferred mining method HAS BEEN ESTABLISHED
Pre-feasibility study
Based on the 16 standard definition of CRIRSCO 2019, this includes appropriately detailed assessment of applicable modifying factors together with detailed financial analysis
Feasibility study
Cite examples of sustainability considerations in the PMRC
- Public reports = economic, social, and health and safety impacts
- Impacts that affect employees, contractors, neighboring communities and customers
What are required to comply with PMRC?
- Follow guidelines and standards
- Engage QPs
- Regular update and improve reporting process
These are benefits of PMRC, except:
A. improved reputation
B. Boost investor confidence
C. Enhance competitiveness
D. Encourage foreign companies to invest in other ASEAN countries
D. Encourage foreign companies to invest in other ASEAN countries
