SEC Acts to Modernize Resource Disclosure Standards for Mining

WASHINGTON, D.C. The National Mining Association (NMA) and the Society for Mining, Metallurgy & Exploration Inc. (SME) today issued a joint statement on the Securities and Exchange Commission’s (SEC) announcement that it has voted to adopt amendments to modernize the property disclosure requirements for mining registrants, and related guidance, under the Securities Act of 1933 and the Securities Exchange Act of 1934.

Hal Quinn, NMA president and CEO: “The SEC’s action is an important step forward in modernizing the government’s treatment of the U.S. mining industry. The changes outlined in the new rule level the playing field, modernizing regulations first conceived in the 1930s and aligning the U.S. approach with international standards, allowing disclosure of mineral resources in addition to reserves and the utilization of forward-looking market forecasts and prices. Domestic mining is already disadvantaged when compared with global competition. When it comes to permitting, other countries achieve in two to three years what takes 10 years in the U.S., providing investors little certainty. This action is a step in the right direction to return U.S. mining to global competitiveness.”

David Kanagy, SME Executive Director: “I am pleased with the joint work of SME and NMA on this important SEC disclosure requirement.  The issuance of this new SEC rule is a long time coming. It was made possible through the efforts of many organizations and individuals dedicated to making a positive change.  Much of the CRIRSCO reporting requirements adopted in the new SEC rule give the U.S. mining industry much better competitive positioning with other international reporting requirements.”

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About the National Mining Association

The National Mining Association (NMA) is the voice of the American mining industry in Washington, D.C. Membership includes more than 325 corporations involved in all aspects of coal and solid minerals production including coal, metal and industrial mineral producers, mineral processors, equipment manufacturers, state mining associations, bulk transporters, engineering firms, consultants, financial institutions and other companies that supply goods and services to the mining industry.

About the Society for Mining, Metallurgy & Exploration Inc.

SME is a professional society (nonprofit 501(c)(3) corporation) whose more than 15,000 membership represents all professionals serving the minerals industry in more than 100 countries. SME members include engineers, geologists, metallurgists, educators, students and researchers. SME advances the worldwide mining and underground construction community through information exchange and professional development. SME’s staff is located in Englewood, Colorado.

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