SEC proposes new S-K regulation for mining companies’ disclosures

The SEC offered rules to reform Regulation S-K in regard to the property disclosure requirements for mining companies.


On June 16, 2016, the SEC announced the proposed rules will support global mining disclosure standards and “give investors more comprehensive information of a registrant’s mining properties that they can use to make informed investment decisions.”

PER THE SEC, the new ruling will:

  • Provide one standard that requires registrants to disclose mining operations that are material to the company’s business or financial condition
  • Require a registrant to disclose mineral resources and material exploration results in addition to its mineral reserves
  • Permit disclosure of mineral reserves to be based on a preliminary feasibility study or a final feasibility study
  • Provide updated definitions of mineral reserves and mineral resources
  • Require, in tabular format, summary disclosure for a registrant’s mining operations as a whole as well as more detailed disclosure for material individual properties
  • Require that every disclosure of mineral resources, mineral reserves and material exploration results reported in a registrant’s filed registration statements and reports be based on, and accurately reflect information and supporting documentation prepared by, a “qualified person”
  • Require a registrant to obtain a technical report summary from the qualified person, which identifies and summarizes for each material property the information reviewed and conclusions reached by the qualified person about the registrant’s exploration results, mineral resources or mineral reserves

Investors, lawyers and corporations are invites to comment over the next 60 days. To submit comments, use the SEC’s Internet submission form or send an e-mail to

The complete text of the Proposed Rules is available here.

One response to “SEC proposes new S-K regulation for mining companies’ disclosures

  1. I particularly believe that SEC’s proposal will promote better alignment with international standards. Unfortunately, I think that the mineral price limit for feasibility study is questionable because it can underestimate ROI associated with strategic minerals and/or new market opportunities. Also, although the proposed rule indicates that qualified person must examine the regulatory regime of the host jurisdiction to establish that the registrant can comply (fully and economically) with all laws and regulations (e.g., mining; environmental, including regulations governing water use and impacts, waste management, and biodiversity impacts; reclamation; and permitting regulations), I would recommend specific instructions for reporting permitted and unpermitted reserves.
    Kind regards,
    Ronaldo dos Santos

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