Mining firms need extra listing requirement
Wednesday, July 24 2013 - 03:04 AM WIB
The association of the Indonesian geology experts (IAGI) hopes that beginning 2015 the assessment of mineral reserves by competent person (CP) named by the committee for Indonesian mineral reserves (KCMI) should become one of the requirements imposed on mining companies to list their shares on the Indonesian Stock Exchange (IDX).
The association said such a requirement would be needed to ensure that the calculation of the mineral reserves owned by publicly listed companies was carried out by reliable persons. ?The amount of reserves should be calculated by CP which has received a certification from KCMI,? the association?s chairmanRovicky Dwi Putrohari told Petromindo.com on Tuesday.
KCMI is the committee for standardization on reporting of exploration results established by IAGI and the association of Indonesian mineral experts (Perhapi).
IAGI hoped in two years from now, the appointment of CP in the assessment of mineral reserves should become one of the requirements a mining company should meet to be able to list its shares on the IDX.
With such a requirement, investors will have reliable data on the amount of mineral reserves held by a publicly listed company, the association added.
Editing by Adianto P. Simamora