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NMA and SME issue joint statement on SEC announcement

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Global Mining Review,

The National Mining Association (NMA) and the Society for Mining, Metallurgy & Exploration Inc. (SME) issued a joint statement on the Securities and Exchange Commission’s (SEC) announcement that it has voted to adopt amendments to modernise 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, stated: “The SEC’s action is an important step forward in modernising the government’s treatment of the US mining industry. The changes outlined in the new rule level the playing field, modernising regulations first conceived in the 1930s and aligning the US approach with international standards, allowing disclosure of mineral resources in addition to reserves and the utilisation 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 US, providing investors little certainty. This action is a step in the right direction to return US mining to global competitiveness.”

David Kanagy, SME Executive Director, said: “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 organisations and individuals dedicated to making a positive change. Much of the CRIRSCO reporting requirements adopted in the new SEC rule give the US mining industry much better competitive positioning with other international reporting requirements.”

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