HKEx new listing rules for Mineral Companies

The Hong Kong Exchange has released new listing rules for Mineral Companies. The rule changes, which came into effect on  June 03, 2010 have made easier for developers to list.

EQUITY SECURITIES

MINERAL COMPANIES

Scope
This Chapter sets out additional listing conditions, disclosure requirements and continuing obligations for Mineral Companies. The additional disclosure requirements and continuing obligations will apply to a listed issuer which becomes a Mineral Company by undertaking a Relevant Notifi able Transaction involving the acquisition of Mineral or Petroleum Assets. Certain continuing obligations will apply to listed issuers that publish details of Resources and/or Reserves.

The main headings are:
18.01 Defi nitions and interpretation
18.02-18.04 Conditions for listing of new applicant Mineral Companies
18.05-18.08 Contents of listing documents for new applicants
18.09-18.13 Relevant Notifi able Transactions involving the acquisition or disposal of

Mineral or Petroleum Assets
18.14-18.17 Continuing obligations
18.18-18.27 Statements on Resources and/or Reserves
18.28-18.34 Reporting Standard

DEFINITIONS AND INTERPRETATION
18.01 For the purposes of this Chapter unless otherwise stated or the context otherwise requires:—

(1) terms signifying the singular include the plural and vice versa;
(2) the term mineral includes solid fuels; and
(3) the following terms have the meanings set out below:—

“CIMVAL” Standards and Guidelines for Valuation of Mineral Properties endorsed by the Canadian Institute of Mining, Metallurgy and Petroleum, February 2003 (fi nal version) as amended from time to time.

“Competent Evaluator” a Competent Person undertaking valuations that satisfi es rule 18.23.

“Competent Person” a person that satisfi es rules 18.21 and 18.22.

“Competent Person’s Report” the public report prepared by a Competent Person on Resources and/or Reserves, in compliance with this Chapter (rules 18.18 to 18.33) and the applicable Reporting Standard as modifi ed by this Chapter.

“Contingent Resources” those quantities of Petroleum estimated, at a given date, to be potentially recoverable from known accumulations by application of development projects, but which are not currently considered to be commercially recoverable due to one or more contingencies.

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