The Australian bourse has received regulatory approval to introduce new listing rules enhancing the disclosure of reserves and resources by mining and oil and gas companies.
The new rules would require mining companies to report in accordance with the Jorc Code with new requirements for the disclosure of additional information when exploration results, estimates and ore reserves, as well as production targets were disclosed.
For oil and gas companies, the new rules required them to report in accordance with the Society of Petroleum Engineers - Petroleum Resources Management system, as well as new requirements for the disclosure of resource and reserve estimates.
The new rules also required, from both mining and oil and gas companies, a yearly mineral resource and ore reserve statement in the annual report.
See the whole article online here: New ASX disclosure rules to come into effect in late 2013
The MasterMetals Blog
November 9, 2012
November 7, 2012
Iran’s Neighbors Act as Gold Funnels | Gold Investing News
As life in Iran becomes more expensive and more difficult, its inhabitants are turning to gold to cope with the vicious bite of sanctions.
There are two ways to deal with hyperinflation. Primarily, it’s through dollars and also alternatively through gold
Iran’s Neighbors Act as Gold Funnels Wednesday November 7, 2012, 4:30am PST
By Michelle Smith - Exclusive to Gold Investing News
As life in Iran becomes more expensive and more difficult, its inhabitants are turning to gold to cope with the vicious bite of sanctions. Iran sold over 2 million barrels of oil per day last year, but only about 1 million barrels a day in October. Its currency, the rial, is rapidly losing value and hyperinflationary conditions are worsening. Even meat consumption has reportedly declined. But as conditions in the nation deteriorate, the amount of yellow metal that Iran is funneling in from its neighbors is on the rise.
“There are two ways to deal with hyperinflation. Primarily, it’s through dollars and also alternatively through gold,” said Ambassador Mark Wallace, CEO of United Against Nuclear Iran.
One effect of sanctions, however, is that it has become much more difficult for Iran to obtain major foreign currencies. A portion of what is available is needed for legitimate trade in the private sector. But in addition to that, the public wants to store its wealth in safe havens.
Problems with the rial and oil income have led to the buying and hoarding of gold and dollars. These problems have also forced Iran to use third parties and other nations to disguise its economic activities, states a report from the Center for Strategic and International Studies.
The Iranian regime and its elite cronies are suspected of hoarding metal, and one of the third-party strategies they appear to be employing is the use of neighboring countries to funnel enormous quantities of gold into Iran.
“In 2010 and 2011 combined Turkey’s total gold and jewelry exports amounted to $4.3 billion,” said Inan Demir chief economist at Turkish Finansbank, quoted in Voice of America.
“Now, in the first six months of 2012, [with] gold exports to Iran, we are talking about a gold export figure in excess of $6 billion. So, compared to past trends, we are definitely talking about something extraordinary here,” he said.
In July, Turkish gold sales to Iran reached nearly $2 billion. That trade that did not go unnoticed or unreported; Turkish and international media began to hone in on this relationship.
As the spotlight grew brighter, Iran’s demand for gold from Turkey seemed to decline. Simultaneously, an enormous appetite for gold erupted in the United Arab Emirates (UAE).
Some believe that the players, aiming to mask the trade, switched up their game a bit.
Iran includes Dubai in gold network
To see Iran’s lifeline at work, pay a visit to Istanbul’s Ataturk International Airport and find a gate for a flight to Dubai, states a Reuters article.
“Couriers carrying millions dollars worth of gold bullion in their luggage have been flying from Istanbul to Dubai, where the gold is shipped on to Iran, according to industry sources with knowledge of the business,” the article notes.
Customs data from Turkish airports is said to support these claims.
Further, Turkish trade data shows that in August the nation’s main partner country for exports was suddenly the UAE, despite having been Iran in the previous months. And of the $2.3 billion worth of gold that Turkey exported in August, $1.9 billion worth was sent to the UAE.
Again, in September, the UAE was Turkey’s most valuable export partner. And again, the bulk of its appetite was for gold. Of the total $1.39 billion in exports, $1.14 billion was yellow metal.
During this time, Iran has fallen from the top spot, but it still remains one of Turkey’s most valuable export partners.
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