The junior resources sector is preparing a revolt against the Australian Securities and Investments Commission, with the industry preparing to appeal directly to federal Resources Minister Josh Frydenberg for intervention over the regulator’s latest rule changes.
The Association of Mining and Exploration Companies, the peak body representing smaller resources players, will go directly to Canberra following the July election to argue against new ASIC restrictions on forward-looking statements.
ASIC last month released new guidelines that restrict what junior exploration companies can say about the economic potential of their discoveries. The crackdown has angered AMEC and a number of junior explorers, with the industry arguing that the changes will create a less transparent market and make it even harder to secure funding.
AMEC’s national policy manager Graham Short told The Australian that the association would raise the issue with the next government’s resources minister.“It’s fair to say we will be looking to escalate our concerns to a high level,” Mr Short said.
“Unfortunately we’ve now got an election process which has come into that, which has put some of those actions on the back burner, but once we know what the outcome of the election is then we can pick it up and raise it at a ministerial level.”
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