境内外矿业资本市场信息发布差异研究：以三道庄钼矿为例

矿产资源作为矿业公司持有使用权的核心资产,由于境内外矿业资本市场要求不同,因此境内外发布的矿产资源信息存在较大差异。洛阳钼业是香港交易所和上海证券交所双重上市的矿业公司,根据香港交易所要求,由胜任人按照JORC规则发布独立技术审查报告;根据上海证券交易所等要求,按照我国标准编制核实报告并通过评审备案后,将其作为A股招股说明书的所载内容公开发布。本文以洛阳钼业所属上市资产三道庄钼矿为例,以公开的矿产资源信息为切入点,对境内外首发上市的矿产资源信息发布路径、发布内容以及矿产资源储量对比分析,认为境内外证券交易所矿产资源信息发布要求、采纳的矿产资源储量分类标准和矿产资源储量估算认定体系等要素是导致信息发布存在差异的主要原因,总结了矿业资本市场信息发布差异带来的三点启示,为完善我国矿业资本市场发展,促进矿业行业国际互联互通提供实证。

A study on the difference of information release in mining capital market at home and abroad: a case study of Sandaozhuang Molybdenum Mine

As the core assets of mining companies holding the right to use mineral resources, due to the different requirements of domestic and foreign mining capital markets, there are great differences in the information of mineral resources published at home and abroad. Luoyang Molybdenum Industry Co., Ltd. is a dual listed mining company of Hong Kong Stock Exchange and Shanghai Stock Exchange. According to the requirements of Hong Kong Stock Exchange, the Competent Person issues an independent technical report in accordance with JORC code overseas. According to the requirements of Shanghai Stock Exchange, etc., the verification report is prepared in accordance with China"s standards and passed the review and filing, and then it is listed as the content of A-share prospectus Launch. Taking Sandaozhuang molybdenum mine, a listed asset of Luoyang molybdenum industry, as an example, taking the mineral resources information as the starting point, this paper analyzes the publishing path and content of the first listed mineral resources information at home and abroad, especially after the comparison and analysis of the key mineral resources reserves, and considers that the publishing requirements, adopted classification standards and mineral resources information of domestic and foreign stock exchanges are required The main reason for the difference is the estimation and confirmation system of resources and reserves. Finally, the paper summarizes the three inspirations of the mining companies" listing abroad and the use of overseas reports, the increase of domestic mining companies" publishing all kinds of mineral resources information and the establishment of personnel training system adapted to China"s national conditions. At the same time, this paper provides empirical evidence for improving the development of China"s mining capital market and promoting the international connectivity of the mining industry.