ANGLO PACIFIC GROUP PLC, RE, 41 O.S.C.B. 6159 (OSC)

In this decision, the Ontario Securities Commission granted Anglo Pacific Group plc an exemption from the reporting requirements in s. 2.2 of National Instrument 43-101 — Standards of Disclosure for Mineral Projects, on conditions. The exemption enabled Anglo Pacific to disclose to its Canadian investors public disclosures made in foreign jurisdictions in respect of certain material properties underlying its royalty portfolio and options.

Anglo Pacific's business consists of, among other things, passive royalty interests in mining projects and operations (Royalty Portfolio), and options to acquire royalties and other associated assets (Royalty Options). Anglo Pacific considered the Royalty Portfolio and Royalty Options to be material to its business, and considered several mines as mineral projects on properties material to it. However, as a royalty and/or option holder, Anglo Pacific had limited (or no) access to non-public scientific and technical information for the properties underlying the Royalty Portfolio and Royalty Options.

Anglo Pacific wanted to provide public disclosure made in foreign jurisdictions in respect of the properties underlying its Royalty Portfolio and Royalty Options to its Canadian investors. However, such disclosure might not comply with NI 43-101, and in particular s. 2.2, which requires disclosure of mineral resource or mineral reserve information under CIM standards. Although s. 7.1 provided an exemption similar to the one sought, Anglo Pacific was unable to utilize that exemption because: (i) it was also exempt from filing technical reports under a different section of NI 43-101; and (ii) it had limited access to the information needed to convert the foreign code reporting to CIM standards.

The Commission granted the exemption sought subject to the following conditions: (i) the exemption only applied to the Royalty Portfolio and Royalty Options whose owners/operations were subject to Foreign Code Disclosure; (ii) the information used by Anglo Pacific is public; (iii) the disclosure contains a cautionary statement; and (iv) the decision terminates in 60 months.

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