Disclosure of reserve quantum in the extractive industries

Malik Mirza and Ian Zimmer

Accounting and Finance, 2001, vol. 41, issue 1‐2, 63-91

Abstract: We explore why some firms in the extractive industries disclose mineral reserve quantum in their annual reports and others do not. We propose that the firms’ reserve disclosure policies are a function of the extent of information asymmetries, as well as information production, litigation and proprietary costs. More specifically, we propose that a firm's decisions to disclose reserves in the annual report are a function of the stage of the firm's operations, use of project financing, and the cost of measuring reserves. Empirical tests are confirmatory.

Date: 2001
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