Within the technical rulebook of the global mining capital market, a particular class of firm plays an “invisible but pivotal” role: it owns no mines and makes no acquisition decisions, yet through technical reports that withstand cross-examination by exchanges, investment banks and investors, it determines whether a mining asset is recognised by the capital market — and whether a mining company can list and raise funds.
SRK is the globally recognised benchmark in this field. For those familiar with Hong Kong, SRK’s name is closely bound to the mining sector of the Hong Kong Stock Exchange (HKEX) — every SRK report is, in effect, the first technical cornerstone on which a mining project lands on the Hong Kong capital market and earns the trust of international capital.
This article begins with SRK’s fundamentals and focuses on its relationship with the Hong Kong stock market, for the reference of industry peers following gold and base-metal mining companies seeking to raise capital in Hong Kong.
History.Founded in 1974in Johannesburg, South Africa, SRK has spent more than five decades in mineral resource and ore reserve evaluation, compliant technical reporting and full-lifecycle mine technical studies. It is one of the most credible issuers of Competent Person’s Reports in the global mining capital market.
Global footprint.SRK operates 45 offices across 20 countries on six continents, covering major mining and financial centres including Canada, Australia, Mainland China and Hong Kong, with more than 2,000staff. Its core technical staff are senior consultants recognised by international professional bodies, spanning geology, mining engineering, geotechnics, mineral processing and techno-economics, across the world’s principal mining jurisdictions.
Employee ownership — SRK’s most fundamental competitive advantage.SRK is wholly owned by its employees and holds no interest in the projects it serves. This independent structure enables it to deliver conflict-free, objective opinionsin project evaluation, technical review and critical judgement. In mining technical reporting, “independence” is not a slogan but the precondition for a report to be accepted by exchanges and investors — and SRK’s employee-ownership model is the institutional foundation of its global credibility.
Scope of services.SRK’s core business focuses on:
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Independent estimation and evaluation of Mineral Resources and Ore Reserves; -
Technical reports compliant with international codes such as the JORC Code and NI 43-101; -
Technical Due Diligence and Valuation; -
Pre-Feasibility Studies (PFS) and Feasibility Studies (FS); -
Mine environmental and ESG assessments; -
The full mine lifecycle, from exploration and construction through to production and closure.
Scale and disciplinary coverage.To date, SRK has completed 30,000+mining projects worldwide, covering gold, copper, iron ore, lithium, nickel and virtually all major commodities. Its clients include major international mining houses, mid-tier producers, junior explorers, and leading investment banks and investment institutions.
Share of the report market.According to third-party industry statistics, the total volume of globally compliant mining technical reports issued by SRK has long been roughly twicethat of its principal competitor, giving it an irreplaceable technical-endorsement role in global mining finance, IPOs and M&A. (Note: this is a third-party industry statistic, not an official SRK disclosure, and is provided for reference only.)
Track record in China.Leading Chinese miners such as Zijin Mininghave repeatedly engaged SRK to prepare mineral resource and reserve reports compliant with Canadian or Australian standards for overseas capital-market activities and asset disclosure. Such reports also underpin their offshore financing and cross-border asset consolidation.
Hong Kong has long ranked as the world’s largest capital market for mining finance. A large number of gold and base-metal mining companies list, issue bonds, place shares and pursue M&A in Hong Kong, and SRK is one of the market’s most central providers of the independent technical reports required for HKEX mining listings and financings.
As one of SRK’s key global offices, SRK Hong Kongserves Greater China and overseas mining companies that list, raise capital and pursue M&A in Hong Kong. It combines experience in international mining technical standards with familiarity with HKEX listing rules, the JORC Code and the disclosure expectations of Asian investors. Over the years, a substantial proportion of the Competent Person’s Reports on mineral resources and reserves in the HKEX mining sector have been issued by SRK.Every SRK report is a core technical cornerstone for a mining project to land on the Hong Kong capital market and earn the trust of international capital — and an authoritative endorsement of the value of gold mining assets in Hong Kong’s financing market.
Chapter 18 of the Hong Kong Main Board Listing Rules forms the technical framework for mining companies listing in Hong Kong. SRK Hong Kong has extensive experience in helping companies meet Chapter 18 requirements. The key points are as follows:
A company must demonstrate that its principal activity is the exploration for and/or extraction of Natural Resources, and that it has effective control (usually more than 50% interest) over the relevant assets, or, through legally binding contractual arrangements, has sufficient influence over exploration/extraction decisions.
Mineral Resources and Reserves must be prepared under internationally recognised reporting codes, including Australia’s JORC Code, Canada’s CIM Standardsor South Africa’s SAMREC. More critically — the Mineral Resources must include Indicated Mineral Resources or above; early-stage exploration projects with only Inferred Mineral Resources are not eligible to list in Hong Kong.
It is particularly worth noting that where the core asset consists only of Indicated Mineral Resources, HKEX will scrutinise the reliability of the geological model and the density of data, and will require the Pre-Feasibility Study to clearly demonstrate the feasibility of conversion into Reserves — the requirements for commodities other than precious metals are often more stringent.
Where a company cannot meet the ordinary profit tests of Chapter 8 (the profit test, the market-capitalisation/revenue/cash-flow test or the market-capitalisation/revenue test), it may still apply for a profit waiver under Rule 18.04, subject to the following conditions:
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the directors and senior management as a whole must have sufficient experience relevant to the exploration/extraction activities, and the relevant persons relied upon must have not less than five yearsof relevant industry experience, fully disclosed in the prospectus; -
submission of a Scoping Study clearly setting out the development path to commercial production, key milestones, required technical work and funding arrangements.
Based on SRK’s practical experience, HKEX will generally require the study to reach at least the depth of a Pre-Feasibility Study (PFS)before it is satisfied that commercial viability has been adequately demonstrated.
In a listing application, a Competent Person’s Report (CPR)or Independent Technical Report (ITR)is the core technical document required for a listing under Chapter 18. Key points include:
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prepared by qualified professionals (usually members of AusIMM or AIG in Australia); -
it must objectively assess and fully disclose: geology and Mineral Resource estimation, mining method and Reserve estimation, processing and plant, tailings management and facilities, environmental permits and approvals, and economic and financial analysis; -
Mineral Resource and Reserve classifications must comply with internationally recognised codes accepted by HKEX (such as the JORC Code); -
the report must be current (generally valid for 6 months, extendable to 9 monthsin special cases, but resource estimation data must not exceed 6 months); -
the Competent Person preparing the report must be independent of the project’s original exploration team, to ensure objectivity; -
it must also comply with relevant HKEX guidance, frequently asked questions (FAQs) and past Listing Committee decisions; and, as AusIMM or AIG members, publicly disclosed reports must comply with the VALMIN Code on the professional requirements for public technical reports.
A “Competent Person” / “Qualified Person”is not a title one may assume simply by obtaining a qualification; it is the product of “self-certification, peer recognition, engagement by a company and public disclosure” — the person must actually undertake technical work on a specific company, a specific project and a specific public disclosure, and sign the report, thereby bearing the corresponding professional and legal responsibility. The rigour of this system is precisely the source of the value of institutions such as SRK.
2025 was an exceptionally active year for Hong Kong’s mining sector. From March, Chifeng Goldwas the first to list, followed by Jiaxin International Resourceson HKEX; mid-year brought the world’s largest mining IPO of the year — Zijin Gold International; and by December, Jinyan Kaolinand Xizang Zhihui Miningcompleted their listings. Within a single year, these five mining companies raised close to HK$30 billion, a strong reflection of international capital’s confidence in mining assets.
Notably, these companies’ assets span Mainland China, Southeast Asia, Central Asia, Oceania, Africa and South America, covering gold, tungsten, kaolin, zinc-lead and polymetallics, and include a world-class gold mine, the world’s largest open-pit tungsten mine, and high-altitude polymetallic mines.
SRK was involved throughout the Hong Kong listing processes of all five companies— from resource and reserve evaluation and technical due diligence to assisting them in meeting the requirements of Chapter 18 of the HKEX Listing Rules. SRK was deeply involved in the key aspects of geology, mining and processing, and its Hong Kong office led the Independent Technical Reports for three of the projects.
The listing routes were highly diversified, offering useful references for future issuers:
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Note: the above listing arrangements are summarised by Dr Gavin Chan, General Manager of SRK Hong Kong, in a December 2025 interview; they are reliable, but the details of specific offerings are subject to each company’s announcements and HKEX disclosures.
SRK has developed a standardised listing-support workflow, typically comprising seven stages:
- Project familiarisation
: liaising with the client, understanding the project background and collecting key materials, and providing preliminary feedback and recommendations; - Site visit
: dispatching senior consultants to the project site to assess the gap between the current status and HKEX technical requirements; - Data verification and infill-drilling planning
: where historical data are insufficient or non-compliant, recommending supplementary exploration (the drilling is carried out by an exploration contractor appointed by the mine, with SRK responsible for quality control, QA/QC); - Resource estimation and reporting
: integrating verified historical data and infill-drilling results to issue a resource report compliant with the JORC Code and other international codes; - Feasibility study review
: independently reviewing the company’s existing feasibility study or preliminary design and, where necessary, coordinating qualified third parties to supplement it; - On-site technical investigation
: an SRK expert team (geology, resources, mining, processing, environment, infrastructure, etc.) conducting an on-site investigation and forming a complete technical review opinion; - Completion of the Independent Technical Report
: consolidating geological data, resource estimates, mining method, processing flowsheet, environmental review and economic analysis into the final ITR.
An indicative timeline for the technical preparation of a typical mining IPO:
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Based on extensive practical experience, SRK identifies six key technical challenges facing mining companies listing in Hong Kong:
- Code conversion and independent verification
: many companies significantly underestimate the work and time required to convert Chinese or local technical standards into international codes such as the JORC Code, often involving time-consuming and costly site work such as sampling verification, additional drilling and data validation. Early planning of the infill-drilling budget is advisable, along with careful selection of exploration service providers with international project experience; - Inconsistent standards across jurisdictions
: exploration methods, resource classification and environmental assessment requirements differ widely between countries, making integration difficult; - Weak support for long-term metal-price assumptions
: feasibility-study results depend heavily on price assumptions, and regulators are cautious of overly optimistic forecasts; - Insufficient geotechnical and hydrogeological data
: these critical engineering factors are often overlooked in the early-to-mid stage of a project, seriously affecting subsequent mine design and risk assessment; - Variable quality of feasibility studies
: some reports lack sufficient depth and rely on overly idealised assumptions, making it difficult to pass HKEX’s rigorous review; - Insufficient persuasiveness of Rule 18.04 profit-waiver applications
: for pre-production companies, it is essential to clearly demonstrate “when, with what technology and at what capital cost” commercial production will be achieved.
Beyond technical challenges, HKEX has increasingly focused on the disclosure of “soft risks”, including community and legal risk(e.g. projects on indigenous land or in sensitive areas require detailed human-rights impact assessments and evidence of adherence to the principle of Free, Prior and Informed Consent, FPIC), geopolitical risk(projects in Central Asia and Africa must disclose the stability of investment agreements, foreign-exchange controls and profit-repatriation safeguards), and ESG disclosure(tailings management, biodiversity, water use, community relations, and health and safety).
SRK’s relationship with the HKEX mining sector does not end at listing. Under Chapter 18:
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a mining company undertaking a major (or above) acquisition or disposalof mineral or petroleum assets (where any percentage ratio is 25% or more) must include a Competent Person’s Report in the circular to shareholders; -
material acquisitions of mineral or petroleum assets must also be supported by a valuation report prepared by a Competent Evaluator; -
a listed issuer must disclose details of mineral exploration, development and extraction, and a summary of expenditure, in its interim and annual reports; and an issuer that publicly discloses details of Mineral Resources and/or Reserves must update them annually in its annual report.
This means that a mining company, from the moment it lists in Hong Kong, is bound to technical reports such as CPRs/ITRs throughout its capital-market lifecycle — making SRK a long-term technical partner for HKEX-listed mining companies.
Dr Gavin Chan is General Manager of SRK Consulting Hong Kong. He holds a bachelor’s degree and a master’s degree from the University of Hong Kong, and a doctorate from the University of Oxford. Dr Chan has more than 20 yearsof academic research and commercial consulting experience in geology and mineral development, and has been widely involved in mineral projects covering precious metals, base metals, bulk commodities and dimension stone, across Australia, Asia, Africa, Europe and the Caribbean.
Dr Chan has extensive experience in technical due diligence, economic analysis, mine valuation, material-risk analysis and project technical evaluation, with deep expertise and many years of hands-on experience in public mining reporting. To date he has prepared numerous public technical reports and, as a Competent Person, has signed and submitted reports to the stock exchanges of Hong Kong, Indonesia, Singapore and Australia, earning wide recognition in the industry.
In recent years, Dr Chan has led and been deeply involved in several major listing projects, including Jiaxin Internationaland Xizang Zhihui Miningon HKEX, as well as listings in Indonesia and Australia, among others.
SRK Hong Kong has established strong working relationships with securities firms, investment banks, auditors, lawyers and other professional institutions in Hong Kong and Singapore, dedicated to providing mining clients with more convenient and efficient public listing reports, technical assessments and valuation services that meet capital-market requirements. This dual capability — “technical + capital markets” — makes the SRK Hong Kong office a key hub connecting mining assets with international capital.
SRK’s central position in Hong Kong’s mining finance market rests on three reinforcing layers:
First, the institutional layer.Chapter 18 of the HKEX Listing Rules mandates that mining listing applicants provide an independent Competent Person’s Report, prepared by professionals independent of the project’s original team. This design makes SRK’s “employee-owned, conflict-free” structure an irreplaceable compliance advantage.
Second, the capability layer.SRK covers the full spectrum of geology, resources, mining, processing, environment and economics, with a standardised workflow and predictable timelines, and is able to satisfy HKEX’s full set of technical requirements on resources, reserves, study depth and economic analysis in a single engagement.
Third, the localisation layer.Drawing on its Hong Kong office and Dr Chan’s team, SRK understands both the JORC Code and other international codes, and HKEX listing rules and disclosure priorities, and works closely with securities firms, investment banks, accountants and lawyers in Hong Kong and Singapore.
For any gold mining project seeking to raise capital, spin off or pursue M&A through the Hong Kong capital market, engaging SRK to prepare a technical report is, in essence, pricing the asset’s international credibility— it is both the technical threshold for listing in Hong Kong and the credential for international capital’s trust.
The activity of Hong Kong’s mining IPOs in 2025, and the listing of world-class projects such as Zijin Gold International, once again confirm Hong Kong’s position as the global hub of mining finance. Yet the technical threshold has not been lowered by the market’s warmth — a successful listing depends not only on the quality of the asset itself, but also on rigorous, solid technical support and a reporting system compliant with international codes.
“Independent, professional, transparent and verifiable” — this is both the core requirement of HKEX Chapter 18 for mining companies and precisely the principle SRK has upheld for half a century.
SRK (SRK Consulting (Hong Kong) Limited) is the Gold Sponsor of the Third International Symposium on Mineral Exploration and Discovery (Chengdu) 2026.The event is jointly held by the Hong Kong International Mining Association and Sichuan Yuanshan Exploration Group Co., Ltd., and will take place in Chengdu on 5–7 November 2026.
If you hold a mining project and are planning to list or raise capital in Hong Kong, or need technical due diligence for a mine acquisition, and wish to engage — at the earliest opportunity — a technical partner that truly understands the JORC Code, HKEX and Asian investors —
you are welcome to meet Dr Gavin Chan, General Manager of SRK Hong Kong, in person at the Chengdu conference, to discuss your project in depth and explore feasible technical pathways, listing timing and ways of cooperation.
We look forward to seeing you in Chengdu.
- Registration
: please log on to http://www.oyasa.com/. Registration deadline: 30 October 2026; - Conference fee
: RMB 2,500 per person (RMB 2,000 for registrations made before 15 October); - Kazakhstan Mining Investment Session
: RMB 1,800 per person; - Exhibition booth
: RMB 8,000 each (includes 2 delegate passes); Roadshow: RMB 8,000 each (includes 2 passes); Mining project display board: RMB 1,500 each.
China: Li Ziqi +86 177 2332 3080 695076445@qq.com International: Elsie Chung +852 9219 4392 elsie@hkima.hk
This is not a general industry conference, but a hands-on matchmaking event that brings together leaders, rules, case studies and projects.
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Note: for the specific fundraising and offering arrangements of the 2025 Hong Kong mining IPOs, each listed company’s announcements and HKEX disclosures shall prevail; the relevant statements herein are drawn from a public interview with Dr Gavin Chan, General Manager of SRK Hong Kong, and are provided for reference.
Compiled and written by “Overseas Mining Investment”.