This study examines the role of public disclosures with the Australian mining industry. It found evidence that industry characteristics effect corporate disclosure practices, at least in respect of the Australian mining industry. The high incidence of informational risk and the minimal threat of competitor entry associated with the mining industry led to a more timely disclosure from miners in respect of mining activities. Information about non mining activities was still primarily communicated via public disclosures.
Public disclosures pertaining to legal proceedings, acquisitions (for explorer miners), financing, substantial shareholder notices and the preliminary financial statements were all found to cause adjustments in investor expectations. There was a failure to find such adjustments for interim reports, the annual report, ASC audited financial statements, and announcements relating to company administration, operations, exploration, divestitures and notices of meeting. Differential reaction to public disclosures for explorer and producer miners was only observed for acquisition disclosures.