Attracting finance for exploration and mining ventures is a critical part of the resource business environment today, and there are a number of finance options available, including accessing private equity. With the increase in the number of non-listed (private) companies and individuals seeking to obtain financial assistance, it is important to appreciate that issues of public reporting are not confined to listed companies only. Under all circumstances, if Exploration Results, Mineral Resources and/or Mineral Reserves are reported publically (as defined in the SAMREC Code of 2016), and if said report is claimed to have been compiled in accordance with any of the SAMREC, SAMVAL or SAMOG Codes, then the report and the author are subject to the minimum standards and requirements of the relevant Code as well as the complaints procedure of the SAMCODES Standards Committee (SSC).
A Guideline Document has been prepared which provides the methodologies and definitions of the relevant terms that should be considered in the preparation of reports on Diamond Exploration Targets, Diamond Resources and/or Diamond Reserves (SAMREC Clause 59). It is to be read in conjunction with the 2016 SAMREC Code where it provides further explanation of Clauses 59-79.
Download the Diamond Guidelines
New Australian Guidelines for the estimation and classification of Coal Resources 2014 Edition have now been published by the Coalfields Geology Council of New South Wales and the Queensland Resources Council following an extensive process of reviewing the former 2003 Guidelines.
The new 2014 edition of the Guidelines should now be referred to by minerals professionals working on Coal Resources estimation.
The Australian Guidelines for the Estimation and Classification of Coal Resources 2014 Edition has been recognised as the successor document as published from time to time by the Coalfields Geology Council of New South Wales and the Queensland Resources Council referred to in the guidance to Clause 42: "For guidance on the estimation of Coal Resources and Reserves and on statutory reporting not primarily intended for providing information to the investing public, readers are referred to the 'Australian Guidelines for Estimating and Reporting of Inventory Coal, Coal Resources and Coal Reserves' or its successor document as published from time to time by the Coalfields Geology Council of New South Wales and the Queensland Resources Council. These guidelines do not override the provisions and intentions of the JORC Code for Public Reporting. Competent Persons should as always exercise their judgement in the application of these guidelines to ensure they are appropriate to the circumstances being reported. They may not be appropriate for use in all situations in Australia or overseas."
To access the new 2014 Australian Guidelines for the estimation and classification of Coal Resources, please go to: http://www.jorc.org/links.asp
It is the intention of the SAMREC Working Group (SAMREC WG) to review and revise the SAMREC Code. The current SAMREC Code was completed in 2007 and revised in 2009. The code is therefore effectively 5 years old. The SAMREC WG has continued to review the code based on various issues or commentary from the greater extractive industry. In addition it is noted that since the last revision various CRIRSCO Codes have been revised.
The intention is to look at the various working papers and the updates from the other CRIRSCO Codes and include all the relevant changes in a revision to be published towards the end of 2013 or early 2014. To this end we are inviting interested parties in the extractive industries to provide areas that should be considered for review, issues that need to be addressed or aspects of the code that are unclear or contradictory. We are aware that with time new challenges arise within the industry and we would like the code to reflect these changes and be applicable to new circumstances when they arise.
The working papers recently reviewed are:
Current aspects receiving attention:
All interested parties are invited to assist with the process. We would request interested parties to be prepared to participate and contribute on a regular basis for and extended time. The SAMREC WG meets on the last Thursday of every month at the Military Museum in Saxonwold, Johannesburg.
Submissions are requested to be submitted by 31 May 2013.
On behalf of all the members of the SAIMM, the President, Dr Gordon Smith wishes to acknowledge Dr Ferdi Camisani's enormous contribution to the standing of the Institute and South Africa in the global minerals industry over many years. Dr Camisani's contributions include:
Dr Camisani has had an illustrious career of which he can be justifiably proud; a career which has influenced many people around the world. Dr Smith would like to thank Dr Camisani for his contribution to the SAIMM and to the professionals in the minerals industry in South Africa. May he have a happy retirement, it is well deserved.
Dr Gordon Smith
SAIMM President 2012-2013
Released: 24 August 2012
The second Valmin Seminar was held in Brisbane, on 17th April 2012. It was attended by A.S.Macfarlane, on behalf of the SAIMM. Messrs A. Clay and G. Njowa, both members of the Samval working group, also attended. Some 120 delegates were present.
The purpose of the event was to provide an eastern seaboard opportunity for participation in the Valmin review (the previous seminar being held in Perth, in November 2011), as well as to provide an update on the Valmin review process.
The one day seminar concentrated on discussions around issues critical to the Valmin process. This process has been, and is, strongly influenced by the ASX and the Australian Securities and Investment Commission (ASIC), which is the State regulatory body, that regulates reporting and activities under the Australian Corporations Act, and thus alignment issues dominated proceedings.
Kindly note that the JORC website was recently amended. The JORC Executive decided to extend the deadline for submissions as a result of agreement between JORC and ASX to provide mutual briefings of the outcomes of the consultation processes prior to any public release of information.
The date for submissions to JORC and ASX is now 27 January 2012.
19 October 2010: Russia's minerals industry took another step towards better access to global capital markets last month when it signed a protocol to bring its resource reporting systems in line with the CRIRSCO template recognised in most established capital markets.
Working in collaboration with the Committee for Mineral Reserves International Reporting Standards (CRIRSCO) – an industry group that promotes best practice in mineral reporting standards – Russia's State Commission on Mineral Reserves (GKZ) plans to make it easier for prospective investors and financiers to evaluate mining projects in that country.
Signing the Guidelines on alignment of Russian mineral reporting standards and the CRIRSCO template on 28 September with GKZ director-general Yuri Podturkin, CRIRSCO chairman Roger Dixon said this was a milestone for the global minerals sector, given the significance of Russia as a mining power. "This process will help open doors to project financing from across the world's stock exchanges, and will give a well-deserved boost to Russian minerals exploration and mining," said Dixon.
"One of the main differences that has separated the CRIRSCO standards and those used by GKZ is the requirement in most mining countries that a resource definition includes a reasonable expectation of economic extraction, with the emphasis on economic – which is to say, economically viable," said Dixon. "This is one of the issues that the working group had to deal with when drawing up the guidelines."
Competent Persons and others interested in public reporting are advised that JORC has released a paper calling for comments on the 2004 JORC Code. Comments on the JORC Issues Paper and any other matters related to the JORC Code are requested to be provided to JORC by 16 December, 2011.
Interested parties are invited to comment on the specifications and guidelines that will be inserted as an appendix to the USC209 high-level classification system on sustainable energy. This is a high-level code that the United Nations would encourage nations around the world to adopt.
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Russia’s minerals industry took another step towards better access to global capital markets last month when it signed a protocol to bring its resource reporting systems in line with the CRIRSCO template recognised in most established capital markets. By Sally Braham
Working in collaboration with the Committee for Mineral Reserves International Reporting Standards (CRIRSCO) – an industry group that promotes best practice in mineral reporting standards – Russia’s State Commission on Mineral Reserves (GKZ) plans to make it easier for prospective investors and financiers to evaluate mining projects in that country.
United Nations Framework Classification for Fossil Energy and Mineral Reserves and Resources 2009 discussed at Seventh session of the ECONOMIC COMMISSION FOR EUROPE
COMMITTEE ON SUSTAINABLE ENERGY
Ad Hoc Group of Experts on Harmonization of Fossil Energy and Mineral Resources Terminology
Geneva, 29-30 October 2009
Item 3 of the provisional agenda
Last updated: 06/02/2017