NEW SSC CHAIR – ANDY MACDONALD
Andy McDonald has been doing mineral asset valuations for more than 20 years. He is a Principal Engineer with SRK Consulting specialising in due-diligence audits, competent person’s and mineral asset valuation reports, and engineering studies. He is a registered Chartered Engineer through the Institution of Materials, Minerals and Mining in London and is a Fellow of the Southern African Institute of Mining and Metallurgy. He holds a BSc degree in Applied Mathematics, a MSc degree in Geophysics (cum laude) from the University of the Witwatersrand and an MBL from UNISA. He has 46 years’ experience in a range of activities in mining and light industrial industries.
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).
SAMREC Code Clause 3:
Public Reports are reports prepared for the purpose of informing investors or potential investors and their advisers on Exploration Results, Mineral Resources or Mineral Reserves. They include, but are not limited to, annual and quarterly company reports, press releases, information memoranda, technical papers, website postings and public presentations.
These Public Reports may be in printed or electronic media (including social media) and will include JSE circulars, reports as required by the Companies Act and reports for other regulatory authorities or as required by law.
Public Reporting refers to any documentation which may find its way into the public domain. It refers not only to reporting or documentation by companies listed on a Securities Exchange, but also includes documents compiled by/for private companies or individuals.
While every effort has been made within the Code to cover most situations likely to be encountered in Public Reporting, there may be occasions when doubt exists as to the appropriate form of disclosure. On such occasions, users of the Code and those compiling reports to comply with the Code should be guided by its intent, which is to provide a minimum standard for Public Reporting and the guidelines of materiality, transparency and competence, and to ensure that such reporting contains all information which stakeholders, interested parties, investors and their professional advisers would reasonably require, and reasonably expect to find in the report, for the purpose of making of a reasoned and balanced judgment regarding the Exploration Results, Mineral Resources or Mineral Reserves being reported.
Last updated: 22/01/2019