SAMCODES Standards Committee (SSC) Chair Matt Mullins is currently attending the Minex Central Asia Forum taking place in Astana, Kazakhstan. On Wednesday 18th April he delivered a presentation on Global Mineral Resource and Valuation Reporting Standards.
With Kazakhstan being the newest member of the Committee for Mineral Reserves International Reporting Standards (CRIRSCO), Matt discussed the Evolution, Convergence, and Effectiveness of reporting codes both in South Africa and globally. There was particular focus on the current organisation and effectiveness of the SSC.
SAMCODES comprises the Minerals Reporting Code (SAMREC), the Mineral Valuation Code (SAMVAL) and the Oil and Gas Reporting Code, and these, together with the SSC relationship with the Johannesburg Securities Exchange, were critically described.
As SSC Chair, Matt oversees this broad-based industry committee, which is tasked to develop, maintain, administer, ensure compliance with and promote the South African Codes.
To further strengthen the Kazakhstan reporting codes and their relationship with the South African and international versions, Matt will be meeting with key representatives from CRIRSCO, the Kazakhstan Reporting Code (KAZRC) Association, the Kazakhstan Stock Exchange (KASE), and the South African Ambassador to Kazakhstan.
Update from Matt:
The meeting with the South African Ambassador to Kazakhstan, Keitumetsi Seipelo Thandeka Matthews, went extremely well. Although the weather has been particularly bad of late, I was warmly received at the SA Embassy, located at the Kaskad Business Centre in Astana – Kazakhstan’s capital. The Ambassador and her counsellor, Mr Theo Malherbe, showed a keen interest in my SAMCODES presentation and understood the need to change perceptions about SA Mining.
At the same time, there is also a need to broaden SA knowledge and perceptions about Kazakhstan. The Central Asian nation is an economic force – with only 18 million people, it attracts 70% of the FDI in the region. This has lead to the formation of a national company, Kazakh Invest, which is tasked to be the sole negotiator between government and International businesses. The company already has 145 projects, totalling $45.7billion capital investment, many of which are in Minerals and Oil & Gas.
Kazakhstani citizens are favoured in business dealings and there is a real thirst to learn English (an SA exchange has been mooted), which runs parallel to the desire for the country’s economic activities to attract a more global audience.
It was recommended that I attend the World Mining Congress, also to take place in Astana in June, as a way to gather further momentum. I am truly grateful to the Ambassador for offering her assistance going forward.
The SAMCODES Standards Committee (SSC) develops, promotes and ensures compliance with the South African Mineral and Oil & Gas Reporting Codes. These Codes comprise the SAMREC, SAMVAL and SAMOG Codes, and associated Guidelines. Governance of the Codes is effected through membership of Professional Bodies, through Statutory Registration of Earth Scientists and Engineers, and through the Johannesburg Securities Exchange (the JSE) Reader’s Panel.
The Chairmanship of SAMCODES rotates between the two Patrons, the Southern African Institute of Mining and Metallurgy (SAIMM) and the Geological Society of South Africa (GSSA), every two years. We are pleased to inform you that as from February 2018 Matt Mullins has been appointed as Chair of the SSC, as the SAIMM representative.
Matt has been involved in Resource and Reserve Reporting since 1992. He was a member of the Committee which delivered the first SAMREC Code, in 2000. He subsequently Chaired both the SAMREC and the SAMVAL Codes, delivering the SAMREC Code Update in 2007, and the first SAMVAL Code in 2008. Prior to moving to Australia in 2009 he was Vice-Chair of the SSC.
As Global Vice President for Mineral Resource development for BHP Billiton, Matt was closely involved with developments in reporting in Australia, and globally.
On behalf of the SAIMM and the GSSA we are happy to welcome Matt as Chair of the SSC, and we look forward to interacting with as many of the global Professional organisations as we can over the next few years.
This half-day short course will introduce participants to the South African Minerals and Oil and Gas Reporting Codes and their associated Guidelines. The course provides geological, mining, metallurgical and minerals management professionals with the opportunity to broaden their knowledge of the formal resource and reserve estimation and reporting landscape.
The key definitions, principles and application of the SAMREC (Minerals Reporting) and SAMVAL (Mineral Asset Valuation) Codes will be described in detail. Real issues facing the practising professional will be described, and the course will be illustrated with a number of practical case studies, many of them drawn from copper studies.
The key relationship between the Codes and the Johannesburg Securities Exchange (JSE) will be described in detail. The Oil & Gas Code and Diamond Guidelines will be briefly described.
The course is accredited for 0.5 Continuing Professional Development (CPD) points by the Engineering Council of South Africa (ECSA).
Tania Marshall and Roger Dixon attended a workshop (along with Abdul Kenan and Matamba Tsanwani from the Council of Geoscience) on “Harmonization, Adaptation, Implementation and Development of the United Nations Framework for Classification (UNFC) in line with the African Mining Vision (AMV)” in Cairo, Egypt 2-6 October 2017, to share the experience that the SSC had in the development of the SAMCODES and in the establishment of training protocols.
Each year the Investment Analyst Society of South Africa (IASSA), in conjunction with SAMREC, presents a (Squirrel) Award to the JSE listed Company which has produced the Integrated Annual Report most compliant with Section 12.1 (of the JSE Listing Regulations), the SAMREC Code (including Table 1) and the SAMVAL Code. Adjudication of the reports is done by a panel of experts drawn from the mining industry and the JSE Readers Panel.
The award is usually in respect of the previous year’s reporting. The Squirrel awarded in 2016 went to AngloGold Ashanti for their 2015 Integrated Annual Report. During 2017, IASSA/SAMREC awarded two Squirrels – one for companies with a market capitalization greater than R15M and one for companies with a market capitalization less than R15M. The winners of these trophies (presented in June 2017) were Impala Platinum Holdings Limited and Keaton Energy Holdings Limited, respectively, for reports submitted during 2016. They were awarded at the Business Day/ IASSA awards function held at the JSE (and presented live on Business Day Television).
So, if you want to want to win a Squirrel next year, you don’t have to do anything except compile an exceptional JSE Section 12 and SAMCODE compliant Integrated Annual Report. Our adjudication panel will do the rest.
The 2016 version of the SAMCODES were compiled into an A4 document comprising the SAMREC, SAMVAL and SAMOG Codes. In addition to the three Codes, two Guideline documents were also completed – the SAMESG and the Diamond Guidelines (the latter is simply part of the SAMREC Code, but can also be used as a stand-alone guide to the compilation of diamond-specific Competent Persons Reports). Both documents have both been incorporated into the Companion Volume and also appear on the SAMCODES website.
The SAMREC/SAMVAL Companion Volume Conference was well attended, with about 130 people attending. Many were senior members of the industry and there was a good dynamic as a result. Some 61 papers were submitted and only 32 were published. The general consensus from the delegates was that the papers and conference was of very high quality. The Conference Committee and the SSC would like to acknowledge the SAIMM conference team – particularly Sam Moolla, Raymond van der Berg, Camielah Jardine and Nazli Mamdoo for their assistance in organising the conference and the Companion Volume publication.
Last updated: 19/01/2018