Topic: Mineral Resource and Reserve Reporting Codes – by Roger Dixon
Thursday 17 September 2009 17H00 for 17:30 at The South African Museum of Military History The reporting requirements of international securities exchanges are becoming ever more stringent. Whilst the South African mining fraternity have had several years of exposure to the SAMREC and SAMVAL codes, developments afoot elsewhere in the world are sure to have an impact. Roger Dixon is currently the Chairperson of the SAMREC/SAMVAL Committee and of the Committee for Mineral Reserves International Reporting Standards (CRIRSCO).
Please join us as he discusses the principles of the local codes and some of the challenges faced by Competent Persons in complying in the current business environment. He will also discuss developments in National Reporting Organisations around the world and the reporting requirements of international securities exchanges. Download the powerpoint presentation here.
At its recent meeting JORC decided that the time was right to commence a revision of the 2004 JORC Code.
As in the past this process will involve the development of an exposure draft and a request for submissions from interested and involved parties. Following consideration of the submissions and incorporation as necessary, the final draft will be forwarded to JORC’s parent bodies (MCA, The AusIMM and AIG) for approval. Following their approval the draft will be forwarded to ASX and by ASX to ASIC for their final approval. JORC envisage a two stage process for this revision.
1. A “tidying up” of the 2004 JORC Code to incorporate appropriate matters from recent ASX Companies Updates 05/04, 03/07 and 03/08). Several other minor inconsistencies will be rectified at the same time. It is not envisaged that material from Companies Update 11/07 dealing with historical and foreign estimates will be incorporated in this review as it deals with matters outside the operation of the JORC Code. An exposure draft will be issued for comment, expected to be in October this year, with comments restricted to the matters amended, prior to finalisation of this version of the “2004 JORC Code amended 2009”, which will be issued later in the year. JORC does not envisage any material changes in this first stage.
2. Immediately following the finalisation of the above JORC will call for public submissions on matters relating to the JORC Code. JORC would expect to consider matters for review ranging from recent revisions to other Codes and matters of concern to the exploration, mining and investment communities using the Code within Australia and New Zealand and those reporting in Australasian jurisdictions.
JORC note that there was a period of extensive public consultation in 2005 shortly after the release of the 2004 JORC Code on matters related to Inferred Resources and the results of this consultation were incorporated into ASX Companies Update 03/07.
JORC has established a number of sub-committees to undertake the initial review.
3 July 2009 Media Statement – For immediate release
A geologist and former chief executive of Canadian-based company Southwestern Resources Corp, John Gregory Paterson, has been permanently barred from re-applying for membership of The Australasian Institute of Mining and Metallurgy (The AusIMM).
The Board of The AusIMM has ratified the lifetime ban on the recommendation of the Institute’s Ethics Committee. The Board has also directed that details of the penalty be published for the information of AusIMM members and other interested parties. The combination of lifetime ban and publication of the penalty is the most serious sanction that The AusIMM can apply against a person who has breached The AusIMM Code of Ethics. The Code exists to uphold the integrity of the mining professions and public confidence in the professional conduct of members.
Matt Mullins the Vice Chairperson of the SSC and the Chairperson of the Main Working Group relocated, early in 2009, to Western Australia. Matt is employed by BHP Billiton and his relocation was for business reasons. Matt was also serving as the president of the GSSA before his departure.
Matt played a very significant role in the revision of the SAMREC Code and the new SAMVAL Code both of which were officially launched last year. The SSC wish to thank Matt for his enormous contribution over many years to the committee and to the development of the SAMCODES. We also wish him and his family everything of the best in their new home in Australia.
Mike O’Brien who has served on the SSC since inception has been nominated by the GSSA to take over Matt’s responsibilities. Mike will become the Vice Chairperson of SSC and the leader of the Main Working Group. Roger Dixon 7 May 2009
The Southern African Institute of Mining and Metallurgy (SAIMM), the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) and the Australasian Institute of Mining and Metallurgy (AusIMM) will jointly convene a World Gold Conference every two years. In 2009 it will be held in Johannesburg, South Africa and hosted under the auspices of the SAIMM. Some important aspects of the current mining environment will provide opportunities and threats for the industry in the foreseeable future, which include:
All-time high gold metal prices
All-time high non-gold metal prices present opportunities for By- and Co-products from gold operations
Minimal exploration success for the last 10 years and little immediate prospect for revolutionary success is leading to revisiting known ʻoldʼ (sub-marginal) deposits