REPORTING CODE DOWNLOADS

2016 SAMREC/SAMVAL VERSION OF THE CODES ARE MANDATORY FROM 1 JANUARY 2017
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Registration

SAMREC

A ‘Competent Person’ (CP) is a person who is registered with SACNASP, ECSA or SAGC, or is a Member or Fellow of the SAIMM, the GSSA, IMSSA or a Recognised Professional Organisation (RPO). These organisations have enforceable disciplinary processes including the powers to suspend or expel a member. A complete list of recognised organisations will be promulgated by the SSC from time to time. The Competent Person must comply with the provisions of the relevant promulgated Acts.

SAMVAL

A Competent Valuator (CV) is a person who possesses the necessary qualifications, ability, and sufficient relevant experience in valuing minerals assets. A person being called upon to sign as a CV shall be clearly satisfied in their own mind that they are able to pass the scrutiny of their peers and demonstrate competence in the valuation undertaken.
The CV shall be registered with ECSA, SACNASP, or SAGC, or be a Member or Fellow of the SAIMM, GSSA, or SAICA or a Recognized Professional Organization (RPO), or other organizations recognised for this purpose by the SSC on behalf of the JSE, be subject to an enforceable Code of Conduct (Ethics) and a Disciplinary Code and be able to demonstrate the competencies listed below:

SPECIFIC COMPETENCIES: THE COMPETENT MINERAL ASSET VALUATOR (CV)

The CV shall be able to demonstrate specific competencies, namely to:

  • Apply the Principles, Standards and Requirements of Mineral Asset Valuation (i.e. Materiality, Competence, Transparency and Reasonableness) as described in the SAMVAL Code);
  • Identify the Mineral Assets being valued in terms of the valuation scope and purpose, in order to generate a value;
  • Determine the Market Value of the Mineral Asset in terms of the definitions in Appendix C;
  • Interpret, apply, and incorporate the IFRS hierarchy of Fair Value Inputs in the Mineral Asset Valuation;
  • Appreciate that there is a value to be determined from the underlying Mineral Assets and the associated quantification of the future benefits and costs, or that there is a price determined by argument, debate, and negotiation. These differences are expressed as value and price respectively, and the CV shall be able to differentiate between these two;
  • Select and apply appropriate valuation approaches and methods, as a matter of professional judgement, for the Mineral Asset concerned, and justify that the approach is reasonable;
  • Justify the selection of appropriate Mineral Asset Valuation approaches and methodologies to their peers, and understand the implications of their conclusions;
  • Understand, appraise and analyse Modifying Factors;
  • Ensure that Technical Experts/Specialists are engaged where necessary, to prepare and be responsible for their appropriate inputs to the Report, and that their Reports can be relied upon; and
  • Practice across international boundaries, and in such cases be familiar with local jurisdiction and international best practices (if relevant).

Occupational Tasks: the Competent Mineral Asset Valuator

The Competent Mineral Asset Valuator (CV) performs one or more the following occupational tasks:

  • Valuation of Mineral Assets;
  • Valuation of Mineral Assets and Mineral Asset interests/considerations used for litigation/disputes/expert witness testimony (e.g. disputes, estates, private sales etc.);
  • Valuation of Minerals Assets for purposes of State;
  • Compile and/or sign off Mineral Asset Valuation Reports; and
  • Perform valuations inclusive of Mineral Asset Valuations for internal use inclusive of corporate valuations, consolidations, projects, feasibilities etc.

SAMOG

Reserves and resources evaluation that will be disclosed to the public must be prepared by a Qualified Reserves Evaluator (QRE). To qualify as a QRE an individual needs to prove the following:

  • registration as a professional in good standing, with SACNASP, ECSA, the SPEE, a Certified Petroleum Geologist with the American Association of Petroleum Geologists (AAPG) and/or a member of any other Recognised Professional Organisation (RPO).  A complete list of recognised organisations will be promulgated by the SSC from time to time;
  • have a minimum of ten years’ practical experience in petroleum engineering, geology or geophysics, with at least three recent years of such experience in the evaluation of reserves and resources;
  • must be current and competent in the methods and practices of reserves and resource evaluation; and
  • is conversant with the content of SAMOG.