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Revision of the SAMREC Code in 2013 PDF Print E-mail
Friday, 12 April 2013 12:29

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:

  1. Exploration results
  2. Independence
  3. Competence
  4. Reporting on Inferred results
  5. Contribution to CRIRSCO definitions
  6. Reporting standard and format for mineral resource and reserves
  7. Oil and Gas to be considered as a third code?

Current aspects receiving attention:

  1. Inclusion of saleable product as an aspect of Reserve declaration
  2. Comparison with other CRIRSCO Codes
  3. Clarification as to legal aspects and permit approvals for resource and reserve declaration
  4. Inclusion of consent forms in the code.

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.

 
Dr Ferdi Camisani - Retirement from SAIMM Activities PDF Print E-mail
Monday, 12 November 2012 12:04

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:

  • Attendance of the CMMI meeting in 1997 which established a set of standard reporting definitions which became known as the Denver Accord and which still remain today the backbone of international reporting standards.
  • Chairmanship from its inception in 1996 of the Main Working Group which compiled the content for the first publication of the SAMREC Code in March 2000
  • Participation in the CMMI committee which was responsible for the adoption of the definitions in the Denver Accord by the United Nations Economic Commission for Europe (UN-ECE) in its International Framework Classification for Reserves and Resources – Solid Fuels and Mineral Commodities.
  • Participation in October 2003 in Reston VA of the meeting which saw the formation of the Committee for Mineral Reserves International Reporting Standards (CRIRSCO).
  • Continued attendance, as a CRIRSCO representative, up until May 2012 of the many sessions under the auspice of the Sustainable Energy Division of the UNECE. Notable amongst this was your membership of the Bureau for the Expert Group on Resource Classification working on a classification framework for solid minerals and the oil and gas industry.
  • Continued representation of South Africa and the SAMREC Code on the CRIRSCO committee from its inception in 2002 until 2012. This included meeting in Chile, China and Russia and the UK where you gained the respect of the many people you came in contact with and in doing so enhanced the reputation of professionals in the SAIMM and in South Africa.
  • Representation of the SAIMM over many years, which included presentation of papers, at the annual Application of Computer and Operations Research in the Minerals Industry (APCOM) annual conference.
  • Lecturing at the University of Pretoria in Geostatistics a field in which you were a recognized leader.

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

 
Report back on Valmin Seminar in Brisbane, and International Harmonisation Project PDF Print E-mail
Wednesday, 02 May 2012 11:19

1.Valmin seminar and review

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.

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The update of the South African Mineral Asset Valuation Code (SAMVAL) PDF Print E-mail
Tuesday, 21 February 2012 12:58
Alastair Macfarlane, Chair: SAMVAL Working Group.

The Institute has reconvened the SAMVAL Working Group, in order to conduct a review and update of the SAMVAL Code.

This work has been initiated as a result of certain inconsistencies in the current Code, but also as a result of a number of external activities and events that have created the need for the update.

Mineral Asset Valuation Codes also exist in Canada (CIMVAL Code) and Australia (VALMIN Code), as well as the International Valuation Standards (IVS), promulgated by the International Valuations Standards Board in London. Both the VALMIN Code and the IVS Extractive Industries section are currently under review, and there is intent that CIMVAL will also be reviewed. A number of developments and discussions have also been undertaken by the Society of Mining Engineers (SME) in the United States, in consultation with the Securities Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB). Furthermore, assistance has been given by the CIMVAL Committee to develop a similar Code for the Chinese Authorities, for possible use by the Hong Kong Stock Exchange.

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JORC REVIEW PDF Print E-mail
Friday, 16 December 2011 07:48

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.

 
PRESS RELEASE PDF Print E-mail
Thursday, 15 December 2011 08:27

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."

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