Samcode - About the SSC

About the SSC

THE SAMREC/SAMVAL COMMITTEE (SSC)

TERMS OF REFERENCE

Purpose

The purpose of the SSC is to provide standards, recommendations and guidelines for reporting of mineral resources and reserves, and the valuation of mineral assets in South Africa.

Patrons

The SSC operates under the joint auspices of the Southern Africa Institute of Mining and Metallurgy (SAIMM) and the Geological Society of South Africa (GSSA).

Members

The members of the SSC and who are entitled to one representative are:

Association of Law societies
Chamber of Mines of South Africa
Council for Geoscience
Council for Professional Land Surveyors and Technical Surveyors
Department of Minerals and Energy
Engineering Council of South Africa
Geological Society of South Africa
Geostatistical Association of South Africa
General Council of the Bar of South Africa
Investment Analysts Society
JSE Limited
Minerals Bureau
The Banking Association of South Africa
South African Council for Natural Scientific Professions
Southern Africa Institute of Mining and Metallurgy

Representatives

Representatives will be nominated by members each year in July.

Working groups

Working groups drawn from professionals in the minerals industry will address projects as they arise. The Main Working Group will report to the SSC on a regular basis.

Chairperson and Deputy Chairperson

The chairperson and deputy chairperson of the SSC will be nominated by the SAIMM and the GSSA and will be reviewed bi-annually in July.

A chairperson nominated by the SSC will be appointed bi-annually for the Main Working Group.

Decision Making

Decisions will be by majority consensus of members present at the meeting

Quorum

A quorum will consist of at least 3 representatives of whom at least 1 shall be the Chairperson or Deputy Chairperson.

Meetings

There shall be at least 2 meetings per annum.

Monitoring of Reporting Standards

The SSC shall maintain a reader’s panel which shall review all Competent Persons Reports and Mineral Asset Valuation Reports submitted to the JSE Limited.

Competent Person's Reports will be reviewed for compliance with the JSE Listing Requirements that incorporate the SAMREC and SAMVAL Codes and any other code recognised by the JSE for secondary listings.

Readers will be remunerated by the JSE Limited

Members of the reader’s panel will be recognised experts in the commodity and deposit under consideration.

The members of the reader’s panel will be confirmed in July of each year.

A reader’s guide shall be maintained by the SSC.

Disciplinary Procedure

The SSC shall maintain a disciplinary procedure for complaints received regarding Competent Persons and Competent Valuators.

All Competent Persons and Competent Valuators shall be a member of a Professional Body that has a Code of Ethics and a Disciplinary procedure recognised by the SSC.

Complaints regarding Competent Persons and Competent Valuators must be in writing and must be referenced to the Code of Ethics of the Professional Body to which they belong.

Reciprocity

The JSE may grant reciprocity, after consultation with the SSC to other Professional Bodies in order that their members may submit reports to the JSE in compliance with the JSE listing requiremnts.

Reciprocity will be given on application by the Professional Body provided that it has an enforceable code of ethics and a disciplinary procedure. Reciprocity shall be confirmed on an annual basis.

Committee Mineral Reserves International Reporting Standards (CRIRSCO)

The SSC shall nominate and be represented on CRIRSCO by 2 members of the SSC. Nominations will be confirmed on a bi-annual basis.

Annual Awards

The SSC shall monitor annual reports from mineral companies with regard to reporting of Mineral Resources and Reserves. The SSC shall facilitate an annual award for the best annual report in this regard.

15 June 2009.

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