REPORTING CODE DOWNLOADS

2016 SAMREC/SAMVAL VERSION OF THE CODES ARE MANDATORY FROM 1 JANUARY 2017
As part of the public consultation prior to the formal release of the 2016 SAMVAL Code, a number of queries were received by the SAMVAL Committee.  These issues are presented below along with the answers provided and the rationale behind the decisions.
 

Attracting finance for exploration and mining ventures is a critical part of the resource business environment today, and there are a number of finance options available, including accessing private equity. With the increase in the number of non-listed (private) companies and individuals seeking to obtain financial assistance, it is important to appreciate that issues of public reporting are not confined to listed companies only.  Under all circumstances, if Exploration Results, Mineral Resources and/or Mineral Reserves are reported publically (as defined in the SAMREC Code of 2016), and if said report is claimed to have been compiled in accordance with any of the SAMREC, SAMVAL or SAMOG Codes, then the report and the author are subject to the minimum standards and requirements of the relevant Code as well as the complaints procedure of the SAMCODES Standards Committee (SSC).

A Guideline Document has been prepared which provides the methodologies and definitions of the relevant terms that should be considered in the preparation of reports on Diamond Exploration Targets, Diamond Resources and/or Diamond Reserves (SAMREC Clause 59).  It is to be read in conjunction with the 2016 SAMREC Code where it provides further explanation of Clauses 59-79.

Download the Diamond Guidelines

New Australian Guidelines for the estimation and classification of Coal Resources 2014 Edition have now been published by the Coalfields Geology Council of New South Wales and the Queensland Resources Council following an extensive process of reviewing the former 2003 Guidelines.

The new 2014 edition of the Guidelines should now be referred to by minerals professionals working on Coal Resources estimation.

The Australian Guidelines for the Estimation and Classification of Coal Resources 2014 Edition has been recognised as the successor document as published from time to time by the Coalfields Geology Council of New South Wales and the Queensland Resources Council referred to in the guidance to Clause 42: "For guidance on the estimation of Coal Resources and Reserves and on statutory reporting not primarily intended for providing information to the investing public, readers are referred to the 'Australian Guidelines for Estimating and Reporting of Inventory Coal, Coal Resources and Coal Reserves' or its successor document as published from time to time by the Coalfields Geology Council of New South Wales and the Queensland Resources Council. These guidelines do not override the provisions and intentions of the JORC Code for Public Reporting. Competent Persons should as always exercise their judgement in the application of these guidelines to ensure they are appropriate to the circumstances being reported. They may not be appropriate for use in all situations in Australia or overseas."

To access the new 2014 Australian Guidelines for the estimation and classification of Coal Resources, please go to: http://www.jorc.org/links.asp

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.

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

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.

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.

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."

Competent Persons and others interested in public reporting are advised that JORC has released a paper calling for comments on the 2004 JORC Code. Comments on the JORC Issues Paper and any other matters related to the JORC Code are requested to be provided to JORC by 16 December, 2011.

Interested parties are invited to comment on the specifications and guidelines that will be inserted as an appendix to the USC209 high-level classification system on sustainable energy. This is a high-level code that the United Nations would encourage nations around the world to adopt.
 
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The SSC have been supplied by CRIRSCO with a set of standard definitions which are to be considered in updates and revisions of the various National Reporting Organisations NROs
Download the PDF document
Guidelines on Alignment of Russian minerals reporting standards and the CRIRSCO Template
Download PDF (908KB)

ImageRussia’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. By Sally Braham

(Right) Roger Dixon, CRIRSCO chairman and Yuri Podturkin, director general of Russia's State Commission on Mineral Reserves (GKZ)

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.

Official report of the Expert Group on Resource Classification on the Geneva meeting of 28-30 April 2010
Download the PDF for more information.
A copy of the report of the First Session is now posted to the ECE website :  (under Documents).
The SSC have been requested to support the PERC response to the  Committee of European Securities Regulators Consultation Paper with regards to:.
 CESR proposed amendments to CESR’s recommendations for the consistent implementation of the European Commission’s Regulation on Prospectuses nº 809/2004 (CESR/05-054b) regarding mineral companies.
The PERC response will be circulated when finalized.
DOWNLOAD THE PDF HERE...

United Nations Framework Classification for Fossil Energy and Mineral Reserves and Resources 2009 discussed at Seventh session of the ECONOMIC COMMISSION FOR EUROPE
 
COMMITTEE ON SUSTAINABLE ENERGY
 
Ad Hoc Group of Experts on Harmonization of Fossil Energy and Mineral Resources Terminology

Seventh session
Geneva, 29-30 October 2009
Item 3 of the provisional agenda

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Hardcopies of the SAMREC and SAMVAL Code reprint are now available from the SAIMM secretariat.