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The SAMREC Code (5.6MB PDF)
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The SAMOG Code (451KB PDF)

SAMESG Guideline (123KB PDF)
SAMREC Table 1 (60KB XLSX)
SAMREC Diamond Guidelines (318KB PDF)

The JSE Limited Listings Requirements
BULLETIN 4 of 2008
Download Revised Section 12 (19/06/09)

About the SAMVAL code PDF Print E-mail

South African Code for the Reporting of Mineral Asset Valuation

The process for establishing SAMVAL was initiated through an open meeting at a colloquium convened by the SAIMM in March 2002. Various papers and articles were published on the matter and the colloquium called for comment and mandates.

Representatives from the Australasian Institute of Mining and Metallurgy (AusIMM), the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), the International Accounting Standards Board (IASB) and the International Valuation Standards Committee (IVSC) presented at the colloquium.

Thereafter a working group was formed originally under the chairmanship of Alastair Macfarlane followed by Rob Croll. The draft SAMVAL Code was completed in late 2007 and circulated for industry comment.

The SAMVAL Code was officially launched in April 2008.

Guidance Note: SAMVAL Code: Interpretation of Clause 26 PDF Print E-mail
Tuesday, 20 January 2009 14:02
SAMVAL Code: Interpretation of Clause 26.

Clause 26 states:

“The results from the Valuation approaches and methods employed must be weighed and reconciled into a concluding opinion of value. The reasons for giving a higher weighting to one method or approach must also be stated…”

Valuators should be aware that the use of the words “weighed” and “weighted” did not intend for a subjective weighting to be applied to the individual value ranges determined by the Cash Flow, Market and Cost Approaches to arrive at a final value.

Each mineral asset evaluated should have a primary Valuation approach used to determine its value with a second Valuation approach (less preferred than the primary) used to provide corroborative evidence. In evaluating (“weighing”) the various results, the determination (“weighting”) of the final value is dependent on the Valuator’s experience and judgement.

The use of subjective weightings drawn from more than one Valuation approach and aggregating such weightings in arriving at a final value is therefore not considered compliant with the SAMVAL Code.

19 January 2009
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.

SSC, Samval and SAMREC committees PDF Print E-mail
Thursday, 24 July 2014 14:52

Issue Paper No. 4

Covering Letter


The current position as it pertains to Competent Persons (CPs), Technical Specialists (TSs) and a Competent Mineral Asset Valuators (CV/CMAV) are fraught with the following deficiencies:

  • lack of an agreed and appropriate definition of a CP;
  • lack of an agreed and appropriate definition of a CV;
  • confusion resulting from a lack of agreed and appropriate definitions relating to concepts such as “competency”, “licensing”, “registration”, “accreditation”, “listing”, “ROPO”, etc.; and
  • lack of understanding and agreed common approach as it pertains to the “regulation of the work of competent persons

The purpose of SAMVAL Issue Paper No. 4 is to provide clarity and guidance in regard to how to deal with CPs, TSs and CVs in the SAMVAL Code and concomitant concepts, definitions, vocabulary and to recommend an appropriate Model for the regulation of the work and behaviour of CPs, TSs and CVs.

This Issue Paper provides clarification and advice in regard to the following concepts:

  • competence(-cy), Competent Person, Competent Mineral Asset Valuator;
  • related definitions inclusive of registration, accreditation, listing, licensing, etc.;
  • purpose/intent of the regulation of practitioners in the professional categories performing mineral asset valuation related work; and
  • regulatory models and mechanisms.
SAMVAL Issue Paper No. 4 PDF Print E-mail
Thursday, 24 July 2014 15:09

QUESTIONS AND ANSWERS in regard to the proposed Statutory Regulatory Model (SRM) for CPs, TSs and CVs. The Q&As are based on the assumption that the SRM will become the regulatory dispensation for CPs, TSs and CVs in the RSA.




1 WHAT are the implications for CPs, TSs and / or CVs practising outside of the SRM?
  • The regulation of CPs, TSs and CVs in terms of the SRM, require CPs, TSs and CVs to be registered in the appropriate category(-ies) with the relevant statutorily established registration body(-ies) SERB.
  • Performing of identified work recovered for competent (registered) CPs, TSs and CVs outside of the SRM is essentially illegal in terms of the relevant / respective statutes e.g. registration with the relevant SERB(-s) e.g. ECSA, SACNASP, PLATO, etc.
  • Regulation of the work and behaviour of registered CPs, TSs and CVs under the envisaged SRM includes statutory recourse, (e.g. suspension of person’s registration) Rules-of-Conduct, ethics and disciplinary processes, albeit specific for every SERB (copies of ECSA and TVSC Codes-of-Conduct appended).
 2 HOW will the issue of specific valuation ethics be provided for in the Guiding Principles of the SAMVAL Code?
  • Codes-of-Conduct, Codes-of-Ethics and disciplinary processes usually apply in a generic manner for a specific SERB.
  • The said generic regulatory processes / mechanisms will however provide appropriately for the specific mineral valuation needs in a generic fashion.
  • SERBs rely on the participation of registered peers usually nominated for these purposes by the relevant voluntary associations inclusive of SAIMM, GSSA, IMSSA, etc. i.e. SERBs use are based on peer-driven processes.
  • Mineral asset valuations does not prevent incompetent practitioners from performing identified mineral valuation work reserved for competent CPs, TSs and CVs.

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