Please download and use this latest version 202001_SAMREC Code with Table 1. This is the only version to be used from January 2020 – it contains edits and updates to Table 1, bringing it in line with the associated Excel version on the website.
In 1992 a committee was formed by GSSA, including GASA, in response to the Council of Mining and Metallurgical Institutions ('CMMI'), to compile the first South African Code for reporting mineral resource and mineral reserves. The final draft ('Draft 6') was presented in conjunction with the SAIMM for discussion at the 1994 CMMI Conference at Sun City and to the JSE Listing Committee. In 1994, the CMMI formed an ad-hoc International Definitions Group to create a set of international definitions for reporting mineral resources and mineral reserves with representatives from mining and metallurgical institutions from the United States ('SME'), Australia ('AuslMM'), Canada ('CIM'), the United Kingdom ('IMM') and South Africa ('SAIMM'). A breakthrough came in October 1997 when the CMMI International Definitions Group met in Denver, Colorado, and reached a provisional agreement (the Denver Accord) on definitions of mineral resources and mineral reserves. Dr Ferdi Camisani-Calzolari represented the newly formed SAMREC Committee in Denver. Concurrently, and since 1992, the United Nations Economic Commission for Europe (UN-ECE) has been developing an international framework classification for mineral resources and mineral reserves. A joint meeting was held in Geneva on October 4 1998, between the CMMI International Definitions Group and the UN-ECE Task Force. The SAMREC Committee has represented the international reporting fraternity through the Committee for Mineral Reserves International Reporting Standards (CRIRSCO) at the UN-ECE from 1998 to present day.Read More
One of the requirements for Competent Persons is that they need to be registered with or be a member of one of a specified list of statutory or professional bodies (or RPOs). The following note is of specific interest for members of the GSSA and/or SAIMM who wish to use such membership to sign off on Public Documents (Competent/Qualified Persons Reports, Competent/Qualified Persons Valuation Reports, Annual Integrated Reports, etc).
Please note that this does not apply if you are also registered with one of the statutory bodies (SACNASP, ECSA or SAGC) or IMSSA and are using that registration.
No member of the GSSA or SAIMM may be signing off on a publicly released Competent Person Report or Competent Valuators Report using their GSSA/SAIMM membership as the accreditation body, without first going through the peer review process.
Since 2017, the by-laws of both the GSSA and SAIMM require peer review of Competent Persons/Valuators (who are using their GSSA/SAIMM membership as the accreditation body). This process is to be followed for each public, newly released Public Report.
Members of the GSSA or SAIMM, who wish to sign off on a specific public report must submit themselves to this peer review process. The purpose of the process is to confirm that a person wishing to sign off as a Competent/Qualified Person/Valuator satisfies all the requirements of a Competent/Qualified Person/Valuator, and that his/her professional status has been validated by his/her Professional Association – it does not imply competence or proficiency and the professional bodies do not take responsibility for the quality of reporting by such persons.
SAMREC Code Clause 3:
Public Reports are reports prepared for the purpose of informing investors or potential investors and their advisers on Exploration Results, Mineral Resources or Mineral Reserves. They include, but are not limited to, annual and quarterly company reports, press releases, information memoranda, technical papers, website postings and public presentations.
These Public Reports may be in printed or electronic media (including social media) and will include JSE circulars, reports as required by the Companies Act and reports for other regulatory authorities or as required by law.
Public Reporting refers to any documentation which may find its way into the public domain. It refers not only to reporting or documentation by companies listed on a Securities Exchange, but also includes documents compiled by/for private companies or individuals.
While every effort has been made within the Code to cover most situations likely to be encountered in Public Reporting, there may be occasions when doubt exists as to the appropriate form of disclosure. On such occasions, users of the Code and those compiling reports to comply with the Code should be guided by its intent, which is to provide a minimum standard for Public Reporting and the guidelines of materiality, transparency and competence, and to ensure that such reporting contains all information which stakeholders, interested parties, investors and their professional advisers would reasonably require, and reasonably expect to find in the report, for the purpose of making of a reasoned and balanced judgment regarding the Exploration Results, Mineral Resources or Mineral Reserves being reported.
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).
Last updated: 22/01/2019