The course aims to provide students with a perspective of the requirements of Reporting Codes in the minerals industry, including the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (SAMREC), the South African Mineral Asset Valuation Code (SAMVAL), the South African Code for the evaluation of Oil & Gas Reserves (SAMOG), the Johannesburg Stock Exchange (JSE) Listing Rules as well as various other local and international standards that impact directly on the South African mining industry. There is also a focus on the global and local importance of Environmental, Social and Governance (ESG) issues in Public Reporting.
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SRK's Fiona Cessford speaks at the AusIMM Mineral Resource Estimation Conference in Perth, Western Australia.
The days of cursory environmental, social and governance (ESG) disclosure in relation to the economics of mining projects are numbered, the 2023 AusIMM Mineral Resource Estimation conference heard. Investors need, and should get, a fuller view of the factors likely to materially impact projects in a different era for the industry, SRK corporate consultant Fiona Cessford told the event audience in Perth, Western Australia.
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The Committee for Mineral Reserves International Reporting Standards (CRIRSCO) Annual Meeting was hosted by the SAMCODES in Johannesburg from 17th to 20th October 2022. The meeting was attended by the respective representatives of 12 National Reporting Organizations (Australia, Brazil, Canada, Chile, Colombia, Europe, India, Indonesia, Kazakhstan, South Africa, Turkey and the USA). International alignment and ESG for mineral reporting were the focus during this meeting. A cocktail function was sponsored by the SSC after the AGM on Wednesday 19th, where representatives from the SSC, as well as SAMREC, SAMVAL and SAMOG committees, were invited.
Following the successful “Implications of S-K 1300 regulations and disclosures for dual-listed companies on the JSE and NYSE” workshop and outcomes arising, the S-K 1300 Forum site is open to participants of the previous workshop to share material and ideas based on feedback after the first cycle of S-K 1300 reporting from the SEC. There is a Q&A and repository of all the webinar key learnings and developments. The major themes and flagged topics from the forum will inform a follow-up annual webinar and possible engagements with the SEC for the benefit of our local mining industry affected and impacted by the S-K 1300 regulations.
This forum does not constitute legal advice, it is a collection of opinions from various professionals involved in the mining industry and the SSC does not accept responsibility for individual comments.
The work of the JSE Panel of Readers for Solid Minerals 2022
Annual Presentation to the SSC 24th November 2022 by Rob Ingram Chairman:
Panel of Readers for Solid Minerals
Live Webinar, 30 May2023 (08:00 – 15:00)
Costs, Registration closes 24 May 2023, Registration costs R1000 for Members, R1500 for non-members, R500 for students/retired. A number
of free student places are available on application.
One of the many skills necessary for the modern geoscientist is knowing how to communicate effectively. We gather technical/scientific information and findings, and then struggle to present them to our audiences in a way that is engaging and easy to understand. Be it to our colleagues, bosses, as well as to non-technical specialists, investors, bankers and even, on occasion, to the general public. Without being understood, we cannot make the impact we desire.
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Vaughn Duke Pr.Eng, PMP, BSc Mining Engineering (Hons), MBA, has worked in the minerals industry since 1986.
He worked mostly on gold mines in Zimbabwe and South Africa prior to establishing Sound Mining in 2004 and where he and his team have since provided a range of consulting services covering numerous commodities.
Vaughn has been associated with the Southern African Institution of Mining and Metallurgy since his university days. He is now a Fellow of the SAIMM and has contributed both on Council and to numerous committees and working groups over the years, which have included SAMREC and SAMVAL.
He is also a registered member of the Engineering Council of South Africa (ECSA), The Project Management Institute (PMI), the Association of Mine Managers of South Africa (AMMSA), and the Institute of Directors (IOD).
The Working Group has made considerable progress during 2022 and early 2023, having completed the following workstreams:
- Categorisation of the key findings from the ESG Inquisition and ESG Survey into distinct outcomes.
- Compilation of minimum ESG disclosure requirements.
- Adoption of the ESG definitions formulated by CRIRSCO as placeholders in the interim. There is still considerable debate around an appropriate definition for Governance, varying from those aspects that directly affect mineral resources and reserves governance to a much broader corporate perspective.
- Compilation of stakeholder expectations for ESG reporting.
- Compilation of a proposed table of contents for the revision of the SAMESG Guideline.
- Compilation of a draft SAMREC ESG document, a potential new section for the SAMREC Code, framing ESG integration of minimum ESG disclosure requirements in mineral reporting and providing context, perspective and guidance in terms of global trends, stakeholder expectations and end users of the mineral reporting. The draft is extensive and deliberately comprehensive to avoid losing valuable points at this stage.
Work is now focused on the following activities:
- Migrate key aspects from the SAMREC ESG draft into the SAMREC Code (as recommended changes)
- Incorporate the key ESG aspects into the SAMREC Table 1 (as recommended changes).
- Compile chapters of the SAMESG Guideline according to the new Table of Contents, and incorporate key aspects from the stakeholder mapping, ESG Inquisition, minimum ESG disclosures and the SAMREC ESG draft.
- Compile recommended ESG aspects for inclusion in the SAMVAL Code, in the same style as the SAMREC ESG draft. Follow the same review process to determine what should belong in the Code and what should appear to the Guideline.
The date of 11 July 2023 in the GSSA calendar has been earmarked for an ESG event. The Working Group expects this will take the form of progress made, appraise the broader mining and regulatory community of its recommendations, and link these to international developments.
On the 15th and 22nd March 2023, the GSSA held the Introduction to SAMCODES and JSE Listing Rules. It was initially proposed as an in-contact event to be held at the Mandela Mining Precinct. However, the number of registrations received for the contact event did not make this a viable proposition and the event was eventually held online only with 28 virtual delegates. Delegates cane from all over South Africa and even from Botswana and Namibia.
The event covered the basics of the various codes (SAMREC, SAMVAL, SAMOG and the SAMESG Guideline) as well as an introduction to the JSE listing rules. It also defined the requirements for a Competent Person and reviewed the fundamentals of compiling a Competent Persons Report as well as the common mistakes identified by the JSE Readers Panel. It serves as a basis on which to build the Advanced Course to be held later in the year.
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