The relevance of SAMCODES compliance is captured in the upcoming amendment to the Mineral and Petroleum Resources Development Act (Act 28 of 2002) as amended “MPRDA” where mining companies will be required to submit all Mineral Reserve, Mineral Resource and/or Exploration/Prospecting Results according to the SAMREC Code.
- Exploration/Prospecting Results, Mineral Resources and Mineral Reserves submitted by holders of a Mining Right will require to be fully compliant with the SAMCODES and signed off by a Competent Person/Valuator, as appropriate. These will need to be based on a current, existing CPR, Annual Integrated Report, or other appropriate document (that is not to be submitted but must be available immediately on request by the DMRE).
- Data/information/results submitted by holders of Prospecting Rights in terms of section 21 read with regulation 8 of the MPRDA do not have to be compiled by registered Competent Persons/Valuators. However, all terminology must be in accordance with SAMCODES principles. This has specific reference to all:
- Definitions of terms such as Mineral/Diamond/Coal Resources, Mineral/Diamond/Coal Reserves, Exploration Results, Exploration Targets, Mineralisation, Ore, Scoping Studies, Prefeasibility Studies, Feasibility Studies, etc. For a full list of defined terms that may only be used in the required context, please see the Glossary of Terms and definition sections in the latest applicable SAMCODES;
- Statements of Exploration/Prospecting Results, Exploration Targets and/or Mineralisation.
- Statements or tabulations of Mineral Resources and Mineral Reserves, as appropriate.
- Discussion of Technical Studies (Scoping, Pre-feasibility, or Feasibility Study, as applicable).
- Economic Assessments and the use of Discounted Cash Flows.
- Environmental, social and governance issues (for example EA, BAR, EIAR, SLP, etc.).
• All environmental matters are dealt with in line with the National Environmental Management Act (Act 107 of 1998) as amended (NEMA) as of December 2014.