SAMREC CODE PDF

The SAMREC Code covers public reporting and information that is prepared for investors or potential investors and their advisers, as well as other interested parties. Reporting is also in accordance with Section 12 of the Johannesburg Stock Exchange JSE Listings Requirements and takes cognisance of other relevant international codes where geographically applicable. Technical and operating procedures are designed to be compliant with the Sarbanes- Oxley Act framework as adopted by Gold Fields for Mineral Resource and Mineral Reserve estimation, auditing and reporting. The SEC permits mining companies, in their filings with the commission, to disclose only those Mineral Reserves that a company can economically and legally extract or produce. Consequently, US investors are urged to consider closely the disclosure in our Form F.

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The code is designed for public reporting of exploration results, mineral resources and mineral reserves. The three principles of the rewritten code — materiality, transparency, and competence — act as a shield, protecting the investment community from misleading information concerning the evaluation and reporting of mineral resources and reserves. Mullins says that SAMREC is being published at a time when the mining industry is undergoing an unparalleled sustained boom.

This means that a third of the global market capitalisation of the resources industry is tradeable on the JSE. The working group was organised into subcommittees to investigate mainly commodity-specific reporting requirements, and to look at specific requirements for the update.

A key requirement was the full investigation of international reporting developments in the last six years. The SAMREC team took into account the progress made in the widespread adoption of consistent reporting standards worldwide. Every subcommittee chairman was required to form a subcommittee drawn from as wide a range of industry people as possible, such as large mining groups, small mining groups and consultants.

In summary, the changes incorporated into SAMREC include an improved format; the addition of a definitions section; the recognition of professionals abroad as competent persons; tightening up the use of inferred resources; improved explanations for resources; a minimum level of study to declare reserves; recognition of the fact that, while the code is principles-based, it does contain some prescription; and the development of a definitive brand.

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IIFT PREVIOUS YEAR PAPERS PDF

Keeping abreast of the SAMREC Code 2015 update

The conference provides Competent Persons and Competent Valuators the opportunity to prepare and present details of recognised standards and industry benchmarks as well as relate lessons learnt in relation to the declaration of Mineral Resources and Mineral Reserves and the preparation of valuations. In addition to providing contributions in respect of good practices and recognised standards and industry benchmarks, the conference aims to provide guidance on the complex issues in grey areas of the Codes. Prospective authors are invited to submit titles and abstracts of their papers, in English. The abstracts should be no longer than words. Authors will be required to register for the conference to present their papers. Sponsorship opportunities are available.

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SAMREC code

The code is designed for public reporting of exploration results, mineral resources and mineral reserves. The three principles of the rewritten code — materiality, transparency, and competence — act as a shield, protecting the investment community from misleading information concerning the evaluation and reporting of mineral resources and reserves. Mullins says that SAMREC is being published at a time when the mining industry is undergoing an unparalleled sustained boom. This means that a third of the global market capitalisation of the resources industry is tradeable on the JSE. The working group was organised into subcommittees to investigate mainly commodity-specific reporting requirements, and to look at specific requirements for the update. A key requirement was the full investigation of international reporting developments in the last six years.

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South African Mineral Reporting Codes

This website uses cookies to enhance browsing experience. Read below to see what cookies we recommend using and choose which to allow. By clicking Accept All, you'll allow use of all our cookies in terms of our Privacy Notice. As for other international reporting codes, the purpose of the SAMREC Code is to ensure that misleading, erroneous, or fraudulent information relating to mineral properties is not published and promoted to investors on stock exchanges. The SAMREC Code defines a Competent Person for mineral resource and reserve reporting as a suitably qualified and experienced person who is subject to an enforceable professional code of ethics and who has sufficient, relevant experience for the style of mineralisation being reported. SRK employs experienced Competent Persons who satisfy the SAMREC Code requirements for independent reporting at all phases of mining project development, including during exploration and for engineering studies and operating mines. In addition to being experts in mineral resource and reserve reporting, our consultants specialize in identifying risks and potential liabilities and in finding practical solutions to your challenges.

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