Abstract

LOMBERG, K.  and  RUPPRECHT, S.M.. The 2016 SAMREC Code. J. S. Afr. Inst. Min. Metall. [online]. 2017, vol.117, n.12, pp.1095-1100. ISSN 2411-9717.  http://dx.doi.org/10.17159/2411-9717/2017/v117n12a1.

The SAMREC Code is a guideline that stipulates the minimum standards for the reporting of Exploration Results, Mineral Resources, and Mineral Reserves; adds credibility to declarations by project promoters, and assists in comparisons due to the uniform basis of the declaration, assists professionals by providing guidance; assists the Competent Person to demonstrate the legitimacy of the declaration, and provides credibility to Public Reporting. The SAMREC Code provides guidelines and acts as one of the fundamental mechanisms to assist in the progression of mining projects. Importantly, it holds professionals accountable for their work, but does not specify the technical details relating to estimating Exploration Results, Mineral Resources, and Mineral Reserves. The SAMREC Code does provide guidance in the estimation and declaration of Exploration Results, Mineral Resources and Mineral Reserves; thus endorsing the sustainability of the mineral industry. A revision of the SAMREC Code was necessary because the mineral industry has advanced and has changed focus as the prevailing economic and political circumstances have changed. The manner in which projects and mines are funded, developed, and operated is continually altering; there are shifting requirements by the investment community, government, and society (social license to operate); there is a need to promote greater efficiency in capital raising and funding for exploration, mining, and production companies; and the SAMREC Code must keep abreast of the advances made by other international reporting codes and eliminate possible contradictory reporting practices. The aspects that have been addressed and updated in the 2016 SAMREC Code are as follows: ► The complete adoption of the Combined Reserves International Reporting Standards Committee (CRIRSCO) standard definitions ► Additional assistance with the understanding and reporting of Exploration Results ► The inclusion of a new table format and the adoption of the 'If not, why not' principle in reporting ► Further emphasis on economics and transparency/materiality ► Additional Technical Studies definitions and the inclusion of guidelines in terms of the composition of Technical Studies ► Provision of clarity as to the point of reference for a declaration ► Making a site visit by the Competent Person mandatory ► Revision of aspects relating to coal and improved alignment with SANS 10320 ► The provision of a more comprehensive diamond and gemstone section ► The introduction of a section on industrial minerals and metal equivalents ► Inclusion of recommendations for a table of contents, signature page, glossary of terms, and updating of definitions. The objective of this paper is to inform the reader of the changes to the SAMREC Code and to re-emphasize best practice for the declaration of Exploration Results, Mineral Resources, and Mineral Reserves.

Keywords : Reporting codes; SAMREC 2016.

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