JOURNAL PAPER

 

A new model for compliance and reporting in the minerals industry

 

 

S.V. Rungan

School of Mining, University of the Witwatersrand

 

 

---

SYNOPSIS

The modern mining industry is increasingly being tasked to comply with various legal, industry and social prerequisites. In addition to complying with these, the mining industry is further expected to effectively report on their compliance. Although there are many models that aid the mining industry in compliance and reporting, it is perhaps opportune for a new model to be introduced. The Compliance Spindle is postulated as a new and alternative model which is easy to understand and has the possibility of implementation in South Africa and other jurisdictions as well. The Compliance Spindle is also an effective tool to educate future compliance officers. The new model provides for all aspects of compliance and reporting and can be easily modified to take account of new developments in the mining compliance and reporting arena.

Keywords: Compliance and reporting model, model, compliance, reporting, regulation and governance, mineral asset valuation, technical and financial accounting and reporting, technical reporting, environmental and social concerns, enterprise-wide risk management

---

 

 

“Full text available only in PDF format”

 

 

References

1. SIY, J.S.C. Compliance Regimes in Publicly-Listed Mining Firms: Mineral Resources and Financial Reporting Issues, European Journal of Scientific Research, vol. 27, no. 3, 2009 p. 372.         [ Links ]

2. Compliance Institute of South Africa, www.compliancesa.com        [ Links ]

3. SYKES, J.B. (ed.). The Concise Oxford Dictionary, 7th edition, Oxford University Press, 1983, Oxford: UK, p. 192.         [ Links ]

4. Criminal Procedure Act 51 of 1977.         [ Links ]

5. For example, S 36 of the Customs and Excise Act 91 of 1964, provides for the labelling of beer and the violation of this requirement.         [ Links ]

6. Common Law is the basic system of legal principles and practices that are applicable in SA based on the country's legal history; that is, it consists of Roman-Dutch Law with English Law influence.         [ Links ]

7. S 98; Act 51 of 1977.

8. SYKES, J.B. (ed.). The Concise Oxford Dictionary, 7th edition, Oxford University Press, 1983, Oxford: UK, p. 882.         [ Links ]

9. The Big Hole: The Kimberley Mine-Kimberley Mine Museum, www.showcaves.com/english/za/mines/Kimberley.html.         [ Links ]

10. Early Coal Mining History, www.dmm-pitwork.org.uk/html/history1.htm.         [ Links ]

11. Mine Health and Safety Act 29 of 1996; National Environment Management Act 107 of 1998; Mineral and Petroleum Resources Development Act 28 of 2002.         [ Links ]

12. Act 28 of 2002.

13. Act 28 of 2008. A new model for compliance and reporting in the minerals industry        [ Links ]

14. Act 61 of 1973. A new Companies Act 71 of 2008 has been assented by the President but has yet to be made effective.         [ Links ]

15. Act 28 of 2002.

16. Act 28 of 2008.

17. Broad-Based Socio-Economic Empowerment Charter for the South African Mining Industry, http://www.thedti.gov.za/bee/beecharters/MiningCharter.pdf.         [ Links ]

18. Article 4; Broad-Based Socio-Economic Empowerment Charter for the South African Mining Industry, http://www.thedti.gov.za/bee/beecharters/MiningCharter.pdf.         [ Links ]

19. Act 29 of 1996.         [ Links ]

20. UN Convention on the Law of the Sea, http://www.un.org/Depts/los/convention_agreements/texts/unclos/closindx.htm.         [ Links ]

21. The Universal Declaration of Human rights, www.un.org/en/documents/udhr/index.shtml.         [ Links ]

22. See for example: 'Controversies Surrounding Royal Dutch Shell', http://en.wikipedia.org/wiki/Controversies_surrounding_Royal_Dutch_Shell.         [ Links ]

23. Act 36 of 1998.

24. Act 107 of 1998.

25. ACTION AID, 'Precious Metal: The impact of Anglo Platinum on poor communities in Limpopo, South Africa', www.actionaid.org/assets/pdf/ActionAid.AngloPlats.45dpi.pdf.         [ Links ]

26. ANGLO PLATINUM, 'The Facts: Anglo Platinum's response to ActionAid allegations', Second edition, http://www.angloplatinum.com/investor_media/im_latest_news/Anglo_ActionAid.pdf p. 4 (18/09/08).         [ Links ]