Mining Company Reporting Standards ù The South African Experience

South Africa has joined the league of other major Western World countries by officially adopting its own code for public reporting of Mineral Resources and Mineral Reserves. The recently published South African Code for Reporting of Mineral Resources and Mineral Reserves (SAMREC Code or Code) (SAIMM 2000) is presented here in its local and global context. The main aspects of the Code are listed and elaborated upon. The Code has been written with the participation of the major South African stakeholders in the field including Government institutions, the legal confraternity and the mining industry. Relevant foreign organisations, such as the Australasian Joint Ore Reserves Committee (JORC) and the United Nations contributed to its compilation, and supported it. The Code thus enjoys endorsement both locally and, to a large extent, overseas. The Code is modelled on, and is 90 per cent compliant with, the Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC Code) (AusIMM, 1999). The paper also elaborates on the duties and responsibilities of Competent Persons signing off resource and reserve reports and on the new listing requirements of the Johannesburg Securities Exchange (JSE), formerly the Johannesburg Stock Exchange, which has officially adopted the Code.