SME Participates In International Project For Mineral Valuation Standards

In August 2011, the Southern African Institute of Mining and Metallurgy (SAIMM) contacted mining institutes and related societies internationally to assess their interest in participating in coordination of the review of the South African Code for Mineral Valuation (SAMVAL) with reviews of other mineral valuation standards. The main mineral valuation standards are the CIMVal Standard of The Canadian Institute of Mining, Metallurgy and Petroleum (CIM), the VALMIN Code of The Australasian Institute of Mining and Metallurgy (AusIMM), the SAMVAL Code, and the extractive industries? guidance note of the International Valuation Standards Council (IVSC), Valuation of Properties in the Extractive Industries, GN 14, designed for application within the full set of International Valuation Standards (IVSs). By January 2012, SAIMM had concluded that the level of respondent interest was adequate to organize a meeting. A meeting was scheduled for April 18, 2012 in Brisbane, Australia in conjunction with a VALMIN mineral valuation conference organized by the AusIMM. The stated purpose of the meeting was to develop an accord on terms of reference for pursuing harmonization of mineral asset valuation standards adopted by the participating mineral institutes. SME decided that, although it has not developed its own mineral valuation standard, it should participate in the Brisbane meeting and the harmonization process, as also did the American Institute of Minerals Appraisers (AIMA).