SAMREC is a short term for South African Mineral Resource Committee, and was established in the year 1998. This committee or working group drew up guidelines and recommendations for South African Code for Mineral Resources and Mineral Reserves, which in short is termed “SAMREC Code”. SAMREC Code is applicable to all minerals or economic deposits.
Transparency, competence and materiality are the three main principles dictating the operation of the SAMREC Code. The lector of the Public Report is expected to be provided with enough information to understand the report; hence the principle of “transparency”. Competence is the principle which expects the Public Report to be professional, meaning the person compiling the report must be qualified, experienced and enforced to professional code of ethics. Lastly, the principle of materiality expects the Public Report to contain all the necessary information which may be required by the investors and their professional advisers. The main aim for the principle of materiality is for making fair or realistic judgment regarding the mineralization being reported (SAMCODE; 2007).
HOW SAMREC CODE IMPLEMENTED TO ENSURE RELIABLE REPORTING ON COMMODITIES DATA
There are certain items that should be taken into consideration as a guide when evaluating a report in order to achieve commodities data reporting that is more reliable. However, exploration professionals still remain in need to make difficult decisions such as deciding as to whether the materials are regarded as Mineral Resource or a Mineral Reserve. All documentations of Exploration Results, Mineral Resources, and Mineral Reserves must be prepared by a ‘Competent Person’. “A Competent Person is a person who is a member of any South African...
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...hat are expected to occur when the material is mined. All adjustments in Mineral Reserve estimates must be fully described in the report. A Probable Mineral Reserve is estimated with a lower level of confidence whereas a Proved Mineral Reserve is estimated with a high level of confidence. Probable and Proved Mineral Reserves must not be combined in Public Reports unless relevant diagrams are provided for each group.
CONCLUSIONS
Up to so far, SAMREC has done a really good job in ensuring reliable Reporting of Commodities data. The most amazing thing about this working group is that it recognizes the importance of reviewing the codes from time to time, which then makes it more reliable. However, it is of utmost importance for those who prepare the reports to take into consideration the fundamental differences between the types of reporting they make to avoid errors.
In order to make the decision, this report measures the following qualitative and quantitative areas:
ASC 606 will provide better insight and comparisons across financial statements. It creates standards that can be applied across multiple jurisdictions and industries. Therefore, it will streamline the process and better represent changes in revenues and liabilities that companies are expecting or are aware of. It also attempts to bring policies from the FASB and IASB closer as they both passed similar policy
We are aware that there are limitations to the data that we used. However, we are confident that the data is valid and useful to assess the company, the country, and our recommendations.
The subsoil is likewise a source of riches. An example of this is the world’s largest open cast coalmine, located on the peninsula of La Guajira, which pro...
Objectives • To evaluate the difficulty of mining and reclamation To calculate costs, expenses, income, and profit from a hands-on mining exercise. • To evaluate the effectiveness of reclamation and its added costs to mining. To describe the increasing rarity of some non-renewable mineral resources. Introduction Minerals play an important role in our day-to-day life, but we often do not contemplate how the minerals are obtained. Minerals are scattered all over the world, just like any other resource.
When your parents catch a disease the worst possible outcome is death. In The Enemy, death is the best case scenario. The Enemy by Charlie Higson takes place after a viral disease has turned all grownups into mindless, child eating creatures, leaving the kids of London struggling to survive. One of the main characters, Small Sam, has settled with his friends in the Waitrose Supermarket. Unfortunately, Small Sam is captured by a group of grownups, but later manages to escape. He then goes on an adventure through London trying to get back to his friends. Small Sam is influenced throughout the book by the situation he has been dealt. In the beginning he is cowardly and defenseless, but as the book progresses, he adapts to become resilient and
The scope of the sustainable development is conceptually divided into three parts: environmental, economic and social; each of these pillars must be on an equal stage, promoting a model of growth without exclusion (social), equitable (economic) and safeguard natural (environmental) resources (MIT Press Journals, 2017). Considering the words mention above, an interesting approach we could focus on is the way the industry uses the materials to develop projects.
As displayed in Exhibit-1, the five factors John Deere has based their measurements on are quality, delivery, wavelength, technical, and cost. While each of the five factors is necessary, some are quantitative measurements, meaning these involve statistical numbers that can be tracked and standardized, others are based on perception and can be left to the interpretation of the team member conducting the analysis. The composite rating scales appear to be subjective with rating scales that are muddled. Another area for improvement is the delivery rating, while an extremely important area to measure a look at the in-depth reasons why a supplier would be short on deliveries or delayed delivery time should also be looked at, this could give insight as to whether the supplier can meet certain demands. The John Deere team must also look at suppliers from an ethical and sustainable look, this should involve a look at who is supplying the suppliers, where the raw materials originate (Arrington, 2017).
The working document includes repeated references to gravel pit reclamation, including repeated requirements for plans, security de...
Suppliers: Since the raw material’s are commodities there should be no problems on this front this is not any different
Lins, C., & Horwitz, E. (2007). Sustainability in the Mining Sector. Retrieved November 6, 2017, from http://www.fbds.org.br/IMG/pdf/doc-295.pdf
AASB, Australian Accounting Standards Board, Statement of Accounting Concepts SAC4 ‘Definition and recognition of the elements of financial stat
This complex environment together with a global market where input and product prices are continuing to fluctuate and remain volatile. Such changing environments creates a pressing need
..., authentic diamonds anymore. Diamond mining has supplied jobs over the years meaning that the people that have relied on mining for an income would be left jobless over time. If artificial diamonds replaced natural diamonds completely the African economy would suffer because diamond mining has been the country’s source of income for many years. Diamonds had helped to fund one of Botswana’s biggest HIV/AIDS programs that helped with the prevention and treatment of the diseases. ‘From a population of 1.6 million people, around 37% suffer from either HIV or AIDS.’
Southern African Development Community (SADC). (n.d.). Southern African Development Community (SADC). Retrieved March 18, 2014, from http://www.dfa.gov.za/foreign/Multilateral/africa/sadc.htm