SAMREC Code Summary
The South African Code for the Reporting of Exploration Results in terms of Mineral Resources and Mineral Reserves was established and modelled in the year 1998 after the JORG which is the Australian Mineral Resource and Ore Reserves Code. The basic aim of the code is to set out the minimum standard recommendations and guidelines for every public reporting of an exploration project. The code was drawn up by the Working Group of the SSC Committee, with the help and support of the South African Institute of Mining and Metallurgy (SIAMM) and the Geological Society of South Africa (GSSA) (SAMREC, 2007).
The SAMREC Committee is comprised of various stakeholders such as the SACNASP which represents the SAIMM and the Johannesburg Stock Exchange (JSE). The main purpose of the SAMREC Code is to provide investors and their advisors the correct feasible information and satisfying regulatory requirement. This encourages companies to deliver information which is comprehensive, relevant, and material information which is necessary for a reasonable and well-balanced exploration results in their reports. (SAMVAL, 2008)
The code lays down a profound foundation for meticulous, unmistakable and ethical report of all styles by this it gives great serve which is not misleading regarding the mineralisation being reported and this also provides the competent persons the important code to subject to. SAMREC Code is based on three pillars which are the basic principles of an exploration report (prepared in terms to address circumstances uniquely to South Africa.) (SAMREC, 2007) (SAMVAL, 2008)
• Transparency, provides sufficient information and presentation which is clear and understandable and not to mislead.
• Materiality contai...
... middle of paper ...
...o the parties involved with the assignment;
• A statement that the Competent Valuator has (or has not) made a personal inspection of the property; and
• A record of the Competent Persons and experts who have contributed to the Valuation.
• Market Assessment
A comprehensive market assessment should be presented.
• Audits or Reviews
The results of any audits or reviews of the Mineral Asset Valuation should be presented, together with a commentary on the findings.
It is very important for every company or competent valuator to comply with the SAMREC Code. This provides a perfect platform for a successful exploration project.
Works Cited
SAMREC. (2007). The 2007 SAMREC for Reporting Of Exourcesploration Results, Minerals Res. South Africa: n/a.
SAMVAL. (2008). The SAMVAL CODE. South Africa: The South African Mineral Asset Valuation Working Group.
Marshak, S. (2009) Essentials of Geology, 3rd ed. New York: W.W. Norton & Company, ch. 11, p. 298-320.
The State of Missouri requires professionals to obtain a license before providing services to the public, in many careers. Misconceptions hold that issuance of licenses is just something that is needed in order to charge money for services. Licenses are issued however, because the public puts their trust in professionals who are more knowledgeable than they are. Many people today want to avoid the hassles and risks associated with the transfer of land, so they put their trust in licensed real estate professionals. The Missouri Broker Disclosure Form (MBDF) is a document used by the Missouri State Real Estate Commission that attempts to provide the public, knowledgeable information, about agency relationships (the fiduciary relationship between buyers/sellers and agents). It also holds real estate agents and brokers somewhat accountable to the public in representing them in their best interest; all real estate agents are required to present and explain this form to buyers and sellers. It seems in today’s society that greed, corruption, and self-interest has spread like an infectious disease and we live in a world where it is risky to put our trust in other people. The government tries to respond to that corruption by putting into place more regulations and laws to keep people honest. In summary, the Missouri Broker Disclosure Form is a document designed to help the public make an informed choice about the agency type, of the people that they are putting trust in, and the fiduciary commitments due to them.
...iary. We achieved that by requesting a SOC3 report from the third party and interpreting/learning about the boundaries of their system. We learned that the company maintained effective controls over its system, which included controls over the infrastructure, software, people, and procedures. Therefore, we concluded that the system works effectively and the information gathered through this third-party intermediary will be reliable.
I oppose the development of the Chu molybdenum mine because its negative effects extend beyond the site. This mine will affect the quality of life of the residents of Vanderhoof adversely by reducing air and water quality, food sources and revenue. Vanderhoof is a small, geographic centre that supplies food and mineral resources to neighboring cities (BCC, 2009) hence, many of its residents, tourists and neighbors will be directly affected by this project.
...graphy." Mining Techniques of the Sierra Nevada and Gold Country. N.p., n.d. 16 May 2014. .
Santhebennur, Malavika. "The Pros and Cons of Deep Sea Mining [INFOGRAPHIC]." N.p., 21 June 2013. Web. 18 Mar. 2014. .
"Eric Harris Journal." (1998-1999): 1-9. Acolumbinesite. C. Shepard, 21 Apr. 1999. Web. Jan.-Feb. 2011. .
Throughout this mining process a byproduct is created called chat. The chat is leftover rock and waste from mining that did not contained the desired materials. The chat was left on the site because the Bureau of Indian Affairs thought it could be of value to the Quapaw tribe (1). This chat contained high levels of toxic lead and other harmful chemicals. It is estimated that there are 75 Million tons (150 billion pounds) of chat piles remaining exposed to the environment as well as numerous flotation ponds that haven’t been taken into account (4).
... standard and help to reduce the preparer cost. And it has also enhanced the financial statements decision usefulness and make the organization prepare for expanded disclosure requirements.
The rock salt, is easily one of the most used and consumed mineral in the average everyday life. From seasoning food to helping a sore throat, salt is used without the thought of its effects on many wars, cultures, government, religions, and the economy. Author Mark Kurlansky, informs the reader of the history of salt by taking them through different cultures and time periods in the book Salt: A World History. He touches on different areas around the world and how they used salt for their own needs. From being one of the most wanted rocks in the world, to easily being purchased at the supermarket, salt has gone through a long and tiring journey.
Material information influences the economic decisions of the users and is therefore relevant to their needs (Relevance). It is also linked with reliability. Omission or misstatement of an important piece of information reduces users’ ability to make correct decisions taken on the basis of financial statements thereby affecting the reliability of information. Moreover, information contained in the financial statements must be complete in all material respects in order to present a true and fair view of the affairs of the company. This is known as
Glazewski, J.A. 2005. Environmental law in South Africa. 2nd ed. Cape Town: Butterworth publishing. 665 p.
The field of geology has many different branches. Some of these areas have hardly anything in common. The one thing that they all include, though, is that each one concentrates on some part of the Earth, its makeup, or that of other planets. Mineralogy, the study of minerals above the Earth and in its crust, is different from Petrology, the st...
Mining is the process or industry of obtaining minerals from the earth. Topics in this paper I’ll be specifically discussing are pros and cons of mining, structures of a mine, mining in general, California gold rush, diamonds in Africa, and comparison of diamond and gold mines.