Perc reporting code 2008
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PERC Reporting Code 2008. Resource Reporting Workshop 15 th May 2009 Dublin www.percreserves.com Dr Wynand Kleingeld. Why have a reporting code ?. Tenets Materiality Transparency Competence Impartiality Consistency – for investment decisions Reliability – “competent persons”

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PERC Reporting Code 2008

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Perc reporting code 2008

PERC 2008

PERC Reporting Code 2008

Resource Reporting Workshop

15th May 2009 Dublin

www.percreserves.com

Dr Wynand Kleingeld


Why have a reporting code

PERC 2008

Why have a reporting code ?

  • Tenets

    • Materiality

    • Transparency

    • Competence

    • Impartiality

  • Consistency – for investment decisions

  • Reliability – “competent persons”

  • Regulation of companies and markets (Bre-X)

  • Protection against litigation

  • Ease of communication: a common language


Reserves reporting codes in uk and western europe

PERC 2008

Reserves Reporting Codes in UK and western Europe

  • 1991: the IMM code, defined:

    • Proven & probable reserves

    • Measured & indicated resources

    • The Competent Person

  • 2001: “The Reporting Code”

    • Update for international convergence

    • Under the aegis of IMM, but co-sponsored by EFG, the Geological Society, and IGI


Why update the code

PERC 2008

Why update the Code ?

  • In response to increased globalisation

  • In support of regulatory requirements, regionally and worldwide

  • To meet needs of particular industry sectors

  • To maintain a European reporting code for use in European markets


Perc the pan european reserves resources reporting committee

PERC 2008

PERC:the Pan-European Reserves & Resources Reporting Committee

  • Committee convened in 2006 as the successor to the former IMM Reserves Committee

  • Continued formal involvement of IOM3, EFG, IGI, and GSL

  • IOM3 now involved through IMMa

  • Scope explicitly broadened to cover Europe, not just UK

  • Principal tasks:-

    • to maintain and update minerals reporting code for European markets

    • Seek endorsement by the regulatory authorities


Perc membership

PERC 2008

PERC Membership

  • Representatives of

    • (1) the four sponsoring organisations

    • (2) CRIRSCO

    • (3) key mining industry sectors

    • (4) consultants

    • (5) the financial community


Structure of perc

PERC 2008

Structure of PERC

  • Sub-committees:

    • London Financial sub-committee (as a model for further similar sub-committees elsewhere)

    • Industrial Minerals sub-committee

    • Diamonds/Gemstones sub-committee

  • Working group:

    • PERC manages the CRIRSCO-GKZ working group on harmonisation of international and Russian reporting systems


The perc code 2008

PERC 2008

The PERC Code 2008

  • An update of the 2001 Reporting Code

  • Progressive convergence with international standards as defined in the CRIRSCO code “template”

  • Incorporating regional industry interests and requirements


Solid minerals resources and reserves

PERC 2008

Solid minerals: resources and reserves


Perc code 2008 key changes

PERC 2008

PERC Code 2008: key changes

  • Competent Person definition. A tighter definition but without using a ROPO list

  • New section for historical estimates

  • Revised and expanded industrial minerals / dimension stone / aggregates section

  • Expanded diamonds section

  • New section for coloured gemstones

  • Appendix 4 competent person consent form added


Proposed relationships among perc the professions and regulatory organisations

Proposed relationships among PERC, the professions, and regulatory organisations


Where are we

PERC 2008

Where are we ?

  • Exposure Draft launched – 17 June 2008

  • Consultation among other CRIRSCO members, and the mining and financial communities concluded November 2008

  • Finalisation of Code with agreed amendments December 2008

  • Code released January 2009

  • Initiated discussions with the FSA/UKLA January 2009


Recommendations

Recommendations

17 November 2014

PERC 2008

PERC Code to be incorporated by reference into the listing, prospectus and disclosure rules of the UKLA – Committee of European Securities Regulators (CESR)

PERC Code to be the only code for reporting on the London SXs – if not, then other codes must be compatible with CRIRSCO

Establish standing committee (PERC/UKLA) to agree amendments to the rules

PERC will act as advisor to UKLA on disputes. UKLA is the ultimate sanctioning body – discussions ongoing with FSA/UKLA

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