Johannesburg Branch SAIMM. ROGER DIXON CHAIRPERSON SSC SAMREC/SAMVAL COMMITTEE 17 SEPTEMBER 2009 The South African Museum of Military History. Agenda. Brief introduction to regulatory codes in SA Principles – competent person/valuator Current operating environment Some challenges
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ROGER DIXON CHAIRPERSON SSCSAMREC/SAMVAL COMMITTEE17 SEPTEMBER 2009
The South African Museum of Military History
the SOUTH AFRICAN CODE FOR THE REPORTING OF EXPLORATION RESULTS, MINERAL RESOURCES AND MINERAL RESERVES
Minimum standards for public reporting
THE SOUTH AFRICAN CODE FOR THE
REPORTING OF MINERAL ASSET VALUATION
The Code sets out a required minimum standard for the Public Reporting of Mineral Asset Valuation.
Materiality: Relevant information for a reasoned decision.
Transparency: The reader of a Public Report must be provided with sufficient information, the presentation of which is clear and unambiguous, to understand the report and not be misled.
Competency: The Public Report is based on work that is the responsibility of suitably qualified and experienced persons who are subject to an enforceable Professional Code of Ethics.
1. Membership of Professional Organization with enforceable Code of Ethics
2. Competent Person
Minimum 5 (five) years experience relevant to style of mineralization and type of deposit and to the activity undertaken
Sufficient relevant experience
Team approach allowed but leader signs off.
NB. Satisfied in own mind able to face peers and demonstrate competence in the commodity, type of deposit and situation.
Recognised Overseas Professional Organization
Prevention better than cure!
The operating environment
SAMCODE – Pre-feasibility Study
What the majority of people consider to be 'reasonable' is that about which there is agreement, if not among all, at least among a substantial number of people; 'reasonable' for most people, has nothing to do with reason, but with consensus.“
"The huge Mmamabula project is in trouble," she said, referring to rising construction, equipment and project management costs.
"It was estimated originally at 6 (billion dollars) two years ago, it went up to 9 and now is at $16 billion.“
Froneman stepped down as CEO at that stage, to be replaced on an interim basis by Jean Nortier, who was confirmed this week as CEO, just as Dominion's "pre-commercial" uranium oxide output projection for this year was again cut, this time to 0.32m lbs, some 89% less than Froneman's original projection of 2.8m lbs.
A capex blow-out, which more than doubled the estimated project cost of NovaGold Resources' Galore Creek project, is the subject of a shareholder class action lawsuit filed against the Vancouver junior gold miner. The lawsuit was filed in the U.S. District Court for the Southern District of New York on behalf of plaintiff Rudolph T. Textor and all purchasers of securities of NovaGold Resources from October 25, 2006, through November 23, 2007.
Mmamabula energy project – initial estimate US$6bn
Revised estimate US$16bn
Anvil Mining project – initial estimate US$257m
Revised estimate US$380m
Galore Creek project – initial estimate US$2.2bn
Revised estimate US$5bn
Above all TRANSPARENCY!!
Australia: JORC Code
Canada: NI 43-101 + CIM Standards
Chile: The Code for the certification of Exploration Prospects Mineral Resources and Ore Reserves
Europe and UK: PERC Code, The Reporting Code
South Africa: SAMREC Code
United States: SME Guide for Reporting Exploration Information, Mineral Resources and Mineral Reserves. SEC Industry Guide 7
Potential new Members:
Revision expected October 2009
ALL SLIDES WWW.SAMCODE.CO.ZA