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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
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 2008Why 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 2008Reserves 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 2008Why 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 2008PERC: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 2008PERC 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 2008Structure 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 2008The 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
perc code 2008 key changes
PERC 2008PERC 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
where are we
PERC 2008Where 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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