The AusIMM's VALMIN Code (1998) - now an international guide to project assessment and valuation best practice
Michael J Lawrence, FAusIMM, CPGeo, FAIG, FIMM, CEng, MMICA, Chairman VALMIN Committee, Council Representative VALMIN Committee since its creation on 5 April 1991. AusIMM 1999 Past President, Managing Director & Chief Valuer, Minval Associates Pty Limited
The VALMIN Code (1998) deals both with the issues to be addressed when technically assessing a mineral property and also those involved in its valuation (or appraisal, using the North American term). This Code is a revision, based upon the experience gained using the initial edition published in 1995. Its use for relevant reports became mandatory only for members of The Australasian Institute of Mining and Metallurgy (AusIMM) at that time, but its widespread acceptance by the market has meant that it is invariably used by professionals writing all independent reports required by the Corporations Law as well as in other related circumstances. In fact, the VALMIN Code has been accepted as a basis for the current development of similar codes in other overseas jurisdictions, eg Canada, USA and Indonesia. This adoption of a relatively standard approach to project assessment and valuation will assist the global mobility of all mineral industry professionals and provide the market with a reliable basis for making investment decisions.