The VALMIN Code - the Australian experience
Presented at Mining Millennium 2000 PDAC/CIM, 5-10 March 2000, Toronto, Canada.
Michael J Lawrence, FAusIMM(CPGeo), FIMM, MMICA, CEO & Chief Valuer, Minval Associates Pty Limited, Croydon, NSW, Australia, 2132, Past President 1999, The Australasian Institute of Mining and Metallurgy
The VALMIN Code was developed and formally adopted by The Australasian Institute of Mining and Metallurgy (AusIMM) in 1995 and a revision was issued in 1998. The VALMIN Code applies to all relevant reports under the Australian Corporations Law, including submissions to the Australian Stock Exchange (ASX) and the Australian Securities and Investments Commission (ASIC).
The VALMIN Code and Guidelines sets standards for the preparation and commissioning of independent assessment and/or valuation reports on mineral and petroleum assets or mineral and petroleum securities.
It is mandatory for AusIMM’s members to follow this Code in these relevant circumstances and failure to do so will result in serious sanction of the member by the AusIMM’s Ethics Committee. Public support for the use of this Code has been given by regulators (ASX/ASIC) and market participants (eg major accountancy firms). It is also endorsed as a guide to general best practice in project assessment and valuation.
This paper will discuss how the VALMIN Code has worked in practice over the past few years. It will also examine areas where the Code could be improved and how it could form the basis of a new Canadian Code for mineral property valuation.