Valmin Code27 Dec 2021 13:37
It's worth writing down the nature, context and purpose of the Code before getting stuck into the detail:
1.1. Purpose
The purpose of the Australasian Code for the Public Reporting of Technical Assessments and Valuations of Mineral Assets (VALMIN Code) is to provide a set of fundamental principles, minimum requirements and supporting recommendations to assist in the preparation of relevant Public Reports on Mineral Assets. The VALMIN Code is based on international good practice as currently employed in the Mineral industry, but allows for professional judgement in certain instances. The resulting Public Reports MUST (ie not advisory; emphasis important) be reliable and should be clear, concise, effective and include all the Material information required by investors and their advisers when making investment decisions. Subject to provisions in paragraph 1.3, AIG and AusIMM Members MUST adhere to the VALMIN Code regardless of where or for whom the Public Reports are prepared or the location of the Mineral Assets under consideration.
1.2. Context
The VALMIN Code is designed to fit within the Australian regulatory framework comprising the Corporations Act, and various ASIC Regulatory Guidelines and ASX Listing Rules. It is a companion to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Any references to the JORC Code relate to the 2012 edition or the most recent subsequent edition.
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The reference to investors in the Code is interesting. Not sure what investors can do though if they think there have been some material omissions. Let's not go there - far too premature.
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