The 2016 SAMREC Code

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Peer-Reviewed Research
  • SDG 12
  • Abstract:

    Abstract: The development of the CRISCO family of International reporting Codes is a response to a number of mining industry “bubbles” e.g.Poseidon Nickel Boom and Bust of 1969/70 and Bre-X Scandal of 1997. Although the USA and Australians had started developing their codes (1988 and 1989 respectively), the international initiative to standardise reporting definitions for mineral resources and mineral reserves began at the 15th Council of Mining and Metallurgical Institutions (CMMI) Congress at Sun City, South Africa in 1994. The ad-hoc International Definitions Group (later to become CRIRSCO) was provided with the primary objective of developing a set of international standard definitions for the reporting of mineral resources and mineral reserves. Deliberations continued with agreement being reached for the definitions of the two major categories, Mineral Resources and Mineral Reserves, and their respective sub-categories Measured, Indicated and Inferred Mineral Resources, and Proved and Probable Mineral Reserves under the Denver Accord in 1997. Following these agreements, an updated version of the JORC Code was released in Australia in 1999 and the first SAMREC Code was issued in 2000. In 2002, the Combined Reserves International Reporting Standards Committee (CRIRSCO, now known as the Committee for Mineral Reserves International Reporting Standards) was formed, replacing the CMMI International Definitions Group, with the mission to continue coordination between member countries of the development of international standards for the definition and reporting of Exploration Results, Mineral Resources and Mineral Reserves. Subsequently various other codes have been developed based on the CRIRSCO template. These now include eight national representative organisations (NROs); namely Australasia (JORC), Canada (CIM), Chile (National Committee), Europe (National Committee PERC), Mongolia (MPIGM), Russia (NAEN), South Africa (SAMREC) and the USA (SME). The combined value of mining companies listed on the stock exchanges of these countries accounts for more than 80% of the listed capital of the mining industry (CRIRSCO website).