The VALMIN Code, which sets out requirements for the technical assessment and valuation of mineral and petroleum assets and securities for independent expert reports, has been under review with the aim or updating the code.

The VALMIN Code 2015 – Exposure Draft, has been prepared in response to changes in market conditions and practices over the last decade since the publication of the VALMIN Code 2005.

The following changes since 2005 have led to the preparation of the VALMIN Code 2015 – Exposure Draft:

• Later codes in other jurisdictions have introduced new ideas and concepts to the processes used in mineral/petroleum valuation;
• An updated JORC Code in 2012;
• Progress by the International Valuation Standards Committee; and
• Regulatory changes in Australia by ASX and ASIC that have brought facets of technical assessment and valuation into the spotlight.

This draft leverages off the feedback from the VALMIN Seminar Series in 2011 and 2012, feedback during 2014 from AusIMM, AIG, MCA, ASX and ASIC on drafts circulated to them in 2013.

The look and feel of the VALMIN Code 2015 – Exposure Draft is different to the VALMIN Code 2005, some of the terminology is different, whilst the methods and key principles are essentially the same.

An exposure draft of the revised VALMIN Code has been released for stakeholder review.  Details of the process and timetable for stakeholder comment on the revised code will be released in the near future.  Further information is available from the VALMIN web site.