Bid To Codify Mining Valuation Methods
The Age
Wednesday September 28, 1994
The contentious issue of valuing mining and exploration properties is to come under close scrutiny at a conference organised by the Australasian Institute of Mining and Metallurgy in Sydney next month.
The institute, in conjunction with the Mineral Industry Consultants Association, is hoping some sort of consensus will emerge to allow the preparation of a manual of best practice for mineral valuation methodologies.
The conference on 27-28 October will hear papers from all groups involved in mineral valuations, including mining companies, stockbrokers, institutions and the regulatory authorities.
The focus will be on the subjective areas of valuation methodology - an area some consider more an art than a science with occasionally controversial outcomes.
The aim of producing a manual of best practice from the conference is in addition to the development of the new Mineral Valuation Code and Guidelines (Valmin) by the institute.
It is expected that Valmin will eventually become part of the Australian Stock Exchange's listing rules, following the success of the code for Reporting of Mineral Resources and Reserves.
Valmin will cover standards required in mineral valuations, sticking to clear statements on the required competence of valuation authors, their independence and liability.
That leaves the more subjective area of value and valuation methods to be thrashed out at the October conference.
© 1994 The Age
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