The VALMIN Code 2015 Edition
After an extensive review process, the new VALMIN Code (2015 Edition) was approved by AusIMM and AIG.
The VALMIN Code (2015 Edition) came into effect from 30 January 2016 and is mandatory for AusIMM and AIG members from 1 July 2016.
During the transition period of 30 January to 30 June 2016, Public Reports were able to be published in accordance with either the 2005 or new 2015 Edition of the VALMIN Code – all Public Reports published in this period should clearly state which version of the Code has been applied.
The core purpose and principles of the VALMIN Code remain unchanged, but this new edition includes some important changes:
- Clearer structure and plain-English Code text
- Alignment with the JORC Code (2012 Edition) and other relevant guidelines and laws
- Clarity about the definitions for and roles of VALMIN Practitioners
- Clarity about the types of Public Reports, their development and use
- Guidance on valuation approaches and methodologies
- Exclusion of petroleum from the mandatory provisions of the Code (however, the 2015 Edition VALMIN Code provides guidance that can be applied for petroleum valuation reports).
The VALMIN CODE 2015 is available here, PDF 981 KB.
The revised VALMIN Code was a key focus at the Project Evaluation Conference 2016 being held in Adelaide on 8-9 March. The conference featured a keynote presentation by VALMIN Chair Louis Rozman, and a panel discussion involving VALMIN Committee members.
Development of the VALMIN Code 2015 Edition
The VALMIN Code 2015 Edition is the result of an extensive review process undertaken by the VALMIN Committee. The VALMIN Seminar Series in 2011 and 2012 provided feedback and consultation opportunities regarding suggested changes, 2013 was spent redrafting and considering peer reviewed commentary, key stakeholders were consulted in 2014 with a draft that AusIMM, AIG, MCA, ASX and ASIC each commented on, and the resulting Exposure Draft was released for public comment in April 2015 and extensive public comments considered and as appropriate incorporated. A final review with ASX and ASIC in late 2015 culminated in the new Edition being approved by the AIG and AusIMM in December 2015.
With the publication of the 2015 Edition, the Exposure Draft is no longer relevant, however some of the discussion of the changes being contemplated may assist practitioners in understanding the intent of the new Edition of the Code, and therefore the following resources may be of interest:
A summary of the Exposure Draft's key issues and proposed changes is available here.
A webinar discussing the Exposure Draft was held on 12 June 2015, it can be viewed here.
A Roadshow seminar supporting implementation of VALMIN Code 2015 was held March-May 2016, the recording can be accessed here. The accompanying power point presentation can be accessed here.