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PERC Reporting Code 2008. Launch of the “Exposure Draft” 17 June 2008 www.percreserves.com. Why have a reporting code ?. Consistency – for investment decisions Reliability – “competent persons” Regulation of companies and markets (especially after Bre-X) Protection against litigation - PowerPoint PPT Presentation
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PERC Reporting Code 2008
Launch of the “Exposure Draft”17 June 2008
www.percreserves.com
PERC 200820 April 2023 1
Why have a reporting code ?
• Consistency – for investment decisions• Reliability – “competent persons”• Regulation of companies and markets
(especially after Bre-X)• Protection against litigation• Ease of communication: a common language
20 April 2023 PERC 2008 2
Reserves Reporting Codes in UK and western Europe
• 1991: the IMM code, defined: – Proven & probable reserves– Measured & indicated resources– The Competent Person
• 2001: “The Reporting Code”– Update for international convergence– Under the aegis of IMM, but co-sponsored by EFG,
the Geological Society, and IGI
20 April 2023 PERC 2008 3
Why update the Code ?
• In response to increased globalisation• In support of regulatory requirements,
regionally and worldwide• To meet needs of particular industry sectors• To maintain a European reporting code for
use in European markets
20 April 2023 PERC 2008 4
PERC: the Pan-European Reserves & Resources Reporting Committee
• Committee convened in 2006 as the successor to the former IMM Reserves Committee
• Continued formal involvement of IOM3, EFG, IGI, and GSL• IOM3 now involved through IMMa• Scope explicitly broadened to cover Europe, not just UK• Principal tasks: to maintain and update minerals reporting
code for European markets
20 April 2023 PERC 2008 5
PERC Membership
• Representatives of– (1) the four sponsoring organisations– (2) CRIRSCO– (3) key mining industry sectors– (4) consultants– (5) the financial community
20 April 2023 PERC 2008 6
Structure of PERC• Sub-committees:
– London Financial sub-committee (as a model for further similar sub-committees elsewhere)
– Industrial Minerals sub-committee– Diamonds/Gemstones sub-committee
• Working group:– PERC manages the CRIRSCO-GKZ working group on
harmonisation of international and Russian reporting systems
20 April 2023 PERC 2008 7
The PERC Code 2008
• An update of the 2001 Reporting Code• Progressive convergence with international
standards as defined in the CRIRSCO code “template”
• Incorporating regional industry interests and requirements
20 April 2023 PERC 2008 8
Solid minerals: resources and reserves
20 April 2023 PERC 2008 9
PERC Code 2008: key changes
• Competent Person definition. A tighter definition but without using a ROPO list
• New section for historical estimates• Revised and expanded industrial minerals /
dimension stone / aggregates section• Expanded diamonds section• New section for coloured gemstones• Appendix 4 competent person consent form added
20 April 2023 PERC 2008 10
Relationships among PERC, the professions, and regulatory organisations
20 April 2023 PERC 2008 11
What happens next ?• Launch of Exposure Draft – 17 June 2008• Consultation among other CRIRSCO members, and
the mining and financial communities• Consultation stage: ends 17 Oct 2008• Finalisation of Code with agreed amendments• Code release: 17 Dec 2008• Recognition by UK LSE / Listing Authority (UKLA) and
by AIM, and progressively by other European stock exchanges
• MORE INFO FROM www.PERCreserves.com
20 April 2023 PERC 2008 12
RESOURCE – RESERVE REPORTING
The International Dimension
Launch of the “PERC Exposure Draft”17 June 2008
PERC 200820 April 2023 13
CRIRSCO FAMILY OF CODES
14
FIRST EDITIONS
JORC (1989) – UK (1991) - SME Guidelines (1992) – CIM (2000) – SAMREC (2000) – PERC (2001) – Peru (2006) - Chile (2007) –
Philippines (2007)
INTERNATIONAL DEVELOPMENTS
1997: Denver Accord; 1998: Geneva Convention with UN-ECE; 2007: Mapping with SPE PRMS; 2008: Mapping to
UNFC (revised)
CRIRSCO Organisation
15
Australia S Africa
CRIRSCO
Sub Committees
UKW
EuropeUSA ChileCanada
National Reporting Organisations
Chair elected within CRIRSCO
2 Nominees per NRO
http://www.crirsco.com
ICMMInternational Council On Mining and
Metals
CODE CONVERGENCE
16
The Linkage in Australia & Canada
17Source: AMC Mining Consultants (Canada) Ltd
Western Europe, including United Kingdom and Ireland
ResponsibleEntities
Compliance &Guidance Standards
Those RequiredTo Comply
Relationship Key
Professional & Industry Organizations
IOM3 GS
PERC Code
EFGIGI
Professionals
Statutory/Semi-Government Organizations
Regulatory Organizations
UKLA
AIMLSE
NOMADS
Financial Services Directive
Listing Rules
Publicly listed companies
AIM Guidance Notes
Compliance Responsible for Guidance May Act As Accountability or Oversight
Communication Link
18
EU
EU Exchanges
ROPOPERC
Competent PersonIncorporated by reference.
In common with: JORC, SAMREC, CIM, SME, Russian Codes
CRIRSCO Organisation
19
Australia S Africa
CRIRSCO
Sub Committees
UKW
EuropeUSA ChileCanada
National Reporting Organisations
Chair elected within CRIRSCO
2 Nominees per NRO
http://www.crirsco.com
ICMMInternational Council On Mining and
Metals
Template
SPE Mapping
IASB IFRS
UNFC Mapping
Russian Code Mapping
Chinese Code Mapping
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