The VALMIN Code 2015 Edition

After an extensive review process, the VALMIN Committee announces the new VALMIN Code (2015 Edition) has now been approved by AusIMM and AIG.

    Australia Mining Assessment ( VALMIN ) The committee announced the newly revised 2015 Year edition of Technical Assessment and Public Report on Mineral Asset Valuation—Australasian Standards 》（ VALMIN Code ), after undergoing an extensive review process and the Australasian Institute of Mining and Metallurgy ( AusIMM ) and the Geological Society of Australia ( AIG )’s approval has now been issued.

The VALMIN Code (2015 Edition) will be effective from January 30, 2016, and will become mandatory for AusIMM and AIG members starting July 1, 2016.

    2015 Year edition of Technical Assessment and Public Report on Mineral Asset Valuation—Australasian Standards 》will be 2016 Year 01 Moon 30 Effective today, members of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists will... 2016 Year 07 Moon 01 Effective from the date of issuance.

During the transition period from January 30 to June 30, 2016, Public Reports may be published in accordance with either the 2005 or the new 2015 Edition of the VALMIN Code—all Public Reports published during this period should clearly indicate which version of the Code has been applied.

     During the transition period ( 2016 Year 01 Moon 30 Date to 2016 Year 06 Moon 30 day), clearly stated as being based on 2005 version or 2015 Public reports issued by the version standards are all permitted.

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 core objectives and principles of the standard remain unchanged, but the new version includes the following important updates:

□ A clearer framework and concise, standardized English text

□ and 2012 Edition JORC Consistent with other relevant guidelines and legal interpretations.

□ Defined the types of public reports, as well as their development and implementation.

□ Guidance on Assessment Approaches and Methodologies

□ Petroleum has been excluded from the mandatory regulatory requirements (however, the new edition provides applicable guidance for valuation reports on petroleum).

The revised VALMIN Code will be a key focus at the Project Evaluation Conference 2016 being held in Adelaide on 8-9 March. The conference will feature a keynote presentation by VALMIN Chair Louis Rozman, and a panel discussion involving VALMIN Committee members. Discounted registration is available to AusIMM and AIG members. More information: http://www.projectevaluation2016.ausimm.com.au/ .

    Coming soon to 2016 March of the year 8 Date to 9 Held in Adelaide on the day 2016 At the project assessment workshop, the new version of the standard will be a key focus of the meeting. The meeting will be hosted by... VALMIN Chairman Louis Rozman delivered the keynote speech, including a panel discussion featuring members of the committee. Regarding... AusIMM and AIG Members enjoy a registration discount for the conference. For more information, please visit the society’s website. http://www.projectevaluation2016.ausimm.com.au/ .

[Translator's Note]

Note 1：2015 Edition and 2005 Another significant change is the standardization of names.

2005 The version name is Code for the Technical Assessment and Valuation of Mineral and Petroleum Assets and Securities for Independent Expert Reports (Chinese name: Standards and Guidelines for Independent Expert Reports on Technical Evaluation and Assessment of Mineral, Petroleum Assets, and Securities ).

2015 The version name is Australasian Code for Public Reporting of Technical Assessments and Valuations of Mineral Assets ( Chinese name: Technical Assessment and Public Report on Mineral Asset Valuation—Australasian Standards ).

Note 2 : About VALMIN

Because 2005 Edition and 2015 The version name has changed, VALMIN It can no longer be matched, and therefore simplification is being considered. The translator will " VALMIN “Australian Mining Assessment,” accordingly. THE VALMIN CODE “Australian Mining Assessment Standards.”