perc reporting code 2008 finex 2008 22 nd september 2008 perc 200824 november 20151
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PERC Reporting Code 2008
Finex 200822nd September 2008
www.percreserves.com
PERC 2008April 21, 2023 1
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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
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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
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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
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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
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PERC Membership
• Representatives of– (1) the four sponsoring organisations– (2) CRIRSCO– (3) key mining industry sectors– (4) consultants– (5) the financial community
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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
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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
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Solid minerals: resources and reserves
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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
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Relationships among PERC, the professions, and regulatory organisations
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What happens next ?• Exposure Draft launched – 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
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