Prior to the development of this international template (the Template), there was no common template or standard for mineral property valuation. Instead, three national codes or standards existed, being CIMVal (Canada), SAMVAL (South Africa), and VALMIN (Australasia). Although these codes have many similarities, they have differences in structure, definitions, scope, and jurisdictional requirements. In addition, minerals while in the ground are specified as a part of Real Estate in the International Valuation Standards (IVSs). The IVSs and the USA’s Uniform Standards of Professional Appraisal Practice (USPAP) also contain valuation standards of general application non-specific to mineral property valuation.
IMVAL, which has developed this Template, is an international committee comprised of representatives of SAMVAL (South Africa), CIMVal (Canada), VALMIN (Australasia), the SME Valuation Standards Committee (USA), and IIMA (USA). Representatives of the Royal Institute of Chartered Surveyors (RICS, UK), were also involved in the early deliberations of IMVAL.
The Template is intended as a principles-based template to be recognised as a common set of minimum requirements for national codes or standards concerning the valuation of Real Property mineral assets (Mineral Property). The Template represents a consensus of current good practices and is expected to be updated from time to time. The Template is not intended to be a stand-alone reporting code, and does not supersede existing national reporting standards.
The Template outlines principles, requirements, guidelines, and definitions broadly consistent with those adopted in the regulatory jurisdictions represented by IMVAL members.