International standards for the reporting of Mineral Resources, Mineral Reserves and Exploration Results have been developing at a rapid pace for the past 20 years due to the globalization of the mining industry. Standards for the valuation of Mineral Properties have followed a similar course.
On May 5, 1999, CIM Council approved the formation of a Special Committee on Valuation of Mineral Properties (CIMVal).
The mandate of CIMVal is to recommend Standards and Guidelines for Valuation of Mineral Properties to be used by the mining industry in general and to be adopted by Canadian securities regulators and Canadian stock exchanges.
The guiding philosophy and intent of the CIMVal Standards and Guidelines is that Mineral Property Valuations be carried out by appropriately qualified individuals and that all relevant information be fully disclosed.
The CIMVal Standards and Guidelines are organized into two parts:
- Standards – general rules that are compulsory
- Guidelines – elaborate on the Standards and provide guidance and best practices which are highly recommended
CIMVal is co-chaired by Keith N. Spence and William E. Roscoe. The members of the CIM Mineral Property Valuation (CIMVal) Committee represent a mix of academic / professional disciplines and experience in the field of mineral property valuation:
Keith N. Spence (Co-chair), Global Mining Capital Corp.
William E. Roscoe (Co-chair), Roscoe Postle Associates Inc.
Eden M. Oliver (Secretary), Bennett Jones LLP
Carlos da Costa, University of British Columbia / Simon Fraser University
Michael G. Fowler, Loewen, Ondaatje, McCutcheon Ltd.
Marc Legault, Agnico-Eagle Mines Ltd.
Bruce McKnight, Bruce McKnight Minerals Advisor Services
Derek R. Melo, KPMG LLP
Michael R. Samis, Ernst & Young LLP
David A. Scott, CIBC World Markets Corp.
Pat Stephenson, AMC Mining Consultants (Canada) Ltd.
To learn more about CIMVal, please click: HERE