The South African Reporting Environment

South Africa has adopted its own code for public reporting of Mineral Resources and Mineral Reserves in 2000. The South African Code for Reporting of Mineral Resources and Mineral Reserves (SAMREC Code or Code) (SAIMM 2000) is presented here in its local and global context. The main aspects of the Code are listed and elaborated upon. The Code has been written with the participation of the major South African stakeholders in the field including Government institutions, the legal confraternity and the mining industry. The Code is modelled on, and is 90% compliant with, the Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC Code) (AusIMM 1999). The paper also elaborates on the duties and responsibilities of Competent Persons signing off resource and reserve reports and on the listing requirements of the Johannesburg Securities Exchange (JSE), formerly the Johannesburg Stock Exchange, which has officially adopted the Code. The listing requirements were updated in 2000 to incorporate the SAMREC Code and subsequently in 2002, effective 2003. The ongoing obligations of the JSE for the exploration and mining companies are being compiled and are expected to be effective from early 2004.