The South African Mineral Reporting Codes (SAMCODES) are codified sets of standards and guidelines applicable to the South African Minerals and Petroleum Industries, drafted and overseen by the SAMCODES Standards Committee (SSC), a professional and non-governmental body. Specifically, the standards and guidelines are applicable to public reports compiled on behalf of South African Minerals and Petroleum companies for the benefit of investors. The Codes are incorporated into Section 12 of the Johannesburg Stock Exchange (JSE) Listings Rules, which detail "the criteria for the listing of, and the additional disclosure requirements for Mineral Companies and, in certain circumstances, substantial mineral assets of non-Mineral Companies"[1] in South Africa. As such, the SSC acts in an advisory capacity to the JSE, ensuring that reports submitted for listings consideration are compliant with the SAMCODES.
The Codes set out minimum standards for Public Reporting of Exploration Results, Mineral (or Oil and Gas) Resources and Ore Reserves and their Valuation for listed and non-listed entities, or those companies wishing to list or raise capital for a Minerals or Petroleum Project. Public Reports include, but are not limited to, annual and quarterly company reports, press releases, information memoranda, technical papers, website postings and public presentations.[2] The purpose of the codes is to protect the investment community from misleading information with regards to mineral resources and reserves.[3]
The Codes are principles-based, and are designed to provide investors and potential investors with the minimum, material information for an informed investment decision. Public Reports require sign-off by a duly qualified, experienced and registered professional person, named a "Competent Person" or "Competent Valuator" or "Qualified Reserves Evaluator".
The SAMCODES currently comprise three codes, namely SAMREC: The South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (2016); SAMVAL: The South African Code for the Reporting of Mineral Asset Valuation (2016); and SAMOG: The South African Code for the Reporting of Oil and Gas Resources (2015).