Aug 30, 2013
Course to include oil and gas moduleBack
Engineering|London|Pretoria|Toronto|Africa|CoAL|Consulting|Deloitte|Education|Exploration|PROJECT|Projects|Resources|Venmyn Deloitte|Africa|South Africa|Hatfield Campus|Pretoria University|Mining|Oil And Gas|Oil And Gas Activities|Oil And Gas Resources|Prompted Auditing|Services|Shale Gas|Environmental|Andy Clay|Catherine Telfer|Fiona Harper|Gbenga Ojo|Gert Kriel|Godknows Njowa|Iaan Myburgh|Lili Nupen|Munyar Chirisa|Neil McKenna|Phyllis Boshoff
© Reuse this
NI 51-101 stipulates the yearly filing require- ments for reporting issuers who are involved in oil and gas activities for disclosure of their estimates of reserves and resources. In addi-tion, it also sets out the general disclosure standards for reporting issuers who are report- ing on their oil and gas activities. The dis-closure standards apply to any disclosure made by a reporting issuer throughout the year.
The Compliance and Reporting Rules in the Minerals Industry course is hosted yearly at the University of Pretoria.
“The course will be held from October 7 to 11 at the University of Pretoria's Hatfield campus, in Pretoria, and will discuss mineral resource estimation and mineral asset valuation, among a variety of other topics,” Venmyn Deloitte MD Andy Clay tells Engineering News.
The course also includes a new module on the practical application of the recently introduced International Financial Reporting Interpretations Committee Interpretation 20, titled Stripping Costs in the Production Phase of a Surface Mine.
“This is important, as it sets out principles for the recognition of production surface costs on the balance sheet and income statement. It also recognises the need to preserve mineral asset value to prevent impairment,” he says.
Further, Clay explains that the course is beneficial for company directors, analysts,
engineers, geologists, metallurgists, surveyors, journalists and anyone involved in the minerals industry who may be responsible for prep-aring reports in compliance with local and international reporting rules.
He adds that, typically, external delegates registered for the course have been based in South Africa, although they might belong to companies with operations in other jurisdictions.
“Because of this, the course also discusses international mineral resource estimation codes, especially the Canadian NI 43-101 Resource Reporting Code and the Canadian NI 51-101 Oil and Gas Reporting Code,” Clay states.
Moreover, he says the course will dis- cuss the Australian, London, Hong Kong and Toronto stock exchanges, as well as the JSE.
Clay adds that this is in line with the fact that many mineral companies find it beneficial to list in jurisdictions that are far removed from where they operate.
Further, the course provides an introduc-tion to mineral resource estimation and valuation and offers an introduction to the technical and financial factors that influence mineral assets.
He says, for this reason, the course is also of value for the University of Pretoria geology honours students, many of whom have never been exposed to the challenges related to compliance and report writing in the minerals sector.
Meanwhile, the Stripping Costs in the Production Phase of a Surface Mine module will investigate appropriate strategies for projects that are in the exploration, develop-ment or mining stages.
Clay explains that the module is being offered in response to demand from mineral companies that are considering suitable operational and financing strategies for the current mining environment, in which many companies are finding it difficult to raise capital and cover their fixed costs.
“The registration process for the course has already started and will close two weeks before it starts, as this will allow sufficient time to order the tablets, provided as part of the course, on which course content can be loaded,” University of Pretoria continued education programme manager: open programmes Phyllis Boshoff tells Engineering News.
Clay notes that most of the lecturers for the course are sourced from Venmyn Deloitte, which was established in November 2012, when Deloitte bought 25-year-old mineral advisory firm Venmyn and incorporated it into Deloitte South Africa’s mineral advisory services practice.
The lecturers include Clay, Venmyn Deloitte director Neil McKenna, Venmyn Deloitte executive leads Fiona Harper, Catherine Telfer and Godknows Njowa, mineral project analysts and advisers Gbenga Ojo, Munyar Chirisa, Iaan Myburgh and Gert Kriel, as well as environmental expert Sarah Dyke.
“Law firm Malan Scholes Attorneys attor-ney Lili Nupen will discuss the Royalty Act and the Mineral and Petroleum Resources Development Act, while Deloitte will discuss the auditing challenges related to the mining sector,” Clay concludes.
Edited by: Tracy Hancock© Reuse this Comment Guidelines (150 word limit)
Other Labour and Skills Development News
Article contains comments
Recent Research Reports
Road and Rail 2014: A review of South Africa's road and rail infrastructure (PDF report)
Creamer Media’s Road and Rail 2014 report examines South Africa’s road and rail transport system, with particular focus on the size and state of the country’s road and rail network, the funding and maintenance of these respective networks, and the push to move road...
Real Economy Year Book 2014 (PDF Report)
This edition drills down into the performance and outlook for a variety of sectors, including automotive, construction, electricity, transport, steel, water, coal, gold, iron-ore and platinum.
Real Economy Insight: Automotive 2014 (PDF Report)
This four-page brief covers key developments in the automotive industry over the past 12 months, including an overview of South Africa’s automotive market, trade figures, production and the policies influencing the sector.
Real Economy Insight: Construction 2014 (PDF Report)
This five-page brief covers key developments in the construction industry over the past 12 months. It provides an overview of the sector and includes details of employment in the sector, infrastructure and municipal spending, as well as insight into companies’...
Real Economy Insight: Electricity 2014 (PDF Report)
This five-page brief covers key developments in the electricity industry over the past 12 months, including details of State-owned power utility Eskom’s generation activities, funding and tariffs, independent power producers and prospects for the sector.
Real Economy Insight: Road and Rail 2014 (PDF Report)
This six-page brief covers key developments in the road and rail industries over the past 12 months, including details of South Africa’s road and rail network and prospects for both sectors.
This Week's Magazine
While Ekurhuleni-based transformer manufacturer Reliable Transformers currently designs, manufactures and tests its products according to the SANS 780 specifications for distribution transformers and other applicable transformer specifications, it is working towards...
Global endpoint security solutions company Kaspersky Lab has introduced new measures to prevent cyber criminals from accessing sensitive data, alongside its malware-signature and heuristic device analysis detection methods. Threats to mobile devices have increased...
To ensure uptake and a positive impact, Wireless Fidelity (Wi-Fi) networks in cities must be provided at schools, community centres and commercial centres to enable citizens and government to access information that will improve access to and delivery of services....
Eco-estate Monaghan Farm, located near Lanseria airport, north-west of Johannesburg, has taken a new approach to modern living and sustainability with its 517 ha development, dedicated to farm living.
Forklift and lift-truck distributor Goscor Lift Hi-Reach launched the Genie SX-180, the tallest self-propelled super boom in Africa, in Johannesburg last month. “As the official distributor of the well-known Genie range of equipment in Southern Africa, we are pleased...