Aug 30, 2013
Course to include oil and gas moduleBack
Engineering|London|Pretoria|Toronto|Africa|CoAL|Consulting|Deloitte|Education|Environment|Exploration|Mining|Petroleum|PROJECT|Projects|Resources|Venmyn Deloitte|Africa|South Africa|Hatfield Campus|Pretoria University|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|Operations
© 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 Economy News
Recent Research Reports
Steel 2015: A review of South Africa's steel sector (PDF Report)
Creamer Media’s Steel 2015 report provides an overview of the key developments in the global steel industry and particularly of South Africa’s steel sector over the past year, including details of production and consumption, as well as the country's primary carbon...
Projects in Progress 2015 - First Edition (PDF Report)
In fact, this edition of Creamer Media’s Projects in Progress 2015 supplement tracks developments taking place under the Renewable Energy Independent Power Producer Procurement Programme, which has had four bidding rounds. It appears to remain a shining light on the...
Electricity 2015: A review of South Africa's electricity sector (PDF Report)
Creamer Media’s Electricity 2015 report provides an overview of State-owned power utility Eskom and independent power producers, as well as electricity planning, transmission, distribution and the theft thereof, besides other issues.
Construction 2015: A review of South Africa’s construction sector (PDF Report)
Creamer Media’s Construction 2015 Report examines South Africa’s construction industry over the past 12 months. The report provides insight into the business environment; the key participants in the sector; local construction demand; geographic diversification;...
Liquid Fuels 2014 - A review of South Africa's Liquid Fuels sector (PDF Report)
Creamer Media’s Liquid Fuels 2014 Report examines these issues, focusing on the business environment, oil and gas exploration, the country’s feedstock supplies, the development of South Africa’s biofuels industry, fuel pricing, competition in the sector, the...
Water 2014: A review of South Africa's water sector (PDF Report)
Creamer Media’s Water 2014 report considers the aforementioned issues, not only in the South African context, but also in the African and global context, and examines the issues of water and sanitation, water quality and the demand for water, among others.
This Week's Magazine
Forest products group Sappi has confirmed the selection of its 25 MW biomass-to-power project, to be erected at its Ngodwana mill, in Mpumalanga, as a preferred bidder under the South African government’s Renewable Energy Independent Power Producer Procurement...
Information and communications technology (ICT) distributor DCC is making Windows- and Android-operating systems tablets available through retailers and education equipment suppliers to provide school children with affordable, high-performance education tools. The...
Another cement manufacturer is set to enter the Ugandan market, raising hopes that prices will come down and spur growth in the construction industry. National Cement, a Kenyan manufacturer, has unveiled plans to invest $195-million in a new manufacturing plant in...
With growth rates exceeding that in the developed world – at an average of between 4% and 5% between 2002 and 2014 – African countries provide investors with ample reason to tap into booming consumer demand says Manufacturing Circle executive director Coenraad...
The South African Chamber of Commerce and Industry’s (Sacci’s) Business Confidence Index (BCI) decreased by 3.7 index points month-on-month to 89.1 in March.