Aug 30, 2013
Course to include oil and gas moduleBack
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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
Creamer Media Deputy Editor Online
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