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MINERAL ECONOMICS SOCIETY
Special Session on Valuation of Mineral Properties
Mining Millennium 2000 - March 8, 2000, Toronto, Canada
Presented Papers
INTRODUCTION
At the CIM Annual General Meeting in Toronto (Mining Millennium 2000), the CIM Special Committee on Valuation of Mineral Properties (CIMVal) organized a Valuation Day. Ten papers on valuation of mineral properties were presented on March 8, 2000 by various industry experts. A proceedings volume ("the Gold Book") of the papers was subsequently published by the CIM (copies are available by contacting the CIM Head Office in Montreal).
MANDATE
The mandate of CIMVal is to investigate the various methodologies and practices in the valuation of mineral properties and recommend a Canadian Code and/or Guidelines for the valuation of mineral properties.
The objective of CIMVal is to develop a working document containing a Canadian standards and guidelines which will be recommended for Canadian mineral valuation practitioners to follow in the process of valuing a mineral property. As recommended by The Mining Standards Task Force (MSTF) of the Toronto Stock Exchange and the Ontario Securities Commission in its final Report (January 1999), particular valuation methodologies should not be dictated, however, elements of good methods will be recommended, and inappropriate methods and practices will be highlighted.
CIMVal COMMITTEE
The members of CIMVal represent of a mix of professional disciplines and experience in the field of mineral property valuation:
- Keith N. Spence (Co-chair), Export Development Corporation, Toronto and Ottawa
- William E. Roscoe (Co-chair), Roscoe Postle Associates Inc., Toronto
- Michael J. Bourassa (Secretary), Aird & Berlis, Toronto
- Christopher R. Lattanzi, Micon International Limited, Toronto
- Ross D. Lawrence, Watts, Griffis and McOuat, Toronto
- Paul E. Lunney, Noranda Inc., Toronto
- Craig Roberts, National Bank Financial, Vancouver
- David A. Scott, CIBC World Markets, Toronto
- Ian S. Thompson, Derry, Michener, Booth & Wahl Consultants Inc., Vancouver
- Bill Trythall, retired Placer Dome executive and consultant, Vancouver
KEY ISSUES FOR VALUATION STANDARDS AND GUIDELINES
A number of key issues have been identified with respect to valuation of mineral properties. The general scope and categories of issues to be addressed by CIMVal are listed below:
- Scope and limits of the standards and guidelines
- Valuation principles and concepts
- Reasons for valuation of mineral properties
- Valuation of mineral properties as assets vs. valuation of mining companies
- Qualifications and independence of valuators
- Commissioning a valuation
- Valuation approaches and methods
- Valuation reports
PRESENTED PAPERS (PDF format)
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| 1. |
An Overview of Valuation Practices & the Development of a Canadian Code for the Valuation of Mineral Properties
Keith Spence, Hons, B.Sc., MBA |
| 2. |
The VALMIN Code - the Australian Experience
Michael J. Lawrence, FAusIMM (CPGeo), FIMM (CEng), MMICA |
| 3. |
The U.S. Mineral Property Valuation Patchwork of Regulations & Standards
Trevor R. Ellis, M.Sc. |
| 4. |
Valuation of Mineral Exploration Properties Using the Cost Approach
William E. Roscoe, Ph.D., P.Eng. |
| 5. |
Valuation of Mineral Properties Without Mineral Resources: A Review of Market-Based Approaches
Ross D. Lawrence, B.A.Sc., M.Comm., P.Eng., CMA |
| 6. |
A Critique of Valuation Methods for Exploration Properties & Undeveloped Mineral Resources
Ian S. Thompson, B.A. (Hons), P.Eng. |
| 7. |
Discounted Cash Flow Analysis Input Parameters and Sensitivity
Christopher R. Lattanzi, P.Eng. |
| 8. |
Discounted Cash Flow Analysis Methodology and Discount Rates
Lawrence Devon Smith |
| 9. |
The Valuation of Advanced Mining Projects & Operating Mines: Market Comparable Approaches
Craig Roberts |
| 10. |
Valuing Mineral Opportunities as Options
Robert T. McKnight, P.Eng., MBA |
Last updated:
Monday, February 11, 2002
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