CIMVAL has updated and revised the CIMVal Standards and Guidelines for the Valuation of Mineral Properties (“CIMVal 2003”) in the renamed CIMVAL Code for the Valuation of Mineral Properties (“CIMVAL Code 2019”). CIMVAL Code 2019 retains and updates the main concepts and guidance of CIMVal 2003 and recasts them in the framework of the IMVAL Template.
The CIMVAL Code 2019 has been released as an Exposure Draft and CIMVAL is formally soliciting comments from interested organizations and individuals on the Exposure Draft.
Background
CIMVal 2003 was adopted and approved by CIM Council and released publicly in March 2003. Since that time, CIMVal 2003 has become recognized as one of the global standards for the valuation of mineral properties. It is widely used and quoted in the context of mineral valuations for transactions, accounting purposes, litigation, and arbitration. The TSX Venture Exchange, in Appendix 3G of the Company Manual, currently requires the CIMVal 2003 Standards to be used for valuation reports on mineral properties.
In 2012, CIMVAL joined with valuation organizations from Australia, USA and South Africa to form the International Mineral Valuation Committee (“IMVAL”), to develop a mineral asset valuation template. The IMVAL Template (Third Edition) was released in 2018 and is based on recognized mineral valuation standards in Canada (CIMVal 2003), Australasia (VALMIN Code), and South Africa (SAMVAL Code), and aligned with generally accepted valuation concepts, principles, and definitions in the International Valuation Standards (IVS 2017 Edition). The purpose of the IMVAL Template is to be a principles-based template to be recognized as a common set of minimum requirements for national codes or standards for mineral assets valuation. Click here for the IMVAL Template.
Please provide your comments no later than July 12, 2019. Download the draft document and submit your comments through the form below.
CIMVAL thanks you in advance for your valuable submissions.
