SAMCODES Standards Committee (SSC) Chair Matt Mullins attended the Minex Central Asia Forum which took place in Astana, Kazakhstan. On Wednesday 18th April 2018 he delivered a presentation on Global Mineral Resource and Valuation Reporting Standards.
With Kazakhstan being the newest member of the Committee for Mineral Reserves International Reporting Standards (CRIRSCO), Matt discussed the Evolution, Convergence, and Effectiveness of reporting codes both in South Africa and globally. There was particular focus on the current organisation and effectiveness of the SSC.
SAMCODES comprises the Minerals Reporting Code (SAMREC), the Mineral Valuation Code (SAMVAL) and the Oil and Gas Reporting Code, and these, together with the SSC relationship with the Johannesburg Securities Exchange, were critically described.
As SSC Chair, Matt oversees this broad-based industry committee, which is tasked to develop, maintain, administer, ensure compliance with and promote the South African Codes.
To further strengthen the Kazakhstan reporting codes and their relationship with the South African and international versions, Matt will be meeting with key representatives from CRIRSCO, the Kazakhstan Reporting Code (KAZRC) Association, the Kazakhstan Stock Exchange (KASE), and the South African Ambassador to Kazakhstan.
Update from Matt:
The meeting with the South African Ambassador to Kazakhstan, Keitumetsi Seipelo Thandeka Matthews, went extremely well. Although the weather has been particularly bad of late, I was warmly received at the SA Embassy, located at the Kaskad Business Centre in Astana – Kazakhstan’s capital. The Ambassador and her counsellor, Mr Theo Malherbe, showed a keen interest in my SAMCODES presentation and understood the need to change perceptions about SA Mining.
At the same time, there is also a need to broaden SA knowledge and perceptions about Kazakhstan. The Central Asian nation is an economic force – with only 18 million people, it attracts 70% of the FDI in the region. This has lead to the formation of a national company, Kazakh Invest, which is tasked to be the sole negotiator between government and International businesses. The company already has 145 projects, totalling $45.7billion capital investment, many of which are in Minerals and Oil & Gas.
Kazakhstani citizens are favoured in business dealings and there is a real thirst to learn English (an SA exchange has been mooted), which runs parallel to the desire for the country’s economic activities to attract a more global audience.
It was recommended that I attend the World Mining Congress, also to take place in Astana in June, as a way to gather further momentum. I am truly grateful to the Ambassador for offering her assistance going forward.