5 JUN 2018
The International Mineral Valuation Committee (IMVAL) has boosted the harmonisation of valuing mineral assets through the release of the third edition of their standards.
Minerals (including oil and gas) enjoy worldwide investment with necessary valuation for inclusion in financial statements, for regulatory compliance or as collateral support.
IMVAL's history goes back to discussions in Brisbane in April 2012 to harmonise the mineral valuation codes, such as VALMIN (Oceania), SAMVAL (South Africa), and CIMVal (Canada). They also looked to include, where appropriate, International Valuation Standards (IVS) and the USA’s Uniform Standards of Professional Appraisal Practice (USPAP), as they contain valuation standards of general application to mineral property valuation. This third edition now brings the standards in line with the globally-recognised IVS 2017.
"Securing public trust in the results of mineral valuation is our ultimate objective. To reach that goal IMWAL committee members and observers from many countries work to minimise any differences in national codes," said Steve Gemell, IMVAL Committee Chair
IMVAL currently has members from Australia, South Africa, Canada and the USA. Engineering societies such as the Society for Mining Engineers are also members, while the Society of Petroleum Evaluation Engineers fills an observer spot. RICS recently joined as an observer as did the International Valuation Standards Council.
"We are now reaching out to the mineral valuation professionals in the financial industry. With their thousands of practitioners in extractive industries, working in accounting under both national and international regulatory codes and standards, we have high hopes to reach universal understanding of the valuation of this basic part of mineral properties," said John Gustavson, IMVAL Liaison Chair and Representative of the International Institute of Minerals Appraisers.