IMVAL template launched
The IMVAL Template (International Standards for Valuation of Mineral properties) was launched in 2016. This effort was led by Canada, through the auspices of CIMVAL and included representatives of VALMIN, SAMVAL, SME, AIMA, and RICS (initially), representing mining valuation standards from Australia, South Africa, Canada, the United States and the United Kingdom, respectively. IMVAL was formed with the goal of harmonizing international standards for the valuation of mineral properties.
Concepts, principles and definitions were taken from three existing mineral valuation codes or standards (VALMIN of Australasia, SAMVAL of South Africa, and CIMVAL of Canada) and aligned with those of the International Valuation Standards (IVS) and some U.S. practices to form the IMVAL Template. The standards template is designed as a principles-based, high-level document to guide and underpin national codes or standards, and is intended for it to have similar usage and stature as the CRIRSCO Template for reserves and resources. It is important to note that the CIMVAL Standards and Guidelines will continue to be the principal document for the valuation of mineral properties in Canada.
CIMVAL being updated and revised
In addition to IMVAL, CIMVAL is in the process of being updated to be consistent with IMVAL, but will include aspects to suite Canadian circumstances. Issues that have been reviewed include: use of inferred resources, guidelines, relationship with NI43-101, SRO’s, levels of valuation reports and methodologies. The committee expects a first draft for comments to be available in the latter part of 2017. CIMVAL’s members include expertise and experience from banking, consulting, mining finance, mining companies operations, exploration and law.