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Following the recommendations of an AusIMM Task Force, a Joint Committee of The AusIMM, the AIG and MICA with the participation of the Australian Stock Exchange Limited (ASX), the Australian Securities and Investment Commission (ASIC), the Minerals Council of Australia (MCA), the Petroleum Exploration Society of Australia (PESA), the Securities Institute of Australia (SIA) and representatives from the Australian Finance Sector, was set up to propose a new Code. The Valmin Code 2005 was approved by The AusIMM Board on Friday 29 April 2005 and this Code is now binding on all members of The Institute.
Previously The VALMIN Code was adopted by The AusIMM on 17 February 1995 and applied to all relevant Reports required under the Corporations Law from 1 July 1995. It was amended on 22 November 1997 and applies to all relevant Reports required under the Corporations Law issued on or after 1 April 1998. The above 2005 Code supersedes the original codes.
Compliance With And Support of Valmin Code
The Australasian Institute of Mining and Metallurgy
“The VALMIN Code is binding on members of The AusIMM when preparing public independent expert reports required by the Corporations Act concerning mineral and petroleum assets and securities.”
Australian Institute of Geoscientists
"The Australian Institute of Geoscientists supports the VALMIN Code and endorses it as a statement of industry and professional best practice. The VALMIN Code is binding on members of AIG when preparing public independent expert reports as required by the Corporations Act covering mineral and petroleum assets and securities."
Australian Stock Exchange
“Australian Stock Exchange supports the issue of the Code and any serious breaches of which ASX is made aware will be brought to the attention of The AusIMM.”
Australian Securities & Investments Commission
“The Australian Securities & Investment Commission (ASIC) refers to the VALMIN Code when reviewing mining and exploration prospectuses and takeover documents. ASIC regards the Code as indicative of best practice, and expects that when specialist mining terms used in the Code are contained in such documents that they will have the same meaning as in the Code. Compliance with the Code does not relieve issuers and others involved in the preparation of prospectuses and takeover documents from their broader disclosure obligations under the Corporations Act.”
Mineral Industry Consultants
Association
MICA endorses the VALMIN Code and accepts it as a statement of industry and
professional best practice, and promotes compliance with the Code by its
members.
Minerals Council of Australia
“The Minerals Council of Australia endorses the VALMIN Code as a statement of industry and professional good practice and recognises that companies and issuers and others involved in the preparation of prospectuses and takeover documents are required to comply with their disclosure obligations under the Corporations Act and with any requirements under Australia's International Accounting and Reporting Standards.”
Securities Institute of Australia
Securities Institute of Australia supports the Code as indicative of best practice for independent experts preparing valuations and assessments in relation to specialist mining reports.
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