October 16, 2017
The Society for Mining, Metallurgy & Exploration (SME) announced that it has published its SME Standards and Guidelines for Valuation of Mineral Properties (Including Petroleum), Second Edition, 2017. The publication evolved from the SME Valuation Standards Committee’s participation in a project that was started by the International Mineral Valuation Committee (IMVAL) in 2012 to harmonize standards globally for mineral property valuations, including petroleum properties.
“The content of the standards and guidelines in this 2017 edition has been updated to closely mirror the content of the International Mineral Property Valuation Standards Template, Second Edition (IMVAL Template), published July 2016,” says Trevor Ellis, Chairman of the SME Valuation Standards Committee, in an SME press release. “Also, quotes from, and references to, the International Valuation Standards (IVS) have been updated from the IVS 2013 edition to the 2017 edition.”Large and small companies work around the world in the exploration, development, and extraction of mineral resources, and uniform global valuation standards and definitions based on internationally recognized classifications for mineral resources and reserves are necessary. This is why SME adopted these comprehensive standards and why the SME Valuation Standards Committee’s continues to participate in the ongoing IMVAL harmonization project.