Audit
A systematic and detailed examination of the Mineral Resource and Mineral Reserve, processes of estimation (including geological, geotechnical and other models), assumptions and conclusions undertaken in order to validate the appropriateness of the various components that contribute to the estimates of the Mineral Resource and Mineral Reserve. An Audit includes a detailed examination of the base data and validation of the Mineral Resources and Reserves estimates. When compliance with the SAMREC Code is declared and signed off, the audit must have been conducted by a Competent Person.
The Companies Act
The Companies Act No. 71 of 2008 of the Republic of South Africa, as amended, or any law that may wholly or in part replace it from time to time.
Competent Person’s Report (CPR)
A report on the technical aspects of a project or mine prepared by a Competent Person (CP). The contents are determined by the nature/status of the project/mine being reported and may include a techno-economic model as appropriate for the level of study.
Dilution /Contamination
Low or zero grade (waste) material that is mined during the course of mining operations and thereby forms part of the Mineral Reserve.
Effective Date
The date of the most recent scientific or technical information included in the technical report.
Historical Estimate
An estimate of the quantity, grade, or metal or mineral content of a deposit that an issuer has not verified as a current Mineral Resource or Mineral Reserve. The estimate predates the issuing of the Code and/or was prepared before the issuer acquiring, or entering into an agreement to acquire, an interest in the property that contains the deposit.
Kimberlite Indicator Minerals (KIMs), Diamond Indicator Minerals (DIMs)
Garnet, chrome spinel, ilmenite and chrome diopside having the requisite chemical and physical properties that distinguish them from otherwise similar minerals found in non-diamond associated rock types.
Life of Mine Plan
A design and financial/economic study of an existing operation in which appropriate assessments have been made of existing geological, mining, metallurgical, economic, marketing, legal, environmental, social, governmental, engineering, operational and all other Modifying Factors, which are considered in sufficient detail to demonstrate that continued extraction is reasonably justified. Refer to Table 2 for guidance.
Licence, Permit, Right, Lease or similar entitlement
Any form of licence, permit, right or lease, or other entitlement granted by the relevant Government in accordance with its mining legislation that confers on the holder certain rights to explore for or extract minerals (or both) that might be contained in the designated area. Alternatively, any form of title that may prove ownership/tenure of the minerals.
Material
Circumstances are considered material if omission or misstatement of the associated factor, constituent or information could influence the economic decisions of users. As a rule of thumb, this difference would normally be equal to or exceed 10%.
Material Information
Material information is any information relating to the business and affairs of a company that results in or would reasonably be expected to result in a significant change in the market price or value of any of the company’s assets. Material information consists of both material facts and material changes related to the business and affairs of a company.
Microdiamonds
Diamonds typically less than 0.5 mm that are recovered from samples by total liberation. Microdiamonds are used to understand and predict the diamond size distribution in primary diamond deposits.
Mineable
Those parts of the orebody, both economic and uneconomic, that can be extracted during the normal course of mining.
Mine Design
A framework of mining components and processes taking into account such aspects as mining methods used, access to the orebody, personnel and material handling, ventilation, water, power, and other technical requirements, such that mine planning can be undertaken.
Mine Planning
Production planning and scheduling, within the Mine Design, taking into account such aspects as geological structures and Mineralisation and associated infrastructure and other constraints.
Mineral Deposit (or Deposit)
A mass of naturally occurring mineral material, usually of economic interest, without regard to mode of origin. No commercial value is implied.
Mineral Occurrence
Any solid mineral of potential economic interest in any concentration found in bedrock or as float; especially a valuable (or potentially valuable) mineral in sufficient concentration to suggest further exploration.
Mineralisation
A concentration (or occurrence) of material of possible economic interest, in or on the Earth’s crust, for which quantity and quality cannot be estimated with sufficient confidence to be defined as a Mineral Resource. Mineralisation is not classified as a Mineral Resource or Mineral Reserve and can only be reported under Exploration Results. The data and information relating to it must be sufficient to allow a considered and balanced judgement of its significance.
mineralisation
The process or processes by which a mineral or minerals are introduced into rock, resulting in a potentially valuable deposit. It is a general terms, incorporating various types, e.g. fissure filling, impregnation, replacement, etc.
Ore Reserve
Although the term Mineral Reserve is used throughout this Code, it is recognised that the term Ore Reserve is still in general use. For the purposes of reporting under the SAMREC Code, these terms are considered to be synonymous.
Residue / low grade stockpile / tailings
Material resulting from mining or processing operations.
Review
A systematic and detailed inspection or examination of any element of the Mineral Resource and/or Mineral Reserve estimation process undertaken in order to validate adherence to standards and procedures, identify material errors and/or omissions or improvements. A review might include a detailed examination of the base data. When compliance with the SAMREC Code is declared, the review must have been conducted by a Competent Person.
Recognised Professional Organisation (RPO)
A RPO must:
1. Be a self-regulatory organisation covering professionals in mining or exploration or both;
2. Admit members primarily on the basis of their academic qualifications and experience;
3. Require compliance with the professional standards of competence and ethics established by the organisation;
4. Have disciplinary powers, including the power to suspend or expel a member; and
5. Have been accepted by SSC Committee as an RPO.
SAMREC
The South African Mineral Resource Committee
SAMVAL Committee
The South African Mineral Asset Valuation Committee
significant project
An exploration or mineral development project that has or could have a significant influence on the market value or operations of the listed company, and/or has specific prominence in Public Reports and announcements.
SSC Committee
The SAMREC/SAMVAL Committee