This is the second in a series of articles and videos in collaboration with Mickey Fulp from Mercenary Geologist, analyzing the various segments within the gold mining and metals sector.
The first article was posted on January 30, 2015 and titled The Real Cost of Mining Gold. As the title suggests, the article examined the operations of 7 major gold mining companies to determine the real cost of mining gold since reporting standards have failed to provide an accurate picture to investors. Three short videos on the subject can be accessed here: Cipher Research Media.

Стандарты и рекомендации по оценке свойств полезных ископаемых. Специальный комитет Канадского института горного дела, металлургии и нефти по оценке свойств полезных ископаемых

This Code for the Valuation of Mineral Properties (the “CIMVAL Code”) is the result of a review more than a decade after the release in 2003 of the “Standards and Guidelines for Valuation of Mineral Properties” (the "2003 Standards"). The purpose of the review is to update the 2003 Standards to reflect domestic valuation, international valuation, and regulatory developments. The CIMVAL Code was adopted by the Canadian Institute of Mining, Metallurgy & Petroleum (the "CIM") Council on November 29, 2019. The CIMVAL Code supersedes the 2003 Standards. <...>

Through the years, geologists, mining engineers, and others operating in the minerals field have used various terms to describe and classify mineral resources, which as defined herein include energy materials. Some of these terms have gained wide use and acceptance, although they are not always used with precisely the same meaning.

The U.S. Geological Survey (USGS) collects information about the quantity and quality of all mineral resources. In 1976, the USGS and the U.S. Bureau of Mines developed a common classification and nomenclature, which was published as USGS Bulletin 1450-A—“Principles of the Mineral Resource Classification System of the U.S. Bureau of Mines and U.S. Geological Survey.” Experience with this resource classification system showed that some changes were necessary in order to make it more workable in practice and more useful in long-term planning. Therefore, representatives of the USGS and the U.S. Bureau of Mines collaborated to revise Bulletin 1450-A. Their work was published in 1980 as USGS Circular 831— “Principles of a Resource/Reserve Classification for Minerals. <...>

The main role of the Mining Commission for the Qualification of Competencies in Mineral Resources and Mineral Reserves, created under Law No. 20.235, is to create and manage the Public Registry of Qualified Competent Persons on Mineral Resources and Mineral Reserves. The Commission is comprised by five institutions: The Institute of Mining Engineers of Chile, the Association of Geologists, the Association of Engineers, the Mining Council and the Mining National Society. Each institution has a representative on the Board of the Commission.

The Commission, using the exclusive functions granted to it under Law No. 20.235, adopted the Code for Reporting of Exploration Results, Mineral Resources and Mineral Reserves, prepared by the Institute of Mining Engineers of Chile, (2003) as the official document for reporting on the estimation, classification and assessment of mineral resources and mineral reserves. <...>

The Philippine Mineral Reporting Code (PMRC), or the “Code” sets out minimumstandards, recommendations, and guidelines for Public Reporting in thePhilippines of Exploration Results, Mineral Resources, and Mineral Reserves.

The National Public Reporting of Exploration Results, Mineral Resources and Mineral Reserves Code of Türkiye (the UMREK Code) designates the minimum standards, recommendations, legal requirements and practice principles for reporting Exploration Targets, Exploration Results, Mineral Resources and Mineral Reserves within the Republic of Türkiye with the purpose of adequately informing investors and other stakeholders. This Code is related to the public reporting related to Exploration Results, Mineral Resources and Mineral Reserves required by BİST, BDDK and SPK (see the list of acronyms in Appendix 12).

The 2014 SME Guide for Reporting Exploration Results, Mineral Resources, and Mineral Reserves (the 2014 SME Guide) has been adopted by the Society for Mining, Metallurgy, and Exploration, Inc. (SME) and is therefore strongly recommended to be used by members of this organization.

This SME Guide for Reporting Exploration Information, Mineral Resources, and Mineral Reserves (the SME Guide) has been adopted by the Society for Mining, Metallurgy, and Exploration, Inc. (SME) for use by members of this organization and others. A history of the Guide is provided in Appendix H.

The Mongolian Code for the Public Reporting of Exploration Results, Mineral Resources and Mineral Reserves (hereinafter referred to the MRC Code) has been prepared by the Mongolian Mineral Resources and Reserves Committee (MRC) of the Mongolian Professional Institute of Geosciences and Mining (MPIGM) with participation of the Committee for Mineral Reserves International Reporting Standards (CRIRSCO) and Mongolian State Professional Committee on Mineral Resources (MSPCMR).