Abstract
SYNOPSIS Reasonable Prospects for Eventual Economic Extraction (RPEEE) is the critical basis for effective implementation of the SAMREC Code as it applies to Mineral Resources, and implicitly to Mineral Reserves that are derived from Mineral Resources. This implementation follows the founding principles of materiality, transparency, and competence. The SAMREC definition of a Mineral Resource specifically includes RPEEE. SAMREC provides guidance for all minerals on what RPEEE means, with some specific additional guidance for diamonds. SAMREC instructs the Competent Person that RPEEE must be demonstrated through reasoned assessment of multiple technical and non-technical parameters, and with disclosure in reporting. A recommended chapter in a CPR includes a sub-section for RPEEE. SAMREC definitions and guidance are presented with discussion of the factors that must be assessed to demonstrate RPEEE. Comparison with guidance in other reporting countries and examples of actual practice are presented. Keywords: reporting codes, Mineral Resources, definitions, disclosure, SAMREC.
Highlights
Reasonable Prospects for Eventual Economic Extraction (RPEEE) is perhaps the decisive basis for effective implementation of the SAMREC Code (SAMREC, 2016a)
While real-world work practices often fall well short of good practice in this regard, the SAMREC Code sets out clear definitions and provides guidance for the assessment of RPEEE that, if followed as required, results in clear and confident disclosure for the intended readers
The SAMREC Code 2016 contains the clearest statement to date, in both the definitions and guidelines, of the central place that RPEEE holds in achieving the profound objective of the ‘required minimum standard for the Public Reporting of Exploration Results, Mineral Resources and Mineral Reserves.’
Summary
Reasonable Prospects for Eventual Economic Extraction (RPEEE) is perhaps the decisive basis for effective implementation of the SAMREC Code (SAMREC, 2016a). Any achievement is the consequence of taking certain actions, often predetermined actions In this case, the SAMREC Code Clause 24 provides the guidance, following the definition of a Mineral Resource, that a ‘Reasoned Assessment’ of a specific list of techno-economic assumptions likely to influence economic extraction should be the subject of the Competent Person’s opinion. The SAMREC Code Clause 24 provides the guidance, following the definition of a Mineral Resource, that a ‘Reasoned Assessment’ of a specific list of techno-economic assumptions likely to influence economic extraction should be the subject of the Competent Person’s opinion These are enumerated as geological, engineering (mining and processing), metallurgical, legal, infrastructural, environmental, marketing, socio-political, and economic issues.
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