1、 THE SME GUIDE FOR REPORTING EXPLORATION RESULTS, MINERAL RESOURCES, AND MINERAL RESERVES (The 2007 SME Guide) SUBMITTED BY: THE RESOURCES AND RESERVES COMMITTEE OF THE SOCIETY FOR MINING, METALLURGY, AND EXPLORATION TO: THE BOARD OF DIRECTORS OF THE SOCIETY FOR MINING, METALLURGY AND EXPLORATION, I
2、NC. 8307 SHAFFER PARKWAY LITTLETON, COLORADO 80127 PHONE: (303) 973-9550 FAX: (303) 973-3845 E-MAIL: smesmenet.org September 2007 Foreword i. The 2007 SME Guide for Reporting Exploration Results, Mineral Resources, and Mineral Reserves (the 2007 SME Guide) has been adopted by the Society for Mining,
3、 Metallurgy, and Exploration, Inc. (SME) and is therefore strongly recommended to be used by members of this organization. ii. The Guide is recommended as a minimum standard for reporting Exploration Results, Mineral Resources and Mineral Reserves for public and private purposes. In terms of the Gui
4、de, a Public Report is a report on Exploration Results, Mineral Resources or Mineral Reserves prepared for the purpose of informing the general public. iii. In this Guide, important terms and their definitions are highlighted in bold text. The guidelines are written using regular font. Paragraphs wi
5、th border on the left side and written in italics give directions on how to interpret definitions and guidelines. iv. THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (U.S. SEC) REGULATES THE REPORTING OF EXPLORATION RESULTS, RESOURCES AND RESERVES BY ORGANIZATIONS, INDIVIDUALS OR COMPANIES (“EN
6、TITIES”) SUBJECT TO THE FILING AND REPORTING REQUIREMENTS OF THE U.S. SEC. DECISIONS AS TO WHEN AND WHAT INFORMATION SHOULD BE PUBLICLY REPORTED ARE THE SOLE RESPONSIBILITY OF THE ENTITY OWNING THE INFORMATION, AND ARE SUBJECT TO U.S. SEC RULES AND REGULATIONS. THE REPORTING OF EXPLORATION RESULTS,
7、RESOURCES AND RESERVES MAY ALSO BE SUBJECT TO OTHER NATIONAL AND INTERNATIONAL RULES AND REGULATIONS. THESE RULES AND REGULATIONS VARY FROM TIME TO TIME, AND AT ANY GIVEN TIME MAY NOT BE CONSISTENT WITH THE CONTENT OF THIS GUIDE. THE ADVICE OF SECURITIES COUNSEL SHOULD BE SOUGHT IN PREPARING FILINGS
8、 FOR THE U.S. SEC OR OTHER SECURITIES REGULATORY AUTHORITIES, AND IN PREPARING OTHER PUBLIC DISCLOSURES. v. It is recognized that further review of the Guide will be required from time to time. Constructive suggestions are solicited from all users of this Guide. Comments should be sent to: Chairman,
9、 Resources and Reserves Committee Society for Mining, Metallurgy and Exploration, Inc. 8307 Shaffer Parkway P.O. Box 277002 Littleton, CO 80127-7002 U.S.A. 2007 SME Guide Page 2 of 47 Table of Contents Clause Number from to Foreword i v Table of Contents - - History 1 2 Governing Principles 3 3 Scop
10、e 4 5 Competence and Responsibility 6 13 Reporting Terminology 14 14 Public Reporting General 15 19 Reporting of Exploration Results 20 22 Reporting of Mineral Resources 23 32 Reporting of Mineral Reserves 33 41 Mineral Reserves Declaration Report 42 48 Mineral Reserves and Commodity Pricing 49 54 R
11、eserves Sensitivity Test 55 55 Permitting and Legal Requirements 56 57 Reporting of Mineralized Fill, Pillars, Low-Grade Mineralization, Stockpiles, Dumps and Tailings 58 58 Reporting of Exploration Results for Coal, Coal Resources and Coal Reserves 59 64 Reporting of Exploration Results, Mineral Re
12、sources and Mineral Reserves for Industrial Minerals 65 68 Reporting of Exploration Results, Mineral Resources and Mineral Reserves for Diamonds and Other Gemstones 69 72 TABLE 1. Checklist of Assessment Criteria - - APPENDIX A. List of Recognized Professional Organizations (RPOs) - - 2007 SME Guide
13、 Page 3 of 47 History 1. In 1988, at the request of members of the Society for Mining, Metallurgy, and Exploration (SME), Inc., the President of SME formed Working Party #79, Ore Reserve Definition, with the mission to develop guidelines for the public reporting of exploration results, resources, an
14、d reserves. A Subcommittee was appointed by the Working Party to draft these guidelines and submit recommendations to SME. The Subcommittees recommendations were published by SME in the April 1991 issue of “Mining Engineering”, and as a document entitled “A Guide for Reporting Exploration Informatio
15、n, Resources, and Reserves” (the SME Guide) in January 1992. Work continued on an ad-hoc basis until 1996, when Working Party #79 was renamed the SME Resources and Reserves Committee and became a standing committee. In 1994, the Council of Mining and Metallurgical Institutions (CMMI) started a conce
16、rted international effort to create a set of international definitions for reporting mineral resources and mineral reserves. An ad-hoc International Definitions Group was formed, with representatives from mining and metallurgical institutions from the United States (SME), Australia (AusIMM), Canada
17、(CIM), the United Kingdom (IMM) and South Africa (SAIMM). A major breakthrough came on October 18, 1997 when the CMMI International Definitions Group met in Denver, Colorado and reached a provisional agreement (the Denver Accord) on definitions of mineral resources and mineral reserves. Concurrently
18、, and since 1992, the United Nations Economic Commission for Europe (UN-ECE) was developing an international framework classification for mineral resources and mineral reserves. Starting in October 1998, joint meetings were held in Geneva between the CMMI International Definitions Group and the UN-E
19、CE Task Force, resulting in agreement to incorporate the CMMI definitions into the UN framework classification. In 2002, the Combined Reserves International Reporting Standards Committee (CRIRSCO, now known as the Committee for Mineral Reserves International Reporting Standards) was formed, replacin
20、g the CMMI International Definitions Group with the mission to continue coordination between member countries, of the development of international standards for the definition and reporting of exploration results, mineral resources and mineral reserves. Chile joined CRIRSCO in 2002 and developed the
21、 first non-English reporting code which follows the international definitions. The international resources and reserves definitions or their precursors were accepted as part of national reporting codes and guidelines by the regulatory agencies of Australia (1989), South Africa (2000), Canada (2001),
22、 and the United Kingdom (2001). The United Nations formally adopted these definitions in 1999. In 2007 the Government of Chile approved a reporting code which includes these definitions. 2. The SME Guide, first published in 1992, was updated in 1999 when the requirement was introduced that the repor
23、ting of mineral resources and reserves be made by a 2007 SME Guide Page 4 of 47 Competent Person. The SME Guide was recommended to be used by members of SME. However, some key aspects of the SME Guide were not consistent with requirements of the U.S. Securities and Exchange Commissions (U.S. SEC) wh
24、ich are based on the U.S. SEC Industry Guide 7. While the SME Guide was accepted by a number of U.S. and international mining and consulting companies, its usefulness remained limited. To resolve the differences between the SME Guide and the U.S. SEC rules and regulations, SME opened a dialogue with
25、 the U.S. SEC in 2003, and started a renewed effort to better define the industry position with respect to a number of critical issues. In February 2004, SME formed a consortium of mining, consulting and financial auditing organizations known as the SEC Reserves Working Group (the Working Group), wh
26、ose members formed the SME Resources and Reserves Committee. The Working Group recommendations were included in this Guide and submitted to the U.S. SEC for their consideration in April 2005. The most significant changes included improved definition of the terms Mineral Resources and its subdivision
27、s (Measured, Indicated and Inferred Mineral Resources), and clarification of the technical, economic, legal and permitting requirements which must be satisfied before a reserve can be declared. A section was added defining the commodity prices which can be used for reserve estimation and reporting,
28、and how price sensitivity should be measured during periods of low prices. Documentation requirements were clarified, including the requirement for a Mineral Reserves Declaration Report. The role of the Competent Person was reemphasized. The 2007 SME Guide reflects the recommendations made to the U.
29、S. SEC in 2005. However, the position of the U.S. SEC with respect to public reporting remains that stated in Industry Guide 7 as interpreted by U.S. SEC Staff. Consequently at any given time some key aspects of the 2007 SME Guide may not be consistent with requirements of the U.S. Securities and Ex
30、change Commission. Governing Principles 3. This Guide was written taking into account industry good practices and the mission of the U.S. Securities and Exchange Commission (U.S. SEC) which is to protect investors and maintain the integrity of the securities markets. All investors, whether large ins
31、titutions or private individuals, should have access to certain basic facts about an investment prior to purchasing or selling it. The U.S. SEC requires public companies to disclose meaningful financial and other information to the public, which provides a common pool of knowledge for all investors
32、to use to judge for themselves if a companys securities are a good investment. Only through the steady flow of timely, comprehensive and accurate information can the public make sound investment decisions. To meet the SECs requirements for disclosure, a company must make available all information, w
33、hether it is positive or negative, that might be relevant to an investors decision to buy, sell, or hold the security. 2007 SME Guide Page 5 of 47 The main principles governing the development and application of this Guide are transparency, materiality and competence. Transparency requires that the
34、reader of a public reportis provided with sufficient information, the presentation of which is clear and unambiguous, so as to understand the report and not to be misled. Materiality requires that a public report contains all the relevant information which investors and their professional advisers w
35、ould reasonably require, and reasonably expect to find in a public report, for the purpose of making a reasoned and balanced judgment regarding the exploration results, mineral resources or mineral reserves being reported. Competence requires that the public report be based on work that is the respo
36、nsibility of suitably qualified and experienced persons who are subject to an enforceable professional code of ethics and rules of conduct. The following additional principles were also taken into account: Consistency between Financial and Technical Reports: Financial reports take into account miner
37、al resources and mineral reserves and are based on assumptions concerning commodity prices, exchange rates, and other parameters of significance. To be clear and unambiguous technical and financial information should be published on a comparable basis. Consistency between Financial Markets: For glob
38、al companies, transparency can only be achieved if information is reported on a consistent basis in all financial markets. Only then can the information supplied to all investors be identical, clear and unambiguous. Scope 4. Public reporting: The Guide is recommended as a minimum standard for report
39、ing Exploration Results, Mineral Resources and Mineral Reserves for public and private purposes. In terms of the Guide, a Public Report is a report on Exploration Results, Mineral Resources and Mineral Reserves, prepared for the purpose of informing the general public. Public reports include, but ar
40、e not limited to: company Annual Reports, quarterly reports, press releases, reports which the U.S. SEC requests companies to publish on a yearly, quarterly or other basis, and other reports. It is recommended that the Guide apply to the following reports if they have been prepared or are likely to
41、be used for informing the general public: information memoranda, expert reports and technical papers reporting on Exploration Results, Mineral Resources or Mineral Reserves. 5. Use of the Guide: Public companies should provide all relevant and material information, necessary for an intelligent layma
42、n to make a reasonable and balanced assessment of the Exploration Results, Mineral Resources and Mineral Reserves being reported. 2007 SME Guide Page 6 of 47 While every effort has been made within the Guide to cover most situations likely to be encountered in the reporting of Exploration Results, M
43、ineral Resources and Mineral Reserves, there will inevitably be occasions when doubt exists as to the appropriate procedure to follow. In such cases, users of the Guide and those compiling reports under the Guide should be guided by its intent, which is to provide a minimum standard for reporting an
44、d to ensure that such reporting contains all information which investors and their professional advisers would reasonably require, and reasonably expect to find in the report, for the purpose of making a reasoned and balanced judgment regarding the Exploration Results, Mineral Resources and Mineral
45、Reserves reported. Table 1, included at the end of the Guide, supplies an outline of items that should be considered when evaluating a project. The importance of each item will vary with the project, and it is recognized that, for some projects, other items may be relevant which are not on the list.
46、 The Table should be considered a guide to facilitate a rational and orderly approach to evaluation. However, the need remains for exploration and mining professionals to make difficult decisions, such as the classification of material as a Mineral Resource or a Mineral Reserve. Decisions remain a m
47、atter of professional judgment based on knowledge, experience, and industry practices. The relative importance of the items in Table 1 will vary with each project depending on the geological environment and technical constraints, as well as economic and legal conditions pertaining at the time of eva
48、luation. When evaluating a project, the relative importance of each item should be weighed. All relevant information must be given careful consideration before deciding which information should be reported to the public. Where a particular report addresses only some of the items in Table 1, the repo
49、rt should disclose its limited scope and should refer to other information required for a complete evaluation of the Exploration Results, Mineral Resources and Mineral Reserves being reported. While such limited scope reports are commonly prepared as part of the overall preparation of an evaluation, such reports may contain information warranting public disclosure independent of the results of other studies, and the authors of such reports should be aware of their responsibilities with respect to public disclosure. Public disclosure may be required of factors most likely to
