The South African Mineral Reporting Codes (SAMCODES), comprising SAMREC, SAMOG and SAMVAL, set out the principles for public reporting of, respectively, Exploration Results, Mineral Resources and Mineral Reserves for Solid Minerals, Oil and Gas Reserves and Resources, and the valuation of these. The SAMCODES form part of the requirements of the Johannesburg Stock Exchange Listing Rules and are recognised by international stock exchanges.
Following the ESG Inquisition held by the GSSA in August 2021, and increasing international demands for transparent disclosure of environmental, social and governance (ESG) aspects as these affect Mineral Resources and Mineral Reserves and their valuations, a Working Group was established in November 2021 to submit recommendations to the SAMCODES Committees regarding the minimum level of ESG disclosure that would be required. Work has initially been focused on the SAMREC and SAMVAL Codes and updating the SAMESG Guideline.
An extensive stakeholder and landscape mapping exercise was conducted to define the expectations of stakeholders. One of the findings was to establish the correct balance between existing technical disclosure and the influence of ESG factors, while not burdening the companies and competent persons with excessive additional reporting obligations.
The Working Group recognised that ESG aspects form part of the general term of Modifying Factors which govern the conversion of Mineral Resources to Mineral Reserves. As such, balanced reporting of all factors, not only ESG ones, is required.
Significant effort has been applied to carefully craft appropriate ESG disclosure requirements into the SAMREC and SAMVAL Codes. We also recognised that we had to achieve the appropriate balance between recommended requirements to be included within the SAMCODES text and supporting guidance that is better placed in SAMESG Guidelines.
To maintain alignment with similar developments in other national reporting codes, the Working Group recommends the adoption of the E, S and G definitions that were developed by the ESG sub-committee of the Committee for Mineral Reserves International Reporting Standards (CRIRSCO). These definitions were approved by CRIRSCO in 2023 and will be incorporated into the next version of the Template.
Draft documents setting out the recommendations from the Working Group are planned to be circulated to the SAMREC, SAMVAL and SAMESG Committees at the end of June 2024.
Work will continue to determine appropriate ESG disclosure requirements for the SAMOG Code.
