CIM MES DG: Canadian Mining Valuation Standards & Guidelines (CIMVAL)

"Canadian Mining Valuation Standards and Guidelines (CIMVAL) — An Overview and International Perspectives"

What is a mining or exploration property worth? A valuation attempts to determine how much a mineral property is worth in dollars or other currencies. A valuation may be required for mergers and acquisitions transactions (M&A), government expropriations, capital market transactions, fairness opinions, private equity transactions, taxation purposes, litigation, arbitration, assessment of bank security, insurance claims, accounting purposes, initial public offerings (IPO), or asset disposals.

Following the Bre-X scandal, the CIMVAL Code was initiated and released in 2003. It was updated in 2019. It is globally recognised and often referenced in international mining arbitration cases. It covers standards for valuation and reporting and provides detailed guidance on best practices. It includes approaches and methods for the valuation of mineral properties at various stages, from exploration to development and production.

The International Mineral Valuation Committee (IMVAL) comprises members of valuation organisations from Australia (VALMIN), Canada (CIMVAL), South Africa (SAMAL), and the USA (SME, IIMA, MMSA), plus observers from other countries. IMVAL has developed a template of mineral property valuation standards, which can be adopted by the relevant national organisations of member countries.

About the Speaker

Keith Spence is CEO and Partner of Global Mining Capital, which is engaged in Private Equity Investments and M&A globally. The company has extensive funding relationships with its partners in Asia.

He has held positions in investment banking, capital markets, and mining finance at RBC, Scotia Bank, and BMO, and he has been involved in numerous Canadian and international mining transactions. As a Geologist, he has experience in gold and base metals exploration in the Canadian North, Africa, China and internationally.

Keith is Co-Chair of the globally recognised Canadian Mining Valuation Standards and Guidelines for mining projects, which is referenced by the Toronto Stock Exchange (TSX-V), the Hong Kong Stock Exchange and the Singapore Stock Exchange, among others. He is also Chair of the International Mineral Valuation Committee (IMVAL). He has published and presented on mining valuation in Canada and internationally.

He has often been quoted in the media on international mining investments, including: Bloomberg, Financial Times, Globe & Mail, AP and Reuters. He is a CIM Fellow and received the PDAC Distinguished Service Award, CIM Distinguished Service Award, CIM Distinguished Lecturer Award, the SME Mineral Economics Award (USA), the Robert Elver Mineral Economics Award and the Queen Elizabeth Diamond Jubilee Medal Award for contributions to Canada.

A Commonwealth scholar, he is a graduate of the Global Management program from Harvard University, has an Honors B.Sc. in Geology from Western University and an MBA from the Ivey School of Business.

Dr. William (Bill) E. Roscoe is a Geologist with more than 50 years of experience in the mining industry in Canada and internationally. After working as an exploration geologist and consultant, he co-founded Roscoe Postle Associates Inc. (RPA) in 1985. He served as President, Chairman, and Chairman Emeritus until its acquisition by SLR Consulting in 2019. He was instrumental in growing RPA into a nationally and internationally recognised geological and mining consulting firm with offices in Toronto, Vancouver, Denver, and London (UK).

Since 1999, Bill has been Co-Chair of the CIM Special Committee on Valuation of Mineral Properties (CIMVAL). The CIMVAL Standards are now globally recognised and referenced by the TSX-V and other international stock exchanges. He represents CIMVAL on the International Mineral Valuation Committee (IMVAL) and is a past Chair.

Dr. Roscoe has published many papers and given numerous presentations and workshops over the past 40 years in Canada and internationally on the valuation of mineral properties and mineral resource estimation. He taught a course for five years on Mineral Resource Estimation as an Adjunct Professor at the University of Toronto.

Bill Roscoe has a BSc (Eng.) from Queens University and MSc and PhD degrees from McGill University (all in Geological Sciences). He is a PEng. in Ontario and British Columbia and a Life Member of CIM, PDAC, and Association of Mineral Exploration BC.

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MES of CIM (Canadian Institute of Mining, Metallurgy, and Petroleum) (CIM MES: https://www.cimmes.org/) serves members involved in the economics and management of mining and all aspects of the management of companies active in the mining and petroleum sectors. MES has an educational mission, and to achieve this, MES hosts events that provide a forum for industry professionals to share experiences, insights, and ideas on topics relating to the economic, management, and financial aspects of the mining and energy business.