The International Mineral Valuation Committee (IMVAL), which has developed this Template, is an international committee comprised of representatives of SAMVAL (South Africa), CIMVAL (Canada), VALMIN (Australasia), the SME Valuation Standards Committee (USA), and IIMA (USA). Representatives of the Royal Institute of Chartered Surveyors (RICS, Global), were also involved in the early deliberations of IMVAL. Additional information on these organization can be found here.
The Template is intended as a principles-based template to be recognised as a common set of minimum requirements for national codes or standards concerning the valuation of Real Property mineral assets (Mineral Property). The Template represents a consensus of current good practices and is expected to be updated from time to time. The Template is not intended to be a stand-alone reporting code, and does not supersede existing national reporting standards.
The Template outlines principles, requirements, guidelines, and definitions broadly consistent with those adopted in the regulatory jurisdictions represented by IMVAL members.
Mineral Property is defined in the Template to include petroleum properties, which may be excluded at the option of individual countries as specified in their respective national codes or standards.
The Template deals with Valuation, which is distinct from Evaluation. The distinction inherent in these defined terms is that Valuation addresses the estimation of value of a Mineral Property, whereas Evaluation addresses the broader assessment of a Mineral Property for an investment decision.