To facilitate an efficient process of asset price determination in minerals industry markets, participants require materially complete, accurate, and timely disclosure of information. The standardization of reporting related to mineral assets evolved out of a recognition of the need for such information. However, development of an international mineral asset valuation code has lagged behind similar efforts for technical reporting of reserves and resources.;A review of existing national mineral asset valuation codes in Australia, Canada, and South Africa indicated broad compatibility of these codes with respect to developing an international standard. The existing national codes provide a firm foundation on which to base a harmonized global standard, including valuation principles, common definitions, and code structure. While a previously existent standard, Guidance Note 14, developed by the International Valuation Standards Committee (IVSC) was withdrawn in 2010, the emergence of the International Mineral Valuation (IMVAL) Committee and a new IVSC Extractive Industries Expert Group in 2012, suggests new hope for a global standard.;A series of interviews were conducted in order to assess the viability of developing an international mineral asset valuation code, and to determine the current state of valuation reporting standards. Interviewees included market regulators, valuation professionals, representatives of minerals professional organizations, and other individuals identified as key persons in the development of mineral asset valuation codes. These interviews in combination with a review of existing valuation reporting codes and practices indicated that the industry would be best placed to adopt the International Valuation Standards (IVS) and develop an Extractives Industry Standard as well as an Extractives Industry Technical Paper to be incorporated into a subsequent edition of the IVS.;An analysis of the business case for an international mineral asset valuation code indicated the urgency of developing such a code. The severe access to capital constraints faced by the industry in 2013, in combination with generally declining market conditions indicate a need to attract alternative forms of financing which would be better facilitated through improved reporting. The expansion of the market for valuation services and reduced regulatory compliance costs were also identified as key benefits.
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