Recent and planned regulatory changes for mining exploration could support a stronger mining industry in Africa over the long term, but project developers need to know how to navigate the new regulatory environment effectively.
Coffey has re-released a series of recent insights on changes to Africa’s mining industry as it attends Mining Indaba in Cape Town this week.
Coffey General Manager Geoservices Africa Chris Fredericks said the conference focus on reaffirmation was timely.
“Managing investment risk is an important consideration for the mining industry to ensure the delivery successful projects in Africa,” Fredericks said.
“Recent changes to the JORC code and pending updates to the SAMREC and SAMVAL codes will help improve the standard of mining exploration reporting – and improve the investment case for African projects.
“A clear understanding of these changes – along with a strong focus on social license to operate – will help support long term success in the African mining industry.”
Chris said that the regulatory changes were, and are, an important step in increasing investor confidence, but those in the mining industry need to be clear on what the updated codes mean for their projects.
“Understanding these changes will help developers and explorers maximise the value of their projects and ensure their sustainability,” he said.
Recent revisions to the JORC Code sought to create a higher standard of reporting on exploration results for ASX listed companies. It is expected that the SAMREC and SAMVAL Codes, which set the minimum standard for reporting exploration results in South Africa, will be updated to align with the JORC revisions later this year.
Chris also called for businesses to consider their social license to operate as a critical success factor for their project.
He said fully understanding local issues affecting a project would ensure developers could mobilise quickly as the mining industry improves.
Coffey has been operating in Africa for more than 20 years, in both the mining and international development industries.