The IVSC first published Guidance Note 14, Valuation of Properties in the Extractive Industries in 2005. This was reviewed by the IVSC Standards Board as part of is Standards Improvement Project. It was considered that this topic needed a thorough review that went beyond the scope of the Improvement Project.

The Board therefore voted to withdraw GN14 in February 2010, pending the outcome of a comprehensive project to review the nature and scope of standards and guidance required to bring about convergence of valuation practice in the sector. In June 2011 it approved a new Project to undertake a comprehensive review of valuation in the sector.

A Discussion Paper was approved by the Board and published in July 2012. This examined some of the issues that have been brought to the attention of the Board and invited views from any party that either provides, commissions or relies on valuations in the mining oil and gas industries. The comment letters recieved may be viewed here.

An analysis of the comments received was considered by the Board at its meeting in November 2013. The Discussion Paper covered a wide range of topics and there was a similarly wide of views expressed by respondents, with no clear indication of where the Board should focus its resources. The Board agreed that further targeted consulation were approporiate.

In view of the lack of certainty over the scope of this project it was agreed that it would be included amoung the list of early stage projects listed in the agenda consultation commenced in 2014.

Associated Documents
Project Brief

The working group formed to assit the Board in developing the Discussion Paper was:

Working Group:

IVSC Board members



Chris Stanley - Project leader

Standards Board

New Zealand

Roy Farthing

Professional Board


External Members



Jim Eales

Ernst & Young

United Kingdom

Jeff Harder



Andrew Clay

Venmyn Rand pty

South Africa

Robert Davidoff

Dept of Interior Mineral Resources


John Gustavson

Independent Consultant


Hung Chu

Lonergran Edwards Associates


Robert Ling



Alexander Lopatnikov

American Appraisal Associates


Howard Rosen

FTI Consulting


Samuel Chan

Mining Group Ltd

Hong Kong

Alastair Mafarlane


South Africa

June 2011: Project Brief agreed.

November 2011: Initial Working Group membership confirmed.

June 2012: Discussion Paper approved by Board

July 2012: Discussion Paper published

October 2012: Comment period closes

November 2013: Board consider analysis of responses to Discussion Paper

March 2014: Board agreed to include in Agenda Consultation to determine priority

A Discussion Paper was published on 17 July 2012. The comment period closed on 20 October 2012.

Discussion Paper July 2012

The comment letters received may be viewed here:

07-11-2012 018 The Stock Exchange of Hong Kong
07-11-2012 017 American Institute of Mineral Appraisers
07-11-2012 016 RICS
07-11-2012 015 Mineral Appraiser LLC
07-11-2012 014 LD Smith
07-11-2012 013 Pan European Reserves and Resources Committee
07-11-2012 012 CIMVal
07-11-2012 011 VALMIN
07-11-2012 010 SME Valuation Standards Committee
07-11-2012 009 Trevor Ellis
07-11-2012 008 Ernst & Young
07-11-2012 007 PricewaterhouseCoopers
07-11-2012 006 Lukoil
07-11-2012 005 Australian Property Institute
07-11-2012 004 American Appraisal Associates
07-11-2012 003 SAMVAL
07-11-2012 002 Russian Society of Appraisers
07-11-2012 001 Craig Andrews