August 2015: Appointment to the VALMIN Committee
TAS and TAS Legal proudly announce the appointment of Ms Jay Evans-Wheeler to the VALMIN Review Committee, specialising in tenure.
The VALMIN Committee is a joint committee of The Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists with the participation of the Australian Securities and Investment Commission, the Australian Stock Exchange Limited, the Minerals Council of Australia, the Petroleum Exploration Society of Australia, the Securities Association of Australia and representatives from the Australian finance sector.
Ms Evans-Wheeler said “I am delighted to be appointed to the Committee. I believe that standing of tenure is one of the single most important aspects affecting the security and subsequent valuation of any mining or exploration venture”.
The VALMIN Committee is currently working through the comments received on the Exposure Draft revised VALMIN Code 2015, with a view to finalising the revised Code as soon as possible.
Ms Evans-Wheeler specialises in tenure management issues from a holistic viewpoint, taking into account legal, accounting, geological, operational and corporate aspects.
May 2015: Western Australia clarifies status of tenement holders in farm-ins and joint ventures
Little know provision of the Mining Act 1978, s.118A permits a holder to authorise in writing “another person” (or company) to carry out exploration or mining on its tenement, so that work and expenditure incurred by the “other person” will be considered to be exploration or mining expenditure for the purposes of the Act, but significantly s.118A(6) expressly states that this does not affect the duties or obligations of the holder.
TAS Legal believes this must be brought to the attention of parties potentially farming-out or joint venturing properties in the current climate, as, unless contractually bound, potential partners may be able to abrogate contractual responsibility in favour of statute.
For more information, please email TAS Legal