In January 1999, following the Bre-X "gold salting" fiasco, the Mining Standards Task Force of the Toronto Stock Exchange and the Ontario Securities Commission recommended that the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) establish a committee to review and advise on approaches and methodologies for the valuation of mineral properties.
Subsequently that year, CIM established a Special Committee on Valuation of Mineral Properties (CIMVal) co-chaired by Keith Spence and William Roscoe.
The committee consisted of 10 experts and practitioners from the mining industry; including the consulting, financial, investment, mining operations and legal sectors.
CIMVal was adopted by CIM Council in February 2003. CIMVal is also required by the Toronto Stock Exchange - Venture (TSX-V) under its regulations at APPENDIX 3G.
Since its formation, CIMVal has been quite active:
- Organized a Valuation Day at the CIM Conference in Toronto in 2000, with 10 invited speakers from Canada, USA and Australia. A proceedings volume was published and all of the papers published in CIM Bulletin
- In 2001, 4 Committee members gave presentations at a valuation conference in Sydney, Australia, published by the Mineral Industry Consultants Association, Mineral Asset Valuation Issues for the Next Millenium 2001
- In 2002 one Co-Chair gave an invited paper at a valuation colloquium in Randsburg, South Africa, published by the South African Institute of Mining and Metallurgy in Valuation of Mineral Projects and Properties: an African Perspective
- After 3 rounds of discussion papers and drafts circulated for comments from interested parties, the CIMVal Standards and Guidelines for Valuation of Mineral Properties was adopted and approved by CIM Council in March 2003
- In 2003, organized a Valuation Workshop at the CIM conference in Montreal
- Also in 2003, the Co-chairs gave a series of presentations on the CIMVal Standards and Guidelines as CIM Distinguished Lecturers
- In 2003 Co-Chairs and the Secretary gave presentations on Canadian valuation standards and on CIMVal at a Mineral Appraisal Symposium organized by the Centre for Advanced Property Economics (CAPE) in Denver, USA
- One of the Co-Chairs was part of a task force from 2001 to 2008 that developed a Guidance Note on Extractive Industries for the International Valuation Standards Seventh Edition in 2005 and Eighth Edition in 2007
- In 2007, the China Mining Journal published an article on mining valuation by Keith Spence, CIMVal Co-Chair
- In 2007, CIM and The Chinese Association of Mineral Appraisers (CAMRA) signed a cooperation agreement to exchange information and work with each other to continue to develop mining valuation standards in Canada and China
- In 2008, 3 of the CIMVal Committee members gave presentations at a Valuation Session at China Mining in Beijing
- In 2009, CIM and The Chinese Association of Mineral Appraisers (CAMRA) held meetings in Tianjin, China, to continue to strengthen cooperation between the parties
The CIMVal Committee continues to promote and publicize the CIMVal Standards and Guidelines at Canadian and international meetings and by liaison with other valuation organizations.