Mining in South Africa
the fraud of MMM platform has a long history. As early as 20 years ago, it was identified as "one of the largest Ponzi scams in the world"
in February 1994, Sergei mavroji, a Russian, founded MMM stock company with a registered capital of only 100000 rubles (about US $1000 at that time). Mmm has launched advertisements in almost all well-known media in Russia to attract investors with high return on investment. In Russia at that time, millions of people participated in the MMM financial pyramid and were cheated out of tens of billions of dollars
after surviving for three years, mmm project went bankrupt in 1997, and its founder Sergei mavroji was sentenced to four and a half years in prison. Unexpectedly, after he was released from prison in 2007, he went to India, China, South Africa, Indonesia and other countries to cheat foreigners in Russia
bitcoin home and other websites have reported similar virtual money pyramid schemes. You can check the relevant information
in a nutshell, Ponzi scheme means that there is no corporate entity to attract investors with high interest, and later investors pay interest to early investors. For a Ponzi scheme, once there is no new capital inflow, or the subsequent new investment is not enough to pay for the "income" of the predecessors, the Ponzi scheme will explode immediately.
When it comes to Africa, people think of poverty. However, it is true that Africa itself has no way to compare with other countries in terms of economy or culture. However, after such a long period of change, Africa is not without any progress. After all, there are more and more tourists to Africa in recent years, which shows that there are still many attractive places in Africa
without gold jewelry, they even feel that there is something missing when they go out. This is the daily life of South Africans, but they don't seem to know how to exchange gold for something more valuable, but in fact, South Africans all know that gold is a good thing. However, things like gold will inevitably encounter unexpected situations one day, or be devalued e to other factors. What's more, South Africans themselves don't want to use the gold to start another business. The idea of sitting on the mountain and eating empty will easily lead to poverty again. What's your opinion on this
South African diamonds are proced in South Africa, the southernmost tip of the African continent. Because it proces the best diamonds in the world
How can diamonds be found in South Africa? The story of diamonds in South Africa dates back to 1870, when a farmer named adriann van wyk owned a farm near Kimberley, Kimberley, North Cape, and it all started when he found his children playing with some diamonds
some of these are similar to miners in other instries, such as gold mines and coal mines. Although the return rate of the ore is quite high, the profit maker is not the workers, but their boss. Let's walk into Africa where some people seem to be rich, but most people are poor. Let's learn about the hard life of diamond workers looking for diamonds. At sunrise in the morning, the diamond mining area is still very clean. For those who are far away from the diamond mine, they search for diamonds and wash the ore along the river basin where the ore is divided to get some smaller diamonds. As the sun rises, more and more mining people are scouring the river day after day in the hope of miracles. Only fishing can see the scenes everywhere in Africa's diamond mining areas. In addition to washing, they have to use their hands to figure out the same work. Different opportunities may result in different results. It's not a waste of time whether miracles will happen in the remaining part of the sand Wash out a yellow poor quality diamond, this is a life-saving stone, find it will have a good life. Every diamond carries the hard work and sweat of African miners. These people, who are regarded as the boss of the common people, come to buy rough diamonds that have not been polished. Experts will identify the quality of these diamonds and classify them according to their fineness
As we all know, mining right evaluation plays an important role in modern mining financing. The value of mining right is the core or focus of transaction. In a real and open market, a successful transaction can realize the value of mining rights. Evaluation, as an advisory opinion, plays an important supporting role in this process. With the increasing complexity of market, information and knowledge, evaluation has become an important part of mining instry
(1) the history of mining right evaluation China is a big mining country with a long history in mining and utilization, but the first mining law was not born until 1986. She took a completely different road from western countries in history, society and economic system
China's mining right evaluation started in 1998. Three laws and regulations issued by the State Council stipulate that when applying for and transferring mining rights, the mining rights invested by the state for exploration and found ore procing areas shall be evaluated. Whether the mining rights formed by other investment need to be evaluated is decided by the parties themselves. It is believed that with the development of the market and the activity of the transaction, the parties concerned will have a demand for the evaluation of the mining rights before the transaction and ring the financing of the mining instry. They will voluntarily hire appraisers to evaluate their mining rights or the mining rights they intend to obtain
Before 1998, the mineral resources law did not allow the trading of mining rights. However, as the precondition of applying for mining right, the applicant of mining right should have the exploration results - geological exploration report. Therefore, in the 1990s, the transaction of exploration results appeared, accompanied by the evaluation of exploration results. This may be regarded as a prelude to the evaluation of China's mining rightsas for the history of Canadian mining right evaluation, we need to connect it with other western countries, because they have the same system and system
The history of mining right evaluation in the west can be traced back to the second half of the 19th century at least. E J mal one wrote: the method of evaluation has been developed from the technology first proposed by Henry D hoskold in his paper "evaluation assistant for engineers" in 1877. According to EJ Malone's research, the basic principles of mineral value and evaluation began to take shape in the early 20th century. In the late 1950s, discounted cash flow analysis was introced and widely used in mining instry. However, the important development of evaluation methods, principles and standards came into being in the late 20th century In 1987, the American Society of appraisers established the unified standard for professional appraisal practice (us-pap). But up to now, the United States has not any special mining rights evaluation standards and guidelinesAustralia has taken the lead in drafting mining right evaluation standards and guidelines. Valmin code was issued in 1995 and revised in 1997. Valmin code has become a model for other countries
in Canada, it was not until May 2003 that there was a complete and comprehensive rule and criterion for mining right evaluation, which was pushed forward by the scandal of "bre-x". The Toronto Stock Exchange and the Ontario Securities Commission (TSE / OSC) have set up a mining standards task force (mstf) to review practices, standards and practices in the mining instry. In January 1999, the task force recommended that the Canadian Institute of mining, metallurgy and Petroleum (CIM) set up a committee to review and consult the approaches and methods of mining right evaluation. From the spring of 2000 to the autumn of 2002, the CIMVal Committee successively drafted and published the "preliminary framework for discussion", "discussion draft", "draft of mining right evaluation standards and guidelines" and "revised draft of mining right evaluation standards and guidelines". In February 2003, the final draft of mining right evaluation standards and guidelines was formed, which will be officially issued and implemented in Montreal in May 2003. At the same time, other professional committees are also doing their best to carry out institutional construction in other key areas, such as the standardized definition of mineral reserves / resources, the system of qualified persons for the qualification of exploration to carry out some professional and technical activities in the mining instry, and the exploration criteria for exploration practitioners. An important event in this process is that the CIMVal Committee organized an "assessment day" on March 8, 2000 at the annual conference of CIM (mining century 2000) in Toronto. Many papers on mining right evaluation from experts in various fields were submitted to the conference or introced at the conference. These papers can be regarded as the basis of CIMVal standards and guidelines
At the same time, IASC is preparing a set of international evaluation standards which are expected to be accepted by the worldin South Africa, another important mining country, the South African Association of mining and metallurgy is following the lead of Australia and Canada in formulating standards and guidelines for mining projects, mining rights and mining assets evaluation
(2) the formation and creation of mining right norms is the result of the development and competition of mining activities. The purpose of mining right transaction is to raise limited funds and disperse risks. Therefore, mining right transaction involves a variety of instries. These instries are the parties concerned about the real value of trading partners, including mining rights holders, potential holders or applicants of mining rights and investors such as banks and bankers, large mining companies and stock holders Independent mining consulting companies play an important role in the mining instry. They provide a variety of services including mining right evaluation for the parties in mining right transaction and financingin Canada, Australia and South Africa, organizations and groups from all walks of life participated in the drafting, discussion, comment and debate of various standards and other aspects of mining rights. The participants expressed their opinions from different angles and viewpoints. Although they could not reach the complete agreement, their work was effective and meaningful
Canada's organizations and groups participating in the drafting process of standards and standards include:
Canadian Mining Association (MAC)
Canadian Institute of Accountants (CICA)
Canadian Institute of Management Accountants (SMAC)
Canadian Council for financial analysis (CCFA)
Canada mining Metallurgical and Petroleum Association (CIM)
Toronto Stock Exchange (TSE / Tex)
Canadian Securities Regulatory Commission (CSA)
banks
mining companies
Consulting Companies
China has done the same work in a small scope. In this working group, there is a lack of representatives of mining right holders of exploration companies, mining companies and securities managers
At present, according to the current relevant laws and regulations of the State Council, it is still the responsibility of the Chinese government to supervise and manage the mining right appraisal instry. The Ministry of land and resources has issued three measures for the administration of mining rights, namely, the Interim Measures for the administration of the appraisal of exploration rights and mining rights, the Interim Measures for the administration of the appraisal qualification of exploration rights and mining rights, and the Interim Provisions for the qualification system of mining rights Appraisersthe functional departments of the Ministry of land and resources have organized the drafting and compilation of two versions of technical guidelines applied to the evaluation of mining rights. The first edition is called "guide to the evaluation method of exploration right and mining right". The second edition which is now being applied to practice is the guide to the evaluation of mining rights. The third edition is currently being revised. The author thinks that the government will graally withdraw from the management position in this field, especially from the technical methods
in Canada and other western countries, the most relevant self regulatory professional organizations are responsible for these affairs and tasks, such as the Canadian mining, metallurgy and Petroleum Association (CIM), the Australian mining and Metallurgy Association (AusIMM), and the South African mining and Metallurgy Association. These organizations are composed of different professionals and provide consulting services for mining instry in different fields. In order to restrain the professional behavior, compete fairly and protect the interests of the practitioners and the served, self regulatory professional organizations have established some systems to regulate their members. One of the main measures and features of these systems is "disciplinary power, including the power to suspend and dismiss members or their employees"
In Canada, standards and / or guidelines have been issued in several fields related to mining instry, which provides a better and more standardized environment for appraisers to engage in and establish norms in appraisal
Canadian mining financing
there is still a lack of such coordination, tacit understanding and cooperation in various professional fields in China's mining instry. The management of various government departments is not fully coordinated. The current exploration norms and resource reserves standards are not applicable to the evaluation of mining right value which provides services for mining right transaction and mining financing
(5) management system it is very important to establish an effective system for the management of mining right evaluation. Canada's qualification system and exploration criteria are efficient management systems, and its social and cultural basis is "the principle of good faith" There are similar management systems in China, but the effect is not satisfactory One of the important achievements and contributions of the 43-101 national code, which was drafted by the mining standards task force (mstf) and issued by the Canadian Securities Regulatory Commission (CSA), is the concept and system of qualified person. The concept evolved from the concept of "competent people" used in Australia, the UK and South Africa43-101 the national standard defines a qualified person as a natural person who has at least five years of experience in mineral exploration, mine development or mine operation or mining project evaluation, or comprehensive experience in these fields, and has the experience related to mining project objects and technical reports. At the same time, he is a member of a professional association with good reputation
the qualified person is a restricted professional, who should reflect the application of professional standards and his responsibilities in the technical report to the public. The implementation of the concept of qualified person will ensure that only qualified persons can implement and report exploration and mining activities. This is one of the lessons of the bre-x scandal. To be exact, the system of qualified person is the need to help rebuild the confidence of investors and the mining instry related to Canada's future
The system of qualified personnel has its foundation in western countries, that is, the management of professionals. Engineers have been licensed in their jurisdictions for many years in Canada. At least seven provinces and regions have also implemented the geologist licensing system. Other jurisdictions are also formulating relevant regulations The concept of qualified appraiser is evolved from the concept of qualified person, which is defined by CIMVal standards and guidelines as a natural person who is an expert with proven experience in mining right evaluation, has experience related to the target mining right, or relies on the current technical report of the target mining right completed by the qualified person, Regulated by or members of reputable professional associations or self regulatory professional organizationsthere is also a management system for professional and technical personnel in China, which is in the charge of government functional departments. It can not meet the needs of market economic activities, mainly in the following aspects: first, there is no limit on the scope of employment, and it has actually become a universal qualification; Second, there is no professional risk, no disciplinary system for moral and ability constraints
At the end of last century, in the face of several malignant events related to the stocks of mineral exploration and mining companies, the mining instry was facing a series of problems