The Review Board

The Review Board reviews public information, e.g. press releases, information on websites and other news, from Svemin’s member companies regarding exploration results, mineral resources and mineral reserves. The purpose is to check that the member companies follow the prescribed rules (see below) for reporting this type of information. The audit is a clear check that the rules are followed.

The regulations that primarily apply are the international standard PERC Reporting Standard, or a corresponding CRIRSCO-based reporting standard, which you can read about under the PERC section here. The information provided must be reviewed by a Competent Person (CP) (sometimes referred to as a qualified person (QP)), who is an expert, and who is a member of an independent expert organization, such as the FAMMP (Fennoscandian Association for Metals and Minerals Professionals).

The Review Board reviews Svemin’s member companies but not individual CP:s (since this is a task for FAMMP, or similar other organizations). The Review Board reports to Svemin’s Board of Directors. Deficiencies in regulatory compliance are usually dealt with by the board through information, dialogue and the request for correction, but ultimately it is Svemin’s board that decides on any disciplinary measures.

If you have any questions, complaints or comments that have to do with the member companies’ reporting according to the PERC Reporting Standard, or about the work of the Review Board, you are welcome to contact info@svemin.se

Glossary, PERC standard

According to Svemin’s ethical rules, member companies must report exploration results, mineral resources and mineral reserves in accordance with the PERC * reporting standard or other regulations approved by CRIRSCO **. The PERC standard is only available in English and to help with reporting in Swedish, Svemin has developed approved terms in Swedish. More about the PERC Reporting Standard here.

PERC Original                                             Swedish

Competent Person (1) kompetent person, kvalificerad person
Compliance efterlevnad, överensstämmelse
Disclosure utlämnande av information
Exploration Results prospekteringsresultat
Exploration target prospekteringsmål
Feasibility Study lönsamhetsstudie, förprojekt
Historical estimate historisk beräkning
Indicated Mineral Resources indikerad mineralresurs, indikerad mineraltillgång
Inferred Mineral Resources antagen mineralresurs, antagen mineraltillgång
Material change väsentlig förändring
Measured Mineral Resources känd mineralresurs, känd mineraltillgång
Mineral Reserve mineralreserv, malmreserv
Mineral Resource mineralresurs, mineraltillgång
Misrepresentation förvanskning, feltolkning
Modifying Factors (2) modifierande faktorer
Pre-feasibility Study preliminär lönsamhetsstudie, förstudie
Preliminary economic assessment preliminär lönsamhetsanalys
Probable Mineral Reserves sannolik mineralreserv, sannolik malmreserv
Proved Mineral Reserves bevisad mineralreserv, bevisad malmreserv
Reporting Standards regelverk för rapportering
Scoping Study idéstudie

(1) a person who, through membership in an organization recognized by PERC, has the opportunity to act as a Competent Person (CP).  The term Qualified Person (CP) as used in Canada and some other jurisdictions is considered to be synonymous.
(2) mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social, governance (‘ESG’) and regulatory factors which are taken into account when converting mineral resources into mineral reserves.

* The Pan European Reserves and Resources Reporting Committee (PERC) Standard for Reporting of Exploration Results, Mineral Resources and Mineral Reserves

** The Committee for Mineral Reserves International Reporting Standards