Venmyn Deloitte

Venmyn Deloitte is a wholly owned subsidiary of Deloitte that focuses on the global mineral industry.^[1] The company provides consulting services, bridging the disciplines of mining and finance.^[2][3] It is headquartered in Sandton, Johannesburg, South Africa.

Venmyn Deloitte

Formerly	Venmyn Rand
Company type	Subsidiary
Industry	Mining
Founded	1988; 37 years ago (1988)
Founder	Andy Clay and Dr Willo Stear
Headquarters	Sandton, Johannesburg , South Africa
Area served	Worldwide
Key people	Andy Clay (Managing Director) Neil McKenna (Director)
Products	Techno-economic mineral valuation reports
Number of employees	24 (2019)
Parent	Deloitte
Website	venmyndeloitte.com

History

Foundation 1988 - 2005

Venmyn Rand was established in 1988 by Andy Clay and Dr Willo Stear, with the financial assistance of Rand Merchant Bank (RMB). Venmyn Rand, which received the second part of its name from this prior association, remained part of RMB for the next 9 years.

It was absorbed into RMB Resources but later purchased back by the original founders.^[4] In 1997, Clay and Stear led a management buyout of Venmyn. The founders increased their shareholding to 50% each. It then went through several shareholder changes.

2005 - present

The shareholding structure changed several times after September 2005, when co-founder Stear sold his share of the company. At this point, several minority shareholders were introduced. Minority shareholders and their stakes in the company changed periodically thereafter. Clay’s shareholding was also periodically readjusted.

In 2008 the company decided to start running the graphics section of the company as a stand-alone business. Known as Interaction, the stand-alone company was 56% owned by Venmyn, with Interaction staff owning the remainder. This business became fully owned by Venmyn in 2012.^[5]

In 2011, Venmyn started a new project management business unit known as Venmyn Independent Projects, it operated as a division of the then Venmyn, co-ordinating and managing feasibility studies and preliminary economic assessments.^[6]

In 2012, Deloitte purchased Venmyn establishing Venmyn Deloitte.^[7][8]

Operations

The company had had a flat management structure with company employees writing the technical reports with which they were the most familiar and with which they have the most experience.

Innovations

Mineral codes

The company Managing Director, Andy Clay and other staff members have assisted with drafting the SAMREC and SAMVAL codes that govern the South African minerals industry.^[9] The South African Code for the Reporting of Mineral Resources and Mineral Reserves (SAMREC) sets out minimum standards, recommendations and guidelines for the public reporting of exploration results, mineral resources and mineral reserves in South Africa while the South African Code for the Valuation of Mineral Assets (SAMVAL) sets down the minimum standards, recommendations and guidelines for the valuation of mineral assets.^[10]

Clay has been part of the SAMREC/SAMVAL Working Group for oil and gas reserves and has been identified as "instrumental in motivating" for SAMREC’s introduction at the JSE Limited.^[11][12]

Other codes used by the company that relate to the reporting of mineral resource classifications and their valuation include Canada’s NI43-101 Code and Cimval Code^[13] and Australia’s Joint Ore Reserves Committee (JORC) Code^[14] and Valmin Code.^[15]

Mine Recovery Factor

Andy Clay and Willo Stear coined the term the "mine recovery factor", which is widely used in the industry.^[16] The term "measures the actual yield divided by the amount of gold [or other commodity] called for by the miner from the ore reserve".^[17]

Summary documentation

The company introduced the Section 12 Executive Summary document to the JSE Limited, when it submitted the technical reports relating to the Platmin listing.^[18] The summary is attached as an appendix to a prelisting document and is based on a Competent Persons' Report (CPR). The Section 12 Executive Summary condenses all the required technical information that forms part of a CPR and presents it in an investor- and board-friendly form.

Short-form documentation

With a focus on succinct documentation Venmyn has created summarised document types, including Technical, Metallurgical and Environmental Statements.^[19]

In 2009, it produced the shortest CPR for a listing, with the listing of Buildmax.^[20] The document was less than 10 pages including graphics.^[21]