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Part B: Mineral Rights - Part B-6: Beneficiation - Processing, Trade & Transport - 35. Beneficiation – Processing, Trade and Transport - 35.6 Obligations of the Authorised Processing Facility, Trader/Dealer and Transporter Licence Holder | 35.6(a) Recordkeeping and Reporting Requirements

For various information purposes, it is important that Authorised Processing Facility, Trader/Dealer and Transporter licensees keep records and provide reports pertaining to their transactions concerning development minerals. The purpose of the registers is to record the nature, quality, quantity and price of development mineral products received and sold or delivered by them, respectively. The purpose of the reports is to provide to the Regulating Authority for the development minerals subsector the information necessary for monitoring performance, compiling statistics and publishing information useful to the markets for development mineral products.

35.6(a) Example:

Article [_]

(1) Each Authorised Processing Facility, Authorised Trader/Dealer and Authorised Transporter shall keep a register in which the following information, and such additional information for the purpose of monitoring the type, physical characteristics and quantity of development minerals present in different stages of commerce as is required by the applicable regulations shall be kept:

(a) Type, physical characteristics, quantity, source, seller and purchase price of development minerals purchased or received each day;

(b) Results of any analysis or identification of development minerals;

(c) Costs incurred;

(d) Identification number or code for the shipment purchased or received;

(e) For each transaction, whether the shipment is certified with respect to quality and origin, respectively, or not;

(f) In the case of Authorised Processing Facilities and Authorised Trader/Dealers, the purchase price paid for the shipment, if applicable; and if not applicable the nature of the transaction;

(g) Type, physical characteristics, quantity, source, purchaser and sale price of development minerals sold or delivered each day;

(h) Identification number or code for the shipment sold or delivered.

(2) The registers maintained as required in subsection (1) shall be available for inspection by authorised inspectors of the entity that issued the Authorised Processing Facility, Authorised Trader/Dealer or Authorised Transporter licence to the licensee during regular business hours.

(3) Each Authorised Processing Facility and Authorised Trader/Dealer shall submit to the regulating entity that issued its licence, a [weekly/monthly/quarterly] report, in the form prescribed by the regulations, of the following information:

(a) The high, low and average unit price paid by the licensee for each type of development mineral purchased during the reporting period; and

(b) The high, low and average unit price for which the licensee sold each type of development mineral during the reporting period.

(4) Each Authorised Processing Facility, Authorised Trader/Dealer and Authorised Transporter shall submit to the entity that issued its licence, a quarterly report for each calendar quarter, of the aggregate information recorded in accordance with subsection (1) in such form as shall be prescribed in the regulations.

Annotation

The first section requires that Authorised Processing Facility, Authorised Trader/Dealer and Authorised Transporter licensees record certain information concerning the characteristics and movement of development minerals in their custody from time to time. Such information would be relevant for the sector and the public for purposes of ascertaining the origin of development minerals, production from processing facilities and movement to and by traders and/or transporters locally, nationally and regionally.

The example establishes a daily record keeping obligation for each Authorised Processing Facility, Authorised Trader/Dealer and Authorised Transporter. It does not require daily reporting of the recorded information, but provides instead for inspections of the daily registers by official agents of the licensing entity from time to time. This recordkeeping requirement is designed to establish a basis for the collection of data on the performance of the development minerals subsector of the mining industry and also to track the movement of such minerals through commerce, for purposes of verifying quality and origin.

The example also imposes a periodic price reporting obligation for Authorised Processing Facility and Authorised Trader/Dealer licensees, in order to enable the regulators to provide important information on the quantities, characteristics and price of various development minerals and mineral products to the market for such minerals and products. The frequency with which the price reports are to be held is not specified. The goal should be to shorten the reporting period gradually as licensees become used to the reporting obligation. At the outset, it should probably be quarterly, then become monthly at some point and then weekly (or even more frequently) once that is feasible, so that information is provided to the market in as close to real time as possible.)

The example further requires the filing of quarterly reports for statistical purposes by all licensees.

These recordkeeping and reporting requirements together are designed to enable the regulators to establish a statistical database and provide important information to the market for development minerals while also tracking the movement of such minerals through commerce, for purposes of verifying quality, origin and ownership.