Foreword KPMG’s Mining practice is pleased to present the Mining Reporting Survey 2016. This document publishes the results of a survey of reporting by 25 major mining companies from across the globe. The information presented builds on a quarter century of KPMG’s previous Mining Reporting Surveys. The mining industry has continued to face significant uncertainty, volatility and pressure for cost containment since our 2014 survey. This unpredictable business environment has given rise to a number of reporting trends geared towards providing stakeholders and users of the financial statements with a more transparent view of a company’s position.
This year’s survey focuses on five key sections: Estimates and Judgments, Non-GAAP Measures, Risks, Valuation and Other Reporting Trends. Disclosures in these areas are becoming increasingly prevalent, as companies try to provide stakeholders with supplemental information on various risks impacting their businesses, as well as disclosure of the critical judgments and estimates management is required to make in managing and mitigating those risks.
Daniel Ricica—Partner, Mining
One interesting trend that we have seen emerge in this year’s survey was the increase in alternative forms of financing, such as streaming. Since our 2014 survey we saw a five-fold increase in the number of companies which disclosed entering into streaming arrangements, as well as continued enhancement of those disclosures by the companies entering into them.
Lee Hodgkinson—National Industry Leader, Mining
Key contributors Michael Woeller Katherine Wetmore Justin Chartrand Hendra Beekman
While we hope this survey will be a useful guide, we encourage you to consult your local KPMG professional for guidance that is tailored to your circumstance. We look forward to discussing the results of this year’s survey with you.
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