The VALMIN Code establishes standards of best practice for the technical assessment and valuation of mineral and petroleum assets and securities by geologists involved in the preparation of independent expert’s reports. AIG and the Minerals Council of Australia joined with AusIMM in developing a revised version of the code in 2005, the first major revision in 10 years.The Australian Institute of Geoscientists supports the VALMIN Code and endorses it as a statement of industry and professional best practice. The VALMIN Code is binding on members of AIG when preparing public independent expert reports as required by the Corporations Act covering mineral and petroleum assets and securities.