Establishing the market value of a particular commodity is often difficult when limited market information is available, but the three basic approaches to mineral appraisals are always considered.
- The Sales Comparison Approach
- The Cost Approach
- The Income Approach
Mr. Groff is a Member and Certified Minerals Appraiser (CMA) of the International Institute of Minerals Appraisers (IIMA) and has performed mineral appraisals for estate settlements, litigation cases, and royalty determinations. All mineral appraisals are compliant with SME Guide for Reporting Exploration Results, Mineral Resources, and Mineral Reserves (The SME Guide) and the Uniform Standards for Professional Appraisal Practice (USPAP).
The IIMA is a professional organization of qualified Members who specialize in the appraisal of properties containing minerals. Its membership is comprised of individuals with backgrounds including, but not limited to, real estate appraisal, geology, and engineering. Also, the IIMA has established standards of education, experience, and professional conduct to protect the public from unprofessional practices. The IIMA holds its annual meeting in conjunction with the SME’s Annual Meeting, and chairs a full day of educational presentations and panel discussions which focus on current issues related to mineral valuation and appraisal. Through its relationship with the SME, it is actively involved in writing the SME Standards and Guidelines for Valuation of Mineral Properties and works closely with international organizations to ensure compatibility with the International Mineral Property Valuation Standards (IMVAL).
Need a Yellow Book appraisal for Federal Lands? No problem! We work with several certified real general appraisers with the Appraisal Institute MAI designation, and our multi-disciplinary teams ensure the highest quality in your appraisals.
Select Mineral Appraisal Standards
- SME Standards and Guidelines for Valuation of Minerals Properties, Second Edition, 2017
- 2017 SME Guide for Reporting Exploration Results, Mineral Resources, and Mineral Reserves
- International Mineral Property Valuation Standards Template, Second Edition, July 2016
Select works from our portfolio: