In his 1989 book, The New Realities, Peter F. Drucker, Clark Professor of Social Science at Claremont Graduate School, Claremont, CA, stated: “Information is data endowed with relevance and purpose. Converting data into information thus requires knowledge. And knowledge, by definition, is specialized” (p. 209).
The discipline of mineral valuation is knowledge-based and requires a mineral valuer to collect, analyze and interpret data that are material to a mineral-valuation assignment. In so doing, the valuer turns the data into information (data come first, followed by information as determined by the mineral valuer) for use by the client (from whom the valuer obtained the mineral-valuation assignment) and other intended users. The valuer uses his or her experience and education (each valuer’s knowledge base) supported by a foundation built upon competency, materiality and transparency, the three pillars of mineral valuation (minerals valuation, mineral-property valuation).