New Telegraph-Admin African ministers have formally adopted the Pan-African Resources Reporting Code (PARC) for sustainable minerals governance, demonstrating a commitment to harmonised resource management across the continent.
The Chairman of the Africa Minerals Strategy Group (AMSG), Dr Dele Alake, said the ministers agreed to facilitate the PARC implementation in their countries during their sixth inter-ministerial meeting, held virtually.
This is contained in a statement issued by Alake’s Special Assistant on Media, Segun Tomori on Wednesday in Abuja. NAN reports that the meeting, which held virtually, reiterated commitment among AU Member States to drive sustainable economic growth and development across the continent.
The PARC is a new continental standard developed to guide how African countries classify, estimate, and publicly report mineral and energy resources. It provides common rules for how mining companies, geologists, and engineers report the size, quality, and economic viability of mineral deposits.
The reporting standard operates under the African Mineral and Energy Resources Classification and Management System (AMREC), the African Union’s framework for classifying, managing, and reporting mineral and energy resources. Alake, who is also Nigeria’s Minister of Solid Minerals Development, said the critical challenge facing Africa’s mineral development agenda is the absence of a harmonised and transparent mineral resource reporting framework across the continent.
“This inconsistency undermines investor confidence, hinders comparative valuation of assets, and limits access to development financing,“ he said.
He said the ministers at the meeting were urged to adopt the AMREC–PARC reporting code for all government funded or state-led exploration programmes as well as private sector exploration projects.
The AMSG chairman listed the advantages of adopting the code to include establishing a common reporting language and enhancing the credibility of exploration results.
