AFRICAN MINISTERS ADOPT PARC TO ADVANCE SUSTAINABLE MINERAL GOVERNANCE

African nations unite to implement the Pan-African Resources Reporting Code, boosting transparency and investor confidence in mineral development.

Pan-african resources code Sustainable mineral governance Africa minerals strategy
Dele Aleke
Dele Aleke


African ministers have formally adopted the Pan-African Resources Reporting Code (PARC), a landmark standard aimed at harmonizing sustainable mineral governance across the continent.

The decision, made during the sixth virtual inter-ministerial meeting of the Africa Minerals Strategy Group (AMSG), reflects a unified commitment to drive economic growth through transparent resource management. This was disclosed in a statement by Segun Tomori, Special Assistant on Media to AMSG Chairman Dr. Dele Alake.

PARC is embedded within the African Union’s African Mineral and Energy Resources Classification and Management System (AMREC). It establishes consistent rules for classifying, estimating, and reporting mineral and energy resources. The code provides a framework for mining companies, geologists, and engineers to report deposit size, quality, and economic viability, aligning with global best practices.

Dr. Dele Alake, Nigeria’s Minister of Solid Minerals Development, noted that the lack of a unified reporting system has long undermined investor confidence and restricted access to development financing.

“PARC creates a common language, enhancing the credibility of exploration results and fostering investor-grade project development,” Alake stated.

Ministers were encouraged to integrate PARC into both government-funded and private-sector exploration programs. This is expected to strengthen comparative asset valuation, support Africa’s energy transition, and secure mineral supply chains. Dr. Alake emphasized the code’s broader role in promoting socio-economic growth.

He also called on more African nations to join the AMSG, revealing that Nigeria has completed the procedures for ratifying the group’s charter and is awaiting President Bola Tinubu’s signature.

The AMSG was formed on January 9, 2024, at the Future Minerals Forum in Riyadh. It currently unites 16 African countries committed to advancing sustainable mineral development across the continent.

Ministers lauded Alake’s leadership in promoting value addition and global visibility for AMSG. The adoption of PARC marks a pivotal step toward transparent, investor-friendly mineral governance, positioning Africa as a leader in sustainable resource management.

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