African ministers have formally adopted the Pan-African Resources Reporting Code for sustainable minerals governance, demonstrating a commitment to harmonised resource management across the continent.

The chairman of the Africa Minerals Strategy Group, Dele Alake, stated that the ministers agreed to facilitate the implementation of PARC in their countries during their sixth virtual inter-ministerial meeting, according to a statement by Mr Alake’s spokesman, Segun Tomori, on Wednesday.

The meeting, held in Malabo, Equatorial Guinea, showcased a shared 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 is based on the African Mineral and Energy Resources Classification and Management System, the AU’s framework for classifying, managing, and reporting mineral and energy resources.

Mr Alake, the solid minerals development minister, 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.

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, including establishing a common reporting language and enhancing the credibility of exploration results.

Mr Alake pointed out that the code aligned with global best practices and provides an investor-grade foundation for project development. 

He urged more African mining countries to join the AMSG, revealing that the procedures for the full ratification of the group’s charter by Nigeria have been completed and are awaiting President Bola Tinubu’s formal signature.

(NAN)