Chidimma Uchegbu – Abuja
Mining ministers under the auspices of the Africa Minerals Strategy Group (AMSG), have resolved to adopt the new Pan-African Resources Reporting Code (PARC).
Their resolution was reached at their sixth inter-ministerial meeting in Abuja.
They praised Nigeria’s Minister of Solid Minerals Development, Dr. Dele Alake for his exemplary leadership qualities in piloting the affairs of the body.
In their presentations, the Liberian Minister of Mines and Energy, Wilmot Paye and the representative of South Sudan Minister, Eruaga Jackson commended the minister for marketing the AMSG at various international conferences and drawing global attention to the campaign for value addition.
They both appreciated Alake for bringing his expertise in communication and international diplomacy to boost the traction that has enabled international agencies to recognize and partner with the organization.
Welcoming participants, the Minister of Solid Minerals Development, Dr. Dele Alake explained that the success achieved so far was the collective effort of all members.
Dr. Alake while encouraging more African mining countries to join the AMSG, announced that the procedures for full ratification of the group’s charter by the Federal Republic of Nigeria have been completed for President Bola Tinubu to formally sign the charter.
Alake also briefed the conference on the development of the African Mineral and Energy Resources Classification and Management System, AMREC, by the African Minerals Development Centre, AMDC, in collaboration with the Pan-African Resources Reporting Code, PARC.
“A critical challenge facing Africa’s mineral development agenda is the absence of a harmonized 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” the Minister emphasized.
He urged the ministers to adopt the AMREC-PARC reporting code for all government–funded or state-led exploration programmes and private sector exploration projects.
Alake while stressing on the advantages of the code,
said it would establish a common reporting language, enhance the credibility of exploration results, align African resource reporting with global best practices, and provide an investor-grade foundation for project development.
Also, the Gambian Minister of Petroleum, Energy & Mines, Nani Juwara and Deputy Minister of Petroleum & Mineral Resources of Somalia, Abdiwahab Abdi Omar appreciated the efforts of the African Union to elevate the mining reporting system by developing the framework.
Earlier, the general secretary of AMSG, Moses Engadu announced plans to hold sideline sessions at the United Nations General Assembly, UNGA, the African Minerals Summit in Kenya and attend the African Natural Resources and Energy Investment Summit in Abuja, Nigeria.
The ministers adopted the code and agreed to facilitate its implementation in their countries.
