Pan African Resource Reporting Code
The Pan-African Resource Reporting Code (PARC) is a standardized framework for public reporting of African mineral and energy resources.[1] Developed under the auspices of the African Minerals Development Centre (AMDC), PARC aims to enhance transparency, consistency, and competence in the certification and reporting processes within the African mining sector.
History
PARC was developed as part of the African Minerals and Energy Resources Classification and Management System (AMREC), a tool designed to implement the Africa Mining Vision (AMV). The AMV, adopted by African Heads of State in 2009, seeks to optimize the utilization of Africa's mineral resources for sustainable development. The policy document for AMREC/PARC was approved by the African Union's Special Technical Committee in September 2021 and was subsequently endorsed by the Executive Council in February 2022.
Objectives
The primary objectives of PARC include:
- Standardizing the reporting processes for mineral and energy resources in Africa.
- Enhancing investor confidence by promoting transparency and consistency.
- Aligning resource reporting with the social, environmental, and economic goals outlined in the AMV and Agenda 2063.
Governance and structure
PARC is governed by the AMDC, with oversight provided by a dedicated PARC Assessment Committee. This committee ensures adherence to the standards and principles outlined in the code and is also responsible for accrediting Competent Persons (CPs) and Recognized Professional Organizations (RPOs) that meet PARC's stringent requirements.