Dele Alake urges African countries to adopt mining report code to boost investor confidence

Dele Alake, minister of solid minerals development, has urged African countries to adopt the Pan-African Resources Reporting Code (PARC) as lack of coordination in reports affect investor confidence.

PARC is a standardised framework developed by the African Union (AU) to ensure credible and transparent public reporting of mineral and energy resources across Africa.

According to a statement on Wednesday by Segun Tomori, the minister’s special assistant on media, Alake spoke during the sixth inter-ministerial meeting of the Africa Minerals Strategy Group (AMSG).

In his remarks, Alake identified the absence of a harmonised and transparent mineral resource reporting system as a key barrier to Africa’s mineral development.

“This inconsistency undermines investor confidence, hinders comparative valuation of assets, and limits access to development financing,” the minister explained.

According to the statement, he asked the ministers to adopt the AMREC–PARC reporting code for both state-led exploration programmes and private sector projects.

He said it would provide a investor-grade foundation for project development, create a unified reporting language, bring African reporting in line with international practices, and boost the credibility of exploration results.

Aside appreciating the efforts of the African Union to elevate the mining reporting system by developing the framework, Tomori said Nani Juwara, the Gambian minister of petroleum, energy and mines, and Abdiwahab Abdi Omar, Somalia’s deputy minister of petroleum and mineral resources adopted the reporting code and pledged to implement it in their respective countries.

Also, Alake encouraged more African mining countries to join the AMSG and announced that Nigeria had completed all procedures for full ratification of the group’s charter, which would be formally signed by President Bola Tinubu.

Alake also updated 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.

‘ALAKE HAS DRAWN GLOBAL ATTENTION TO VALUE ADDITION’

Tomori said Alake also received commendation from the mining ministers for his leadership in guiding the one-year-old group and positioning it for global recognition and collaboration.

“Praising the giant strides of Alake in positioning the AMSG for international recognition and collaboration, the Liberian Minister of Mines and Energy, Wilmot Paye and 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,” he said.

“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, Alake appreciated the commendation, remarking that the success achieved so far was the collective effort of all members.”

The statement added that the minister encouraged more African mining countries to join the AMSG and announced that Nigeria had completed all procedures for full ratification of the group’s charter, which would be formally signed by President Bola Tinubu.

He also updated 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.

Moses Engadu, secretary-general of the group, presented the annual budget and announced plans for side events at the United Nations General Assembly (UNGA), the African Minerals Summit in Kenya, and the African Natural Resources and Energy Investment Summit in Abuja.