The Pan-African Resource Reporting Code.
The Pan-African Resource Reporting Code (PARC) is the AMREC-based code for public reporting for resources under relevant financial and security regulations in Africa. The fundamental purpose of PARC is to promote confidence in shareholders as well as stakeholders and ensure alignment of minerals and energy reporting to the Africa Mining Vision, Agenda 2063, and good social, environmental and economic benefits for Africa.
The relevant constituency that PARC addresses include investors (shareholders) and stakeholders such as local communities, governments, operators, employees, suppliers and professional bodies. Resource reporting under PARC shall be based on the available AMREC mineral inventory information. Only the AMREC classes and sub-classes, with their numerical codes as discussed for each resource type, shall be used for public reporting.
The main principles governing the operation and application of PARC are good social, environmental, and economic benefits, transparency, materiality, competency as called for in the Africa Mining Vision.
a. Good social, environmental and economic benefits: A public report shall contain all the relevant information on how the project will address the social and environmental impacts and contribute to eco-system benefits that are called for in the Agenda 2063, African Mining Vision and Sustainable Development Goals.
b. Transparency: Transparency requires that the reader of a public report be provided with sufficient information, the presentation of which is clear and unambiguous, to understand the report and not to be misled.
c. Materiality: Materiality requires that a public report shall contain all the relevant information which investors and their professional advisers would reasonably require and reasonably expect to find in a public report for the purpose of making a reasoned and balanced judgement regarding the quantities being reported.
d. Competency: Competency requires that the public report shall be based on work that is the responsibility of suitably qualified and experienced persons who are subject to an enforceable professional code of ethics and rules of conduct.
For more details, download a copy the Pan-African Resource Reporting Code below.
