{
 "resource": "Afrimintel Bankability Index — methodology and governance record",
 "index_name": "Afrimintel Bankability Index",
 "index_version": "BI-1.0",
 "status": "published",
 "published": "2026-08-14",
 "effective_from": "2026-08-14",
 "supersedes": null,
 "next_scheduled_review": "2027-02-14",
 "canonical_url": "https://afrimintel.com/bankability-index/",
 "specification_url": "https://afrimintel.com/methodology/bankability-depth-method.html",
 "data_feed": "https://afrimintel.com/api/v1/bankability.json",
 "build_version": "v2.137.51",
 "dataset_version": "v2.137.11",
 "citation": {
  "recommended": "Afrimintel Ltd (2026). Afrimintel Bankability Index, version BI-1.0, published 14 August 2026. https://afrimintel.com/bankability-index/",
  "short": "Afrimintel Bankability Index BI-1.0 (2026)",
  "publisher": "Afrimintel Ltd, Mauritius",
  "editorial_authority": "Nikesh Patel, Editor-in-Chief"
 },
 "scope": {
  "universe": "African mining and critical-minerals assets carried in the Afrimintel deposits layer",
  "rows_in_scope": 159,
  "stated_boundary": "The Index expresses bankability differently by asset stage by design. It is an economic substrate for decision-makers, not a ranking, score, rating, or investment recommendation. No composite bankability number is published, and none should be inferred.",
  "explicit_non_claims": [
   "Not a credit rating and not a substitute for one",
   "Not a ranking or league table of assets",
   "Not an investment recommendation or opinion on any issuer",
   "Not a proprietary forward-curve model or free-cash-flow forecast",
   "npv8_common is a first-order discount-rate restatement, NOT a like-for-like ranking metric and NOT price-normalised"
  ]
 },
 "state_model": {
  "states": [
   "Sourced",
   "Derived",
   "Absent"
  ],
  "rule": "Every published figure is exactly one of three states. There is no fourth published state.",
  "working_tags": {
   "tags": [
    "Pending",
    "Inferred-propagated"
   ],
   "status": "Explicitly NOT part of the three-state model. These are transient verification working-tags surfaced honestly during verification cycles rather than hidden.",
   "governing_rule": "A working-tag is not a resting state. Every Pending item is on a path to Sourced (if the primary confirms) or Absent (if it does not), carries a target verification date in the pending register, and breaches the Correction Velocity SLA if it remains past that date.",
   "register": "https://afrimintel.com/data/sources-verification-log.json",
   "declared_status": "As at 2026-08-14, 6 of 14 queued working-tag items are past their target verification date — a Correction Velocity SLA breach under the platform's own published rule, declared rather than concealed. Reduced from 32 of 38 the same day: credentialed ACLED Explorer sessions closed eighteen admin1 event-count and comparator items, and a public-source verification pass closed four more (AVZ Manono DFS dating; three IEA demand-growth cells). A citation of this Index should treat working-tagged fields as unresolved and check the log for current status."
  }
 },
 "method_summary": {
  "by_stage": {
   "development_pre_fid": "Sourced study economics — post-tax NPV, IRR and capex from the named technical report, with the study's discount rate and price deck stated.",
   "producing": "Sourced operating markers (output, reserve life) plus cost-curve position — C1 for copper, AISC/AIC for gold — cited to operator filings. Project NPV marked Absent-operating: it is the wrong metric for a running mine."
  },
  "cash_margin": "Derived — Sourced commodity price minus Sourced cost position. A two-input derivation, explicitly labelled, not a modelled forecast.",
  "scenario_margin": "Derived — Sourced annual volume x (Sourced scenario price - Sourced unit cost). GROSS operating margin, 100% project basis, pre-royalty/tax/sustaining. Not free cash flow, not attributable.",
  "npv8_common": "Derived — first-order restatement of issuer NPV to a common 8% discount rate via the published level-annuity method, or from issuer rate-sensitivity points where published. Discount-rate-normalised ONLY, never price-normalised. Contested and data-layer-only assets excluded from normalisation by design."
 },
 "depth_disclosure": {
  "principle": "Coverage and depth are published separately and must never be conflated. Breadth of coverage is not a claim of depth.",
  "rows_total": 159,
  "by_depth": {
   "worked-DCF": 2,
   "sourced-study": 2,
   "sourced-headline": 9,
   "operating-markers": 72,
   "screened": 73,
   "absent-stale": 1
  },
  "statement": "Stated precisely, because an inflated depth claim is the defect this section exists to prevent: 4 of 159 rows carry worked or sourced-study depth (2 worked-DCF, 2 sourced-study read to the primary technical report). A further 9 carry sourced-headline economics — a headline figure with a named source, no rebuild. So 13 rows carry asset-level economics of any depth, of which only 4 are worked. The remaining 146 are substrate: 72 operating-marker rows, 73 screened rows, 1 with prior economics withdrawn as superseded. Any citation of the Index must state which depth tier the figure comes from.",
  "worked_or_study_depth": 4,
  "sourced_headline": 9,
  "asset_level_economics_any_depth": 13,
  "substrate": 146
 },
 "governance": {
  "editorial_authority": "Nikesh Patel, Editor-in-Chief, Afrimintel Ltd. Sole editorial authority over the Index method.",
  "amendment_rule": "The method may be amended only by the Editor-in-Chief. Every amendment increments the index_version, is dated, is recorded in change_history below, and is published on the canonical URL before it takes effect on any figure.",
  "non_material_changes": "Clarifications that cannot alter a figure (wording, cross-references, typographic) increment the patch component and are logged without notice period.",
  "correction_sla": "Material corrections 7 business days; non-material 30 days, per the published Quality Standard.",
  "independence": "https://afrimintel.com/methodology/independence/",
  "conflicts": "Afrimintel Ltd is independently owned — no strategic investors, sovereign holdings, or industry-corporate stakeholders. Operators and owners named are public-record parties to public assets; no commercial relationship is implied.",
  "provenance": "The method is pre-existing (Bankability Depth Methodology v1.3, unchanged). The governance regime — amendment authority, publish-before-effect, and material-change disclosure — is newly established by BI-1.0 and was not in force before 2026-08-14. It is a forward commitment, not a description of past practice.",
  "material_change_disclosure": "A change that would alter a published figure's value or state is announced on the audit log at the time of restatement, with the prior value retained and dated. No advance-notice period is claimed at BI-1.0: an untimed commitment that is kept is worth more than a timed one that is missed under a sole-editor operating model. An advance-notice window is a candidate for a later version once the working-tag queue is clear."
 },
 "licensing": {
  "status": "The Index specification and this governance record are published openly and may be cited. Redistribution of the underlying data layer is governed by the platform Terms.",
  "terms": "https://afrimintel.com/terms/",
  "contact": "nikesh@afrimintel.com"
 },
 "change_history": [
  {
   "version": "BI-1.0",
   "date": "2026-08-14",
   "type": "initial formalisation",
   "summary": "First formal publication of the Bankability Index as a versioned, dated, citable object. No change to any deployed figure: this release documents and governs the method already in force, assigns it a version number and citation form, publishes the depth disclosure (13 worked of 159), states the amendment, publish-before-effect and material-change-disclosure rules (untimed by design), and links the working-tag register. Method substance carried forward from Bankability Depth Methodology v1.3. Published against deployed build v2.137.50 / dataset v2.137.9.",
   "figures_changed": 0
  }
 ]
}