http://www.miningweekly.com/page/americas-home
TORONTO (miningweekly.com) – One of the most searing indictments levelled against the mining industry is that it has consistently short-changed governments, particularly those in developing nations.
The industry’s failure to collectively address this accusation has caused lasting and deep damage to the public’s perception of mining; it has also allowed numerous governments – again, mainly in the developing world – to accrue earnings without having to declare them. At its worst, it has had the potential to facilitate corruption.
MAKING IT MANDATORY
In response, there is now a willingness among many in the Canadian mining sector to make transparent the payments made to governments at all levels.
The US already requires mandatory disclosure by mining companies of payments to government bodies under the Dodd-Frank Act, specifically Section 1504, while the European Union’s (EU’s) legislation in this regard is ongoing. The Extractive Industries Transparency Initiative has also helped point the way.