You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
Disclosing government payments<br />
‘Pay your fair share’,<br />
‘Publish What You Pay’,<br />
‘Extractive Industry<br />
Transparency Initiative’,<br />
‘Dodd-Frank Tax and<br />
Royalty Disclosure Rules’ –<br />
all of these thoughts, ideas<br />
and rules embody similar<br />
concepts: do the payments<br />
mining companies make<br />
to governments contribute<br />
to sustainability, fairness<br />
and transparency?<br />
Various voluntary initiatives<br />
are now in play, followed<br />
by upcoming rules-based<br />
disclosure standards, for<br />
example, in the Dodd-<br />
Frank Act in the US that<br />
was enacted in July 2010.<br />
We have heard from<br />
mining industry leaders<br />
that gathering this data<br />
is difficult.<br />
In what format should the<br />
data be disclosed?<br />
Will this data be<br />
comparable amongst<br />
mining companies and<br />
between countries?<br />
Mining company leaders<br />
face a long road to balance<br />
the consistency and<br />
data integrity aspects<br />
with fair and accurate<br />
disclosures, to accomplish<br />
the transparency that<br />
stakeholders are requesting.<br />
As governments continue to<br />
implement active changes<br />
to laws surrounding<br />
taxation, royalties and<br />
disclosures, mining<br />
companies should continue<br />
to consider political<br />
environments when making<br />
investment decisions. We<br />
expect continuing focus<br />
and discussion to come<br />
in this area in the near<br />
term as mining companies<br />
gather and report, in<br />
varying forms, the data<br />
that stakeholders demand.<br />
<strong>Mine</strong>–<strong>The</strong> <strong>game</strong> <strong>has</strong> <strong>changed</strong> 9
Change language