Click here to close now.




















Welcome!

News Feed Item

New Framework Clears Path for Transparency in Canada's Mining Sector

Industry and civil society provide recommendations to Canadian governments and securities commissions for responsible development in resource-rich countries

OTTAWA, ONTARIO -- (Marketwired) -- 01/16/14 -- Canadian exploration and mining associations, in collaboration with civil society organizations, have released recommendations for the development of a payment transparency standard for all publicly-traded mining companies in Canada.

Today's launch by the Resource Revenue Transparency Working Group provides Canada's federal and provincial governments, alongside provincial securities commissions, with a blueprint for a payment reporting framework. This framework will better serve the needs of the data's end-users, such as citizens, governments and investors, but also those of the reporting companies.

Government implementation of these recommendations will provide citizens around the world with valuable information about payments from companies to governments in countries that produce minerals. Increased transparency will allow citizens and media to hold their governments to account for the revenues generated from mining activities and help to ensure that these revenues contribute to sustainable development and poverty reduction. For example, the Africa Progress Panel suggests that Africa is home to 30 percent of the world's mineral reserves, yet resource-rich African states still lag in almost all development indicators. Enhanced payment transparency is critical to ensuring that governments mobilize natural resource revenues to fight poverty and promote development.

The proposed standards provide companies with a credible means to demonstrate critical local economic contributions. "Transparency of payments to governments will highlight the financial contributions and benefits that come from resource development," said Ross Gallinger, Executive Director of the Prospectors & Developers Association of Canada (PDAC).

The Working Group-consisting of the Mining Association of Canada (MAC), PDAC, Publish What You Pay-Canada (PWYP-Canada), and the Revenue Watch Institute-developed and finalized the recommendations for Canada's mining sector. These recommendations are the result of more than a year of multi-stakeholder consultations across Canada, and take into account expert guidance and a substantial public comment process.

The release of the working group's recommendations comes seven months after the Canadian government committed to enhance extractive sector payment transparency in the June 2013 run-up to the G8 Summit. The document provides a roadmap for Canada to fulfill its commitment to implement mandatory payment reporting standards for Canada's mining sector.

"In Canada, we have been able to work with industry to find common ground through a unique collaboration, which I hope provides a model for future cooperation," said PWYP-Canada Director Claire Woodside. "Canada now has the opportunity to take this common ground and create a robust payment reporting standard that will see Canada take a much stronger lead on global transparency efforts."

These recommendations would require publicly-traded mining companies in Canada to disclose project- level payments to domestic and foreign governments. The working group recommends that authorities require large mining companies to disclose all payments above $100,000CAD, and venture issuers to disclose payments above $10,000CAD.

The recommendations aim to bring Canada in line with emerging global reporting standards such as those recently passed into law in the United States and European Union.

"The framework is consistent with existing laws in the European Union and the United States and moves us a big step closer to a global standard," said Pierre Gratton, President and CEO of MAC. "A global standard is critical for this type of disclosure to create a level playing field for companies. It is also essential to ensure this data is consistently reported between countries for it to be truly useful to communities who wish to use it to hold their governments accountable for the responsible use of mineral revenues."

Close to 60 percent of the world's mining companies are listed on Canadian stock exchanges, with more than 1,000 companies operating in over 100 countries. "We urge the federal and provincial governments in Canada adopt these recommendations not only to bring the obvious advantages of transparency to Canada, but also because they will benefit so many poor people living in resource-rich, developing nations," said Daniel Kaufmann, President of the Revenue Watch Institute.

For the full text of the recommendations, visit www.pwyp.ca.

About MAC

The Mining Association of Canada is the national organization for the Canadian mining industry. Its members account for most of Canada's production of base and precious metals, uranium, diamonds, metallurgical coal, mined oil sands and industrial minerals and are actively engaged in mineral exploration, mining, smelting, refining and semi-fabrication. Please visit www.mining.ca.

About PDAC

The Prospectors & Developers Association of Canada (PDAC) is a national association representing the mineral exploration and development industry with over 10,000 individual and corporate members. The PDAC exists to promote a responsible, vibrant and sustainable Canadian mineral exploration and development sector. The PDAC encourages leading practices in technical, environmental, safety and social performance in Canada and internationally. The PDAC also hosts the mineral industry's largest annual convention in downtown Toronto. The PDAC 2014 Convention will take place from March 2 to March 5.

About PWYP-Canada

Publish What You Pay Canada is the Canadian coalition of Publish What You Pay, a global network of over 700 civil society organizations united in their call for oil, gas and mining revenues to form the basis for development and improve the lives of citizens in resource-rich countries. Please visit www.pwyp.ca and www.publishwhatyoupay.org.

About Revenue Watch Institute

The Revenue Watch Institute is a non-profit policy institute that promotes the effective, transparent and accountable management of oil, gas and mineral resources for the public good. Through capacity building, technical assistance, research and advocacy, RWI helps countries realize the development benefits of their natural resource wealth. For more information, visit www.revenuewatch.org.

Contacts:
Jessica Draker, Director of Communications
The Mining Association of Canada
+1 613 233 9392 ext. 225
[email protected]

Steve Virtue, Senior Director,
Public Affairs and Communications
Prospectors & Developers Association of Canada
+1 416 362 1969 ext. 225
[email protected]

Claire Woodside, Director
Publish What You Pay-Canada
+1 613 565 0689
[email protected]

Lee Bailey, Director of Communications
Revenue Watch Institute
+1 646 929 9750
+44 (0)7823 442 954
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
It’s been proven time and time again that in tech, diversity drives greater innovation, better team productivity and greater profits and market share. So what can we do in our DevOps teams to embrace diversity and help transform the culture of development and operations into a true “DevOps” team? In her session at DevOps Summit, Stefana Muller, Director, Product Management – Continuous Delivery at CA Technologies, answered that question citing examples, showing how to create opportunities for ...
Any Ops team trying to support a company in today’s cloud-connected world knows that a new way of thinking is required – one just as dramatic than the shift from Ops to DevOps. The diversity of modern operations requires teams to focus their impact on breadth vs. depth. In his session at DevOps Summit, Adam Serediuk, Director of Operations at xMatters, Inc., will discuss the strategic requirements of evolving from Ops to DevOps, and why modern Operations has begun leveraging the “NoOps” approa...
IBM’s Blue Box Cloud, powered by OpenStack, is now available in any of IBM’s globally integrated cloud data centers running SoftLayer infrastructure. Less than 90 days after its acquisition of Blue Box, IBM has integrated its Blue Box Cloud Dedicated private-cloud-as-a-service into its broader portfolio of OpenStack® based solutions. The announcement, made today at the OpenStack Silicon Valley event, further highlights IBM’s continued support to deliver OpenStack solutions across all cloud depl...
In their Live Hack” presentation at 17th Cloud Expo, Stephen Coty and Paul Fletcher, Chief Security Evangelists at Alert Logic, will provide the audience with a chance to see a live demonstration of the common tools cyber attackers use to attack cloud and traditional IT systems. This “Live Hack” uses open source attack tools that are free and available for download by anybody. Attendees will learn where to find and how to operate these tools for the purpose of testing their own IT infrastructu...
Red Hat is investing in Tesora, the number one contributor to OpenStack Trove Database as a Service (DBaaS) also ranked among the top 20 companies contributing to OpenStack overall. Tesora, the company bringing OpenStack Trove Database as a Service (DBaaS) to the enterprise, has announced that Red Hat and others have invested in the company as a part of Tesora's latest funding round. The funding agreement expands on the ongoing collaboration between Tesora and Red Hat, which dates back to Febr...
SYS-CON Events announced today that DataClear Inc. will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The DataClear ‘BlackBox’ is the only solution that moves your PC, browsing and data out of the United States and away from prying (and spying) eyes. Its solution automatically builds you a clean, on-demand, virus free, new virtual cloud based PC outside of the United States, and wipes it clean...
Cloud and datacenter migration innovator AppZero has joined the Microsoft Enterprise Cloud Alliance Program. AppZero is a fast, flexible way to move Windows Server applications from any source machine – physical or virtual – to any destination server, in any cloud or datacenter, using its patented container technology. AppZero’s container is also called a Virtual Application Appliance (VAA). To facilitate Microsoft Azure onboarding, AppZero has two purpose-built offerings: AppZero SP for Azure,...
WSM International, the pioneer and leader in server migration services, has announced an agreement with WHOA.com, a leader in providing secure public, private and hybrid cloud computing services. Under terms of the agreement, WSM will provide migration services to WHOA.com customers to relocate some or all of their applications, digital assets, and other computing workloads to WHOA.com enterprise-class, secure cloud infrastructure. The migration services include detailed evaluation and planning...
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
In 2014, the market witnessed a massive migration to the cloud as enterprises finally overcame their fears of the cloud’s viability, security, etc. Over the past 18 months, AWS, Google and Microsoft have waged an ongoing battle through a wave of price cuts and new features. For IT executives, sorting through all the noise to make the best cloud investment decisions has become daunting. Enterprises can and are moving away from a "one size fits all" cloud approach. The new competitive field has ...
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so the...
Everyone talks about continuous integration and continuous delivery but those are just two ends of the pipeline. In the middle of DevOps is continuous testing (CT), and many organizations are struggling to implement continuous testing effectively. After all, without continuous testing there is no delivery. And Lab-As-A-Service (LaaS) enhances the CT with dynamic on-demand self-serve test topologies. CT together with LAAS make a powerful combination that perfectly serves complex software developm...