Mining News

Mining Transparency Coming to Canada

Posted by Alana Wilson on 6/12/2013 11:31:48 AM

By Ken Green

According to the Financial Post, Canadian Prime Minister Stephen Harper has announced that Canada will “establish new, mandatory reporting standards for payments made to foreign and domestic governments by Canadian extractive companies.”

Harper observes that Canada’s decision will have global consequences because Canada has a massive presence in world mining and oil production:

“With 70% of the world’s mining companies listed in Canada, and 70% of the world’s free-enterprise oil located in Canada, our participation will help transform the way industry reports payments worldwide.”

The Post article has some interesting statistics that also emphasize how big a player Canada is in global mining:

Half of the mining that takes place around the world is done by Canadian companies. Sixty per cent of all the world’s mining and exploration companies and 35% of all oil and gas companies are listed on Canadian exchanges.

Of course, the new transparency can’t happen overnight: Canada must first engage in consultation with aboriginal bands to determine how reporting regimes will be structured, and the government must figure out how to enforce reporting requirements. They are also, according to the Post article, seeking to avoid burdening mining companies with excessive paperwork burdens.

The Post article has more interesting discussion of the dynamics of transparency initiatives pending at the upcoming G8 summit. Read the whole thing.




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