OTTAWA, June 12, 2013 /CNW/ - The Mining Association of Canada (MAC)
looks forward to working with the Government of Canada in the
development of a mandatory system for the reporting of payments, as
announced by Prime Minister Stephen Harper today on the eve of meetings
of the G-8 Lough Erne Summit in London, United Kingdom.
Last year, MAC signed a Memorandum of Understanding with the Prospectors
and Developers Association of Canada and two NGOs, Publish What You
Pay-Canada and the Revenue Watch Institute, to develop a framework for
the reporting of payments to governments by the mining sector.
The Resource Revenue Transparency Working Group, comprised of the four
organizations, has developed a draft framework, which will be published
in the coming days. The draft framework should assist the Government of
Canada in its efforts to implement a reporting system in Canada.
"Canada's mining industry is fully committed to the principles of
transparency, with several MAC members already reporting payments to
governments on a voluntary basis, or will do so to meet new U.S.
reporting requirements. We are committed to working with the Government
of Canada to develop a similar framework for Canada," stated Pierre
Gratton, MAC's President and CEO.
"Canada has a unique opportunity to help contribute to a consistent,
effective and non-duplicative international reporting standard that
will help resource-rich countries optimize benefits from mining and
avoid government corruption and misuse of resource revenues. Canada's
mining industry is happy to contribute to these efforts," added
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.
SOURCE: Mining Association of Canada (MAC)
For further information:
(613) 233-9392 x225 or email@example.com
(613) 233-9392 x325 or firstname.lastname@example.org