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ARTICLE · 11 MARCH 2014

Canadian Government Sets Deadline for Mandatory Resource Extraction Payment Reporting

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Canada's Minister of Natural Resources Joe Oliver took the opportunity to use his keynote speech at this week's Prospectors and Developers Association of Canada ("PDAC") annual conference to signal the Federal Government's commitment to implement mandatory reporting standards for resource extraction companies.

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Canada's Minister of Natural Resources Joe Oliver took the opportunity to use his keynote speech at this week's Prospectors and Developers Association of Canada ("PDAC") annual conference to signal the Federal Government's commitment to implement mandatory reporting standards for resource extraction companies. Earlier this year, PDAC along with industry and several non-governmental organizations (the "Working Group") came out with their suggested regulatory framework, which is summarized here. The Minister's announcement traced the Working Group's report but differed in some notable aspects.

1. $100,000 Payment Threshold for All Companies

Minister Oliver noted his government's mandatory reporting standards would require Canadian resource extraction companies to publicly disclose all payments greater than C$100,000 to all levels of government, both domestically and internationally. This differs from the Working Group's suggested lower $10,000 threshold

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