Canadian Mining Industry Groups Release Recommendations For Payment Transparency Disclosure

In 2013, Prime Minister Stephen Harper adopted a G8 initiative towards payment transparency in Canada's resource extraction industries. In an attempt to provide the framework of choice to meet the Government's objective, the Resource Revenue Transparency Working Group (the "Working Group") has released its recommendations for a framework of transparency disclosure rules regarding the mining industry (the "Recommendations"). The Working Group includes the Mining Association of Canada, the Prospectors and Developers Association of Canada, Publish What You Pay Canada and the Revenue Watch Institute. In short, the Working Group recommends that provincial securities commissions adopt a framework requiring all reporting issuers to disclose project-level payments made to domestic and foreign governments. This article summarizes the Working Group's Recommendations and provides readers with an understanding as to their effect on and use for public mining companies going forward.