New Canadian Payment Disclosure Rules For Extractive Industries

On June 12, 2013, the federal government announced its intention to adopt new mandatory reporting standards for payments made to foreign and domestic governments by Canadian extractive companies. Industry organizations, such the Prospectors & Developers Association of Canada (PDAC) and the Mining Association of Canada, as well as a number of Canadian mining companies, have indicated that they support the proposed initiative and believe that Canada's participation in the global movement toward greater transparency is critical. With 65% of the world's public mining issuers listed on the Toronto Stock Exchange and the TSX Venture Exchange, the impact of the Canadian requirements will be broad and influential.