Extractive projects can generate substantial revenues for host countries, and discoveries often bring hopes of jobs, development and newfound wealth. But they also generate a range of negative environmental and social effects, which can have direct and significant economic implications.
In Latin America, major governance challenges hinder the positive impact natural resources could have on economic and social development. In this post the authors put forth four priority actions that can shape the region’s extractive sector in the years to come.
NRGI staff invite comment on a new draft consultation briefing about the Extractive Industries Transparency Initiative (EITI) encouragement of “mainstreaming,” which involves a transition away from standalone EITI reports toward meeting EITI requirements through routine and publicly accessible government and company reporting.
Mining subcontractors are important taxpayers and drivers of economic development. But they have not received the same level of attention as mining companies do in terms of transparency, accountability or tax contributions.
At the formal launch of the ResourceContracts.mn contracts portal on 22 April, Mongolia’s deputy minister of mines and heavy industry reaffirmed the country’s commitment to publishing mining and petroleum contracts and announced the public release of over 150 new contracts. After several years of stuttering progress on contract transparency in Mongolia, this is welcome news.
Some oil, gas and mining companies reporting their payments to governments under U.K. law have omitted important elements. Publish What You Pay and NRGI have raised concerns around the omissions, and authorties are taking action.