Guinea’s Ministry of Mines and Geology (MMG) has just released an updated, expanded mining contracts portal. This is the latest milestone in a multi-year journey toward better and more complete online disclosure of agreements critical to the country’s development.
As NRGI gathers data in the effort to improve international benchmarks of national oil company performance and revenue management, figures from Extractive Industries Transparency Initiative reports are proving extremely valuable. This is especially the case in a number of African countries where state companies do not produce detailed financial reports on their own.
Last week the mining industry held the African Mining Indaba, its annual sector meeting in Cape Town. Concurrently, civil society organizations from across the region met for the ninth annual Alternative Mining Indaba (AMI).
Under the new tax system, mining companies that extract metallic or non-metallic minerals are now subject to a 4 percent excise tax on the value of their production—double the previous rate. This excise tax is equivalent to what most countries would label a “royalty” on mineral production. What does this 100 percent increase mean for the sector?
Last week, the government of Ghana followed through on a promise it made in July 2017 by launching a public petroleum register that contains the full texts of petroleum agreements, licenses, permits and authorizations.