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RAPAPORT... The Mining Association of Canada (MAC) and the Prospectors & Developers Association of Canada (PDAC) applauded Canada's mines ministers support for enhanced transparency of mining sector payments to regional and foreign governments. MAC and the PDAC have been actively promoting the need for Canada to adopt transparency standards since late 2012 when the groups joined Publish What You Pay-Canada and the Natural Resources Governance Institute (formerly the Revenue Watch Institute) — in what's known as the Resource Revenue Transparency Working Group (RRTWG). "We welcome the broad support that federal and provincial mines ministers have given to improving the transparency of mining revenue paid to governments at home and abroad and we look forward to working with all levels of government on this important initiative," said Pierre Gratton, the president and CEO of MAC. "We are also encouraged to learn that some provinces are considering implementing transparency through their securities regulators, which would bring Canada in line with how similar standards in the U.S. and European Union are structured." Rod Thomas, the president of PDAC, added, "The Canadian mineral industry generates significant economic opportunities for communities at home and abroad, ranging from jobs and training to royalty and tax revenue. Improved transparency on revenue paid will help increase accountability and ensure that the benefits of resource development reach the more than one billion people living in resource-rich countries." In January 2014, the RRTWG provided Canada's federal and provincial governments with a blueprint for a payment reporting framework that would serve the needs of citizens, governments and investors, but also those of the reporting companies. In terms of implementation, the groups also noted that provincial governments and securities regulators were best at creating laws and regulations that require all publicly-traded mining companies in Canada to make public the payments they make to governments. The federal government, through the Natural Resources Canada, has been developing a federal framework strongly aligned with the RRTWG's recommendations to address any gaps in provincial coverage as well as ensure inclusion of privately-held companies. MAC and PDAC noted that the federal government will defer reporting of industry payments to Aboriginal governments and will continue to engage Aboriginal communities, which is also inline with RRTWG's goals.
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