Revenue Transparency
Going Beyond the Mine
When managed responsibly, mining can be a significant force in bringing people in developing countries out of poverty, while simultaneously improving health and building communities. To achieve those objectives, however, revenues from mining must be governed and applied appropriately. Transparency assists these efforts by allowing local stakeholders and investors the ability to monitor how such monies are being distributed and spent.How We Engage
Newmont believes that we have a significant role to play in ensuring revenue transparency by publicly disclosing the taxes and royalties that we pay to governments. By being transparent in our dealings with local communities and governments, we will build trust and assurance that our operations are benefiting our local stakeholders. Through our membership in the International Council on Mining & Metals (ICMM) and in support of its position statement, Newmont has committed to:- Endorse the Extractive Industries Transparency Initiative (EITI)
- Engage constructively with countries committed to implementing EITI
- Disclose information on material payments to governments
- Support the public disclosure of mineral revenues at the country level
Adding to our general endorsement of the Initiative, in 2009, we joined the board of the EITI, which sets forth a global standard for transparency in the natural resource industries. Through transparency-building steps such as verifying and publicizing company payments and government revenues from mining, the EITI supports improved governance that builds accountability between governments and stakeholders. In 2010, Ghana became the fifth country to certify under EITI. The EITI validation for Peru was extended into 2011. In addition, Indonesia began pursuing EITI validation in 2010. Newmont has operations in all three countries. Extractive-industry companies operating in the countries undergoing the validation process submit a form that is considered by the EITI Board, along with information submitted by the country demonstrating that the sign-up criteria have been satisfied. Back to top of page
