Friday, September 7, 2012

Canadian Group Working To Increase Transparency In Mining And Exploration

Mines such as this Cricket Resources mine in
Canada provide the US with  critical minerals.
OTTAWA, CANADA (Mining Association of Canada)--On September 6, 2012, a working group of Canadian national-level mining and exploration associations and transparency-focused NGOs announced it has signed a Memorandum of Understanding to improve Canada's transparency in extractive company payments to governments. The group intends to develop a framework for disclosure of payments for Canadian oil and mining companies by June 2013. There is currently no mandatory framework in place in Canada, although many companies participate in voluntary reporting such as EITI. Involved parties state that this working group's collaboration will likely allow citizens, investors, and communities "achieve accountable, responsible and sound management of natural resources." Source: Canada's mining industry joins forces with NGOs to improve transparency (Reliability: Moderate)
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Comment: As the US is 100 percent import-reliant on Canada for such critical minerals as Cesium and Rubidium (Source: USGS), an increase in transparency among Canadian sources would almost certainly improve the risk analysis capacity of American officials and investors.

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