OTTAWA – The Canadian mining industry is backing recommendations that publicly traded mining firms report project-level payments to foreign and domestic governments.
The recommendation was included in a report Thursday by a group including the Mining Association of Canada and the Prospectors and Developers Association of Canada.
The group recommended that large mining companies disclose payments over $100,000 and small firms disclose payments of more than $10,000.
The requirement, the group said, will allow the public and investors to have a clear picture of payments that include taxes, royalties, bonuses, dividends, infrastructure payments and transportation and terminal operations fees.
Last summer, Canada adopted a G8 initiative that would require companies to disclose any payments they make to governments.
However, the government is still working on the details of the implementation.