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Mining industry groups back transparency report for payments to government

Wednesday Feb.15/06 - Employees at Inco's Creighton Mine, Shaft #9, one of the company's oldest deep mining nickel and copper projects that sits within the Greater Sudbury Area near the town of Lively, Ontario, . THE CANADIAN PRESS

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.

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