Extractive Industries Transparency Initiative (EITI)
Natural resources such as metals and minerals belong to a country’s citizens, and extraction of these resources can and should lead to economic growth and social development in those countries.
All ICMM company members, through their membership, are also EITI supporting companies. Representatives from ICMM member companies sit on the EITI Board and many are active participants on EITI national multi-stakeholder groups.
Our objective
ICMM aims to support and promote the Extractive Industries Transparency Initiative (EITI) as a key mechanism for improving the governance of resource revenues, reducing opportunities for corruption, and enhancing development outcomes in mineral-dependent economies. Through active engagement, ICMM and its members seek to strengthen trust and dialogue between governments, civil society, and business at the country level.
Our approach
Since its launch, EITI has undoubtedly helped to reduce opportunities for corruption. In its requirement for revenue transparency, implementation of the EITI Standard reveals what money has been paid and where it has gone. The concept of contract transparency is designed to show what money should have been paid in relation to particular operations, so that citizens can hold their governments to account for the decisions made on their behalf.
In this way, ICMM believes EITI plays an important not only in reducing corruption, but also in improving development outcomes in mineral-dependent economies. Our members are seeing the benefits through an increase in trust and dialogue between interested parties – be they governments, civil society or business.
In countries that are not EITI compliant, ICMM advocates the constructive engagement of mining companies in appropriate forums to improve the transparency of mineral revenues, in line with ICMM's Position Statement on Transparency of Mineral Revenues.
ICMM and EITI are parties to a Memorandum of Agreement that sets out our mutual desire to advance our shared objectives. We do this by our support of each others’ outreach and communications efforts, taking every opportunity to promote the principles of transparency and good mineral resource governance.