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All Mineral Agreements must be made public EITI Report

Apr 28, 2019 News

Guyana’s first report, which was handed over the Extractive Industries Transparency Initiative (EITI) has firmly recommended that all mineral agreements must be made public.
The document notes that this suggestion is in accordance with Requirement 2.4 (a) of the 2016 EITI Standard, which states that implementing countries are encouraged to publicly disclose contracts and licences that provide the terms attached to the exploitation of oil, gas and minerals.
Further to this, the report notes that while the Mining Act (1989) does not include any expressed restrictions on the public disclosure of mineral agreements and licences by the government, mineral agreements are not currently available electronically.
Furthermore, the report states that a common model agreement that provides the standard terms attached to the management of mines does not exist. On this ground, it was recommended that the EITI Secretariat in Guyana maintain an archive of copies of all active mineral agreements is available.
Additionally, it was recommended that the Multi-Stakeholder Group of the local EITI chapter set out a work plan for the publication of all mineral agreements in the mining sector.
The report says that this work plan may include the following: defining how the electronic publication of mineral agreements can be undertaken; the steps required for all mineral agreements to be published electronically and how to make these accessible to the public; a realistic timeline as to when such data could be available; and performing a review of the institutional or practical barriers that may prevent such electronic publication.
EITI AND GUYANA
The EITI is an international body that requires implementing countries publish comprehensive reports, which includes the full disclosure of government revenues from the extractive sector, as well as the disclosure of all material payments made to the government by companies operating in the oil, gas and mining sectors.
The objective of Guyana’s first report is to help in the understanding of the level of contributions of the extractive sector to the economic and social development of the nation in order to improve transparency and good governance at all levels of the extractive industry value chain.
BDO LLP, a United Kingdom (UK) Accountancy and Advisory firm, was appointed as the Independent Administrator to prepare the first GYEITI Report for the year ended 31, December 2017.

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