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Mongolia acts to prevent improper ties between mines and government |
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Tuesday, 04 March 2008 |
 As it seeks wider participation
in international community, Mongolia has pledged to increase transparency
in how the mining sector interacts with the government.
Mongolia is now working with
the Extractive Industry Transparencies Initiative (EITI), a London-based
group which assists governments in creating systems to maintain professional
governments while also managing domestic oil, gas and mining industries.
Mongolia is seeking to become
a candidate country prior to joining the EITI. Following acceptance
of certain criteria, Mongolia will move towards membership in the group.
Those criteria include:
· Revenues received by government
and payments given by corporations should be published regularly. The
publications should be accessible and comprehensible to a ‘wide audience.’
· Independent auditing and
reconciling of payments and revenues are to be conducted, following
international auditing standards.
· Host governments will create
a work plan for the above with mandatory assistance from international
financial institutions. The work plan should have a timetable for implementation
and assessment of limiting factors.
Other countries, besides Mongolia,
seeking EITI membership include Azerbaijan, Kazakhstan, the Kyrgyz Republic
and Timor Leste.
 Comments (1) | |
1. Written by roydongen, on 2008-03-04 22:59:06, IP: 202.180.218.26
A very wise decision which will lead to more international and national trust in the local authorities and which will lead to a transparent use of the revenues for the Mongolian people. |
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