Extractive Industries Transparency Initiative in Mongolia reviewed

Oyundelger 2016-12-21 11:12

Mining

The 15th meeting of the National council on Extractive Industries Transparency Initiative chaired by Prime Minister of Mongolia J.Erdenebat was held in Ulaanbaatar to review the 2015-2016 annual repor

Extractive Industries Transparency Initiative in Mongolia reviewed. The 15th meeting of the National council on Extractive Industries Transparency Initiative chaired by Prime Minister of Mongolia J.Erdenebat was held in Ulaanbaatar to review the 2015-2016 annual report and to consider a number of important issues. The meeting discussed a working plan for 2017, rules of on-line delivery of documents, policy of information access, a road map of making public owners of mining companies who are benefitting from the mineral resources. Currently, EITI Standard is implemented in 51 countries around the world. Each of these countries has to publish an annual EITI Report to disclose information on: contracts and licenses, production, revenue collection, revenue allocation, and social and economic spending and goes through an EITI Validation process at least every three years. Validation serves to assess performance and promote dialogue and learning at the country level. It also safeguards the integrity of the EITI by holding all EITI implementing countries to the same global standard. The Extractive Industries Transparency Initiative (EITI) is a global standard to promote the open and accountable management of extractive resources. It seeks to address the key governance issues in the oil, gas and mining sectors. Mongolia joined the EITI in 2006. The last annual report was the 10 report for Mongolian EITI.