The Lundin Foundation has become a supporter of the Extractive Industries Transparency Initiative (EITI), joining over 65 mining and oil and gas companies, commodity traders and financial institutions which support the organization. Companies contribute to the international management of the EITI and advance its mission, observing the Expectations for EITI supporting companies.
Thirteen Lundin Group companies are listed in Canada and meet the transparency reporting requirements of the Government of Canada’s Extractive Sector Transparency Measures Act (ESTMA). In addition, Africa Oil, Bluestone Resources, Filo Mining, Josemaria Resources, Lundin Energy, NGEx Minerals and Lundin Gold all have investments in EITI countries and contribute to EITI reporting and processes. Lundin Energy, part of the Lundin Group of companies, has been promoting transparency through the EITI since 2013.
“The Lundin Foundation’s work to create economic opportunities and benefits for local communities is essential to improve the governance of natural resource wealth,” said the EITI’s Executive Director, Mark Robinson.
“We are pleased to welcome the Lundin Foundation to the EITI and look forward to deepening this collaboration.”
Guided by the belief that a country’s natural resources belong to its citizens, the EITI has established a global standard to promote the open and accountable management of oil, gas and mineral resources. The EITI Standard requires the disclosure of information along the extractive industry value chain from the point of extraction, to how revenues make their way through the government, and how they benefit the public.
“The Lundin Foundation and the Lundin companies that we support are committed to transparency, which serves as a building block for fairness, understanding, and strong communities and institutions,” commented Erin Johnston, Managing Director at the Lundin Foundation.
The EITI Standard requires information along the extractive industry value chain from the point of extraction, to how the revenue makes its way through the government, to how it benefits the public. This includes how licenses and contracts are allocated and registered, who are the beneficial owners of those operations, what are the fiscal and legal arrangements, how much is produced, how much is paid, where are those revenues allocated, and what is the contribution to the economy, including employment.
“The Lundin Foundation is proud to support the EITI and will seek out opportunities to assist implementation in EITI countries where Lundin companies have a presence,” Ms Johnston added.
EITI seeks to strengthen public and corporate governance, promote understanding of natural resource management, and provide the data to inform reforms for greater transparency and accountability in the extractives sector. In each of the 54 implementing countries, the EITI is supported by a coalition of government, companies, and civil society.
To learn more about EITI and our support please visit their website.