Freeport-McMoRan response & statement on repeal of transparency regulations under US Dodd-Frank Act section 1504
Freeport-McMoRan has endorsed and committed to support the Extractive Industries Transparency Initiative (EITI) since 2008. EITI is a global standard to promote transparent and accountable management of natural resources. The initiative is a commitment by governments to disclose revenues received, and by oil, gas and mining companies to disclose natural resource payments to governments in an annual EITI report. In implementing countries, the initiative is supported by governments, extractives companies and civil society working together in a multi-stakeholder group forum.
The payments our company makes to host governments via taxes, royalties and other obligations are a significant contribution to national, regional and local development. We believe that increased transparency of natural resource revenues and payments promotes better governance and accountability regarding the distribution of natural resource revenues. In addition to our country-level EITI commitments, our practice is to report annual material cash payments to governments, including sub-national payments, in all countries where we conduct business.