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10 Feb 2017

Ed Stoddard, Reuters (UK)

Leading mining firms' CEOs say US legal changes won't alter their disclosures on social impacts & governance

Mine bosses say transparency will not be clouded by U.S. rule changes, 9 Feb. 2017

The expected demise of transparency regulations for minerals and oil companies listed in the United States will not cloud the global drive for financial clarity in extractive industries, company executives told Reuters at [the Investing in African Mining Indaba].  Efforts to shine a light on payments such companies make to foreign governments are considered key to eliminating graft, conflict and the so-called resource curse... The administration of U.S. President Donald Trump, however, has begun dismantling such transparency requirements... But companies with European Union and Canadian listings - or which work in countries that have signed up to the voluntary Extractive Industries Transparency Initiative (EITI) - still have to abide by strict disclosure rules, executives say...

[The] chief executive of the International Council on Mining and Metals (ICMM),...Tom Butler ...was critical of the Trump administration's actions, but said they would not derail the broader global push for increased transparency.  "It's disappointing because overall the global trend is in the other direction. The train has left the station," said Butler. [also includes positive statements by CEOs of Gold Fields, Vedanta Resources for maintaining disclosures and avoiding deals with "illegal miners"]

Part of the following timelines

USA: Civil society orgs. oppose deregulation efforts, in particular dismantling of Dodd-Frank Wall Street Reform & Consumer Protection Act

US Congress undoes Dodd-Frank regulations on extractive industry revenue transparency

Publish What You Pay urges oil, gas & mining firms to support US law on disclosure of payments to govts. - statements of support by 13 firms