ICMM and EITI publish paper on why contract transparency is so important in the rush to secure critical minerals
London, UK – Today, alongside EITI, we are pleased to share our new brief which looks at both organisations' commitments around contract transparency, the benefits and challenges contract transparency presents countries and companies and considerations for good practice.
Contract transparency is an essential ingredient of good resource governance. The The current rush for critical minerals to achieve a clean energy transition has meant that responsible mineral resource governance is increasingly important. The world will require an acceleration in mining development and increased production to meet this demand. However, this poses the risk that contracts between companies and host countries will be hastily entered into. This could lead to contracts containing terms that do not fairly share risks and rewards and that the fast-tracked process of their negotiation and may be susceptible to corruption by unscrupulous actors or other illegality.