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Mineral Resource Governance

Mineral resource governance is key to mining’s contribution to sustainable development by ensuring that citizens receive maximum benefit from the development of these natural resources.

Over the next three year we will increase our contribution to and engagement with the Extractives Industry Transparency Initiative (EITI) and other key partners including the Natural Resources Governance Initiative (NRGI) and the Intergovernmental Forum (IGF) to find opportunities to improve international norms. We will also be providing an institutional home for Committee for Mineral Reserves International Reporting Standard (CRIRSCO) to advance standards of reporting mineral deposit estimates and exploration progress.

Issue at a Glance

  • Transforming finite resources into economic growth and social development is best achieved through responsible extraction within effective policy frameworks. With the increasing production of energy transition minerals and metals in jurisdictions more prone to higher levels of corruption and weaker governance structures, ensuring contract transparency and accountability is key for realising the potential of critical resources.
  • Transparent and stable tax regimes enhance social and economic opportunities. And open reporting of company taxes helps civil society to hold governments to account for the mining revenues that have been paid to them. ICMM recognises the value of companies providing country-by-country level financial and tax reporting; consequently, members commit to reporting either their GRI 207-4 or OECD BEPS file by 2025.
  • Many mining-dependent countries have invested time and effort in pursuit of modern legislative frameworks, but implementation often lags behind. ICMM research suggests that stable countries, with lower levels of corruption and a vocal and active civil society, are better positioned to translate natural resources into social progress.
  • Responsible stewards of natural resources accept they have a moral imperative to contribute to social, economic, and institutional development. ICMM’s Mining Principles commit members to applying ethical business practices and sound systems of corporate governance that support sustainable development. This includes the payment and disclosure of tax.

Our Priorities

Collaborate With EITI

Natural resources such as metals and minerals belong to a country’s citizens, and extraction of these resources can lead to economic growth and social development. The Extractive Industries Transparency Initiative (EITI) is dedicated to promoting understanding of natural resource management, strengthening public and corporate governance and accountability, and providing the data to inform policymaking and multi-stakeholder dialogue in the extractive sector. ICMM supports this mission and we are actively working with EITI to support the ongoing development of the initiative’s broader agenda and delivery.

Deepen ICMM’s Engagement With Key Partners

Strong resource governance and, most critically, effective implementation of mining regulations and frameworks, are essential for host countries are realise the potential benefits of mining operations. The mining industry has a central role to play in this as a catalyst for change, supporting effective implementation of the frameworks needed to help deliver the UN SDGs. Towards this end, ICMM is engaging with stakeholders to raise levels of understanding and engagement on mineral resource governance issues. This includes the hosting of an annual roundtable event to connect members with civil society representatives.

Provide an Institutional Home for CRIRSCO

The Committee for Mineral Reserves International Reporting Standard (CRIRSCO) is a volunteer-run international organisation that aims to contribute to the earning and maintaining of the trust of all stakeholders by promoting high standards of reporting of mineral deposit estimates and of exploration progress.

CRIRSCO’s work is important both to society and to ICMM because if companies don’t transparently report their resources and reserves in a standardised matter, stakeholders cannot accurately assess the risks associated with the project, an issue that will likely lead to increased distrust in the mining industry. ICMM is working with CRIRSCO to establish a new institutional home for the organisation, and we are engaging members with its mission.

Convene Tax Experts

Tax is a complex, emotive subject that is increasingly being seen as a sustainability issue. ICMM recognises this and is working to provide a space for member tax experts to share best practice on disclosure, and a platform for members to engage with key policy developments.