The Mineral Products Association (MPA) has welcomed the first ever UK Extractive Industries Transparency Initiative Report for 2014. It was published by the Department for Business, Innovation and Skills.
The report contains details about the £3,233 million that the UK government received as revenues from 71 extractive companies in 2014. It also provides a breakdown of revenues from the oil and gas and mining and quarrying sectors, as well as the payments made to the different government agencies.
The Extractive Industries Transparency Initiative (EITI) is an international transparency standard aimed at the mining industry as well as quarrying companies to come out with the payment they make to the government. It also reveals the payments that the different government agencies receive from mining contractors and other mining and quarrying companies so that citizens become aware of the benefits that natural resources offer the country.
The UK EITI is governed by multiple stakeholders, comprising representatives from civil society, the government and the extractive industries. This body has the responsibility to pave the way for the implementation of EITI by creating objectives, keeping stakeholders in the loop, and publishing the transparency report every year.
MPA Chief Executive Nigel Jackson said that after Prime Minister David Cameron announced in 2013 that the UK would be in favour of the global EITI initiative and would implement it in the country, extractive industries in the UK have closely worked with the government as well as civil society to make sure the first ever report was published as scheduled.
Jackson stated that the MPA supported transparency as it believes it to be important for the industry. He believes it would provide information to those who were interested in the activities and contribution of extractive industry and mining contractors.
The MPA, on its own part, regularly publishes sustainability reports for various product groups and the industry as a whole to ensure transparency.