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Continental Gold joins the Extractive Industry Transparency Initiative (EITI)
Continental Gold, which is developing the Buriticá project in Western Antioquia, Colombia, will begin to publicly report its payments under the EITI initiative in 2017.
The EITI initiative, in which more than 30 governments are participating, is an international standard for openness around the governance of oil, gas and mineral resources. Governments disclose how much they receive from extractive companies operating in their country and these companies disclose how much they pay. The initiative is led in Colombia by the Ministry of Mines and Energy.
As of 2017, based on EITI methodology, the Company will report payments to the national government on account of, among other things, royalties and taxes; the national government reports on payments it has received. An Independent Administrator reconciles these figures, which are published in an EITI Report.
"Supporting economic governance efforts such as those of EITI is essential to foster open and constructive dialogue between civil society, government and companies regarding the contributions of the extractive sector to sustainable and inclusive development. All Colombians, particularly the neighboring communities of extractive operations, must monitor the administration of the monies paid by companies in the form of taxes and royalties."
President of Continental Gold