Newmont’s long-standing practice of transparently reporting tax and royalty payments in the countries where we operate is anchored in our commitment to the Extractive Industries Transparency Initiative (EITI). Newmont became a founding participant of the EITI – along with the Publish What You Pay (PWYP) campaign – in 2003.
The EITI is a coalition of governments, companies, investors, civil society groups, and international organizations whose goal is to promote improved governance and transparency surrounding payments by resource companies to governments, as well as transparently reporting on how governments allocate those revenues.
In addition to publicly disclosing the tax and royalty payments made to governments, Newmont has actively encouraged the countries in which we operate – including the United States – to join and abide by the obligations associated with EITI membership. Newmont also is a member of the U.S. EITI Multi-Stakeholder Group working to establish the framework for the U.S. to join the EITI.
When countries and companies commit to greater revenue transparency, everyone benefits because:
- Citizens receive reliable information that holds the government and companies accountable for the revenues generated from resource activities in their communities;
- Countries strengthen accountability and governance, which promotes economic and political stability; and
- Companies, such as Newmont, are able to mitigate political and reputational risk.
Newmont believes that revenue transparency is essential to generating long-term value. Building broader awareness of how taxes and royalties are spent in-country – and how much is paid – can provide greater clarity around the economic and social benefits natural resource development can bring to local communities. In addition, reporting those revenues according to internationally accepted standards makes that information more credible and accessible to all stakeholders.
For more information on Newmont’s commitment to revenue transparency, please visit our annual sustainability report Beyond the Mine.