PDAC Supports the Government of Canada's Transparency Act

TORONTO, ON--(Marketwired - June 01, 2015) - The Prospectors & Developers Association of Canada (PDAC) welcomes the Government of Canada's Transparency Act, which officially came into force today ( June 1). The Extractive Sector Transparency Measures Act received Royal Assent and was passed into law on December 16, 2014.

"The Act is important to the mineral exploration and development sector as it will highlight the financial contributions and benefits that come from resource development," says Rod Thomas, PDAC President. "The legislation aims to provide companies with reporting standards to help demonstrate economic contributions made to local and national governments."

The PDAC, along with MAC, Publish What You Pay -- Canada and the Natural Resources Governance Institute (formerly the Revenue Watch Institute), have been actively promoting the need for Canada to adopt such a standard since late 2012 when they formed the Resource Revenue Transparency Working Group (RRTWG). In January 2014, the RRTWG released its final recommendations that were intended to provide Canada's federal and provincial governments with a blueprint for a payment reporting framework.

"We recognize the challenges of developing regulations on a tight timeline and appreciate the collaborative efforts the Government of Canada has made throughout the process to work with industry and civil society alike," says Andrew Cheatle, PDAC Executive Director.

The Act was originally tabled on October 23 as part of omnibus legislation, Bill C-43, to establish mandatory reporting requirements for payments made to governments by the Canadian extractive sector, including oil, gas and mining companies. Under the new law, Canadian companies will be required to report taxes, royalties and other payments they make to governments annually.

About the PDAC
The Prospectors & Developers Association of Canada (PDAC) is a national association representing the mineral exploration and development industry. The PDAC has more than 10,000 individual and corporate members, and encourages the highest standards of technical, environmental, safety and social practices in Canada and around the world. The PDAC also hosts the mineral industry's largest annual convention in downtown Toronto. The PDAC 2016 Convention will take place from March 6 to 9.