Mozambique: A step forward in promoting extractive industries transparency

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Mozambique: A step forward in promoting extractive industries transparency

3:37 CAT | 22 Nov 2022

File photo: IMD Mozambique

Mozambique has taken a step forward in promoting transparency in the extractive sector, by including the entities that actually benefit from the exploitation of natural resources in the assessments of this sector,” said last Friday, 18 November, a government source.

“The Extractive Industries Transparency Initiative (EITI) requires all member countries to disclose the owners of contracts and companies operating in the extractive industry, and we have made this survey,” said the EITI national coordinator in Mozambique, Isabel Chuvambe.

She was speaking to journalists at the end of a seminar to disseminate the 10th EITI report, held in the city of Xai-Xai, capital of southern Gaza province.

The inclusion of entities that take advantage of the exploitation of extractive resources in Mozambique – technically known as effective beneficiaries – will be part of the ongoing assessment by the international secretariat on extractive transparency, which is based in Oslo, Chuvambe said.

“We did a survey at the Legal Entities Registry Office and brought in the figure of the legal or effective beneficiary,” he said.

The provision of information about the recipients of profits resulting from the exploitation of natural resources aims to combat illicit practices, including corruption, he added.

The EITI national coordinator noted that as part of improving transparency in the extractive sector, the Mozambican report also started to include information on corporate social responsibility actions, job opportunities created and environmental policy.

Chuvambe said that coordination between relevant institutions in promoting transparency in the extractive industry has also made progress.

This progress, she said, has ensured access to information that attests to the compliance of companies in the industry with Mozambican legislation.

Chuvambe said that a mission of the EITI international secretariat will be in Mozambique in December for the third assessment of the country’s compliance with international standards on transparency in the extractive industry.

Source: Diario Económico