ArmInfo.Active work is underway in Armenia to create a system for disclosing the real owners of mining enterprises. RA Deputy Prime Minister Tigran Avinyan stated this during a meeting of the multi-beneficiary group of the Extractive Industries Transparency Initiative (EITI).
In this regard, he said that an interdepartmental working group to identify real owners is working on the development of by-laws to ensure the disclosure of real owners.
According to the press service of the government, at the meeting, the participants approved the concept paper "The Approach of the EITI Multi-Beneficial Group to Responsible Mining Industry", which outlines priority directions in terms of introducing a culture of responsible mining industry. According to the report, the meeting also discussed issues related to the first process of international ratification of Armenia in the EITI, the choice of independent administrators for the preparation of the 2nd national report of EITI, etc.
To recall, on March 9, 2017 in the capital of Colombia, Bogota, the application of Armenia for joining the EITI was approved. Thus, the republic became the 52nd country using the global EITI standard. This will lead to transparency in the mining sector and increased accountability to the public. These factors are essential in the context of improving the country's business environment. It should be noted that currently there are on the state balance of mineral reserves more than 670 deposits of solid minerals with confirmed reserves, including 30 metal ones.
To note, EITI is a coalition of government, companies, civil society, investors and international organizations. It was created in 2002 at the initiative of then Prime Minister of Great Britain Tony Blair at the conference on sustainable development in Johannesburg. In 2003, standards were developed and implemented to ensure transparency and accountability. The initiative is to increase transparency and improve the quality of governance in the extractive industries by periodically publishing reports, adhering to standards and strengthening institutional capacity.