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EITI

Extractive Industries Transparency Initiative (EITI)

The Extractive Industries Transparency Initiative (EITI) is a multi-stakeholder initiative that aims to strengthen governance by improving transparency and accountability in the extractives sector. It is a coalition of governments, companies, investors and international organizations including the European Bank for Reconstruction and Development, a major financial backer of Tirex Resources and the largest private investor in Albania. The EITI supports improved governance in resource-rich countries through the verification and full publication of company payments and government revenues from oil, gas and mining. Further information on the EITI is available at http://eitransparency.org.

Tirex Resources, a first-mover in a new era of mineral exploration and development in Albania, is committed to the principles of EITI. Tirex believes in being pro-active in terms of the environment, community, health, safety, and transparency and as such, the company has proudly and independently implemented EITI procedures within the company's corporate mandate.

Tirex was formed to conduct mineral exploration and development activities in Albania and did not receive any government revenues. The following table is the EITI compliant record of payments made by Tirex Resources to government agencies in Albania for fiscal years ended April 30:

Category 2007 2008 2009 2010
  CAD$ CAD$ CAD$ CAD$
Customs and Import Tariffs 0 40,663 277,910 22,007
Mineral Concession Permits 120,580 137,140 84,413 60,644
Land Use Permits 0 7,791 7,369 6,493
Total 120,580 185,594 369,692 89,144

 

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This page was created on Wed Sep 8, 2010 at 5:09:52 AM Pacific Time.