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Transparency of Mineral Reserves
ICMM company members are committed to contributing to the sustainable development of the countries and communities in which they operate. A major focus of ICMM’s work is to explore ways to enhance the development contribution of member companies, by enabling the potential social, economic and institutional benefits of mining to be realized. ICMM considers that transparency of mineral revenues should be integral to such efforts, as outlined in this position statement.
We believe it is important to be transparent in our activities so that communities and other stakeholders have a clear understanding of our payments to governments and our economic contributions overall.
Through our Annual and Sustainability Reports, Teck has a long history of disclosing taxes accrued and paid in accordance with applicable accounting standards and supplementing this with additional voluntary disclosure. For example, we voluntarily provide information on our tax payments in our principal operating countries on a country-by-country basis in our sustainability report and have done so since 2011.
Teck is a member of the Extractive Industries Transparency Initiative (EITI), which is a voluntary global initiative that promotes transparency in payments to governments and revenues for extractive industries.
Our other (or “non-tax”) payments to governments are also reported to the Canadian government by country and on a project-by-project basis as required under the Extractive Sector Transparency Measures Act . Our aims are to clearly disclose our payments to governments and to highlight our role in providing social and economic benefits in the areas where we operate.
We also publish an annual Economic Contributions Report on payments to governments and other economic contributions. This report presents an overview of our tax strategy and governance, and sets out the principles of our tax policy.We provide an analysis of our tax payments by type, country and level of government. We also include additional detail on the value Teck generates for the communities in which we operate through wages, payments to suppliers and contractors, and other economic activities.
This report complements our report under the Extractive Sector Transparency Measures Act (ESTMA), which was released in May 2017 on our website and on the Natural Resources Canada website.
Our work in this area is externally verified by an independent third-party every year. Learn more in our sustainability report.