Maputo, Mozambique — 03 January 2013 – The difference between the payments made in 2010 by mining companies operating in Mozambique, and those received by the Mozambican state, is less than 1% of the total owed to the State.

Macauhub News Agency reports that, cited by daily newspaper Notícias, deputy mining resources minister Abdul Razak added that the commission charged with reconciliation of the figures was working on finding out the reasons for the difference in the amount owed and the amount paid.

He noted, however, that the difference that had been calculated was not a concern “’ especially because the Extractive Industry Transparency Initiative (EITI) sets a maximum of 3% for potential differences that require reconciliation.

EITI is an international initiative to promote the transparency of governments and companies involved in the extractive industry. Mozambique voluntarily joined the EITI in 2009 and has so far published two reports to disclose payments and revenues in the extractive sector, the first of which was for the 2008 financial year and the second for 2009.

At a meeting in October of last year, the EITI board of directors deemed that Mozambique was in compliance with the initiative.

EITI compliance status means that the country has successfully concluded the process of annual reconciliation of all its extractive industry revenues, providing information to Mozambican citizens about how much the country received from the industry.

The third reconciliation document, for 2010, covered 46 companies, of which 34 are mining companies and the remainder operate in the oil sector.

Source: Macauhub News Agency. For more information, click here.