‘Armenia’s journey towards responsible mining’ – World Bank publishes article

 15:52,

YEREVAN, JUNE 17, ARMENPRESS. Mining raises many issues for communities. What minerals are being developed? Where are the mines? Who owns these mines? What kinds of ore are produced? In what form and to which countries are they exported? Armenia’s accession to the Extractive Industries Transparency Initiative (EITI) helped bring the answer to these kinds of questions and more public and transparent, the World Bank said in an article entitled “Armenia’s Journey Towards Responsible Mining”.

As in many countries, mining can be a sensitive topic in Armenia, the article says. It notes that civil society follows mining developments closely to demand better protection of the environment.

The World Bank says that the Armenian government hoped to improve the management of natural resources by making it more transparent, accountable, and participatory. It grew interested in the EITI and, in 2015, announced its intention to join. “Within a year, Armenia met all the preconditions for joining the EITI, and its membership application was approved in 2017”, it says.

The WB says that the country’s legislation did not ensure full transparency and accountability from the sector. The National Assembly made legislative changes to require the publication of large amounts of financial information, such as tax payment data by companies as well as data on extraction and exports, charitable activities, and socio-economic support projects in communities — reporting this information annually became legally required. This information is reflected in the EITI annual national reports.

According to the article, in 2019, Armenia took on responsibilities beyond the scope of mandatory requirements, which ensured even greater transparency.

“Armenia made remarkable achievements in its implementation of the Standard. At the 2019 EITI Global Conference in Paris, Armenia received the EITI Chair’s Award for implementing the Standard in an innovative and resolute manner, as well as for effective multi-stakeholder governance”, the article says.

“I have personally followed the process with great interest. Armenia has achieved remarkable progress. Out of the 54 countries, Armenia is among the nine that have received the highest possible assessment, and it has only been three and a half years since Armenia began implementing the EITI; in that regard, its accomplishments are really commendable”, Mark Robinson – Director of the EITI International Secretariat, said.

For civil society representatives and journalists, the new requirement to disclose the beneficial owners of metal extracting companies was a unique opportunity, the WB said. In Armenia, it had often been quite difficult to obtain information regarding beneficial ownership, it added.

“Armenia`s success story is ongoing and there is still more that can be done.  Future reforms are going to be geared at mitigating environmental impact. The Government is continuing to develop a strategy for the sector by engaging all interested parties”, the article says.