Freeport-McMoRan has endorsed and committed to support the Extractive Industries Transparency Initiative (EITI) since 2008. EITI is a global standard to promote transparent and accountable management of natural resources. The initiative is a commitment by governments to disclose revenues received and by oil, gas and mining companies to disclose natural resource payments to governments in an annual EITI report. In implementing countries, governments, extractives companies and civil society work together in a multi-stakeholder group forum.
Freeport-McMoRan has significant mining operations in Indonesia and Peru, both of which are EITI implementing countries. Senior-level PTFI and Cerro Verde personnel actively support the in-country EITI processes. In 2017, Freeport-McMoRan was a sponsor at the EITI conference on beneficial ownership in Jakarta, Indonesia, which brought together over 400 delegates from 51 countries. Freeport-McMoRan publicly discloses its material contracts and we support contract transparency in the extractives sector. The payments our company makes to host governments via taxes, royalties and other obligations significantly contribute to national, regional and local development. We believe that increased transparency of natural resource revenues and payments promotes better governance and accountability regarding the distribution of natural resource revenues. In addition to our country-level EITI commitments, our practice is to report annual cash payments to governments, including sub-national payments, in all regions where we conduct business, as presented in the table below.
Click here for a reconciliation of payments to governments presented in the 2017 Key Economic Contributions by Operating Region table and 2016 Cash Payments to Governments tables.
PHOTO DESCRIPTION: Copper concentrate is loaded at Port Amamapare at our Grasberg mining operation in Papua, Indonesia. PTFI is one of the largest taxpayers in Indonesia and has contributed over $60 billion to the country’s GDP since 1992.