Canadian mining and exploration companies have reached agreement with non-government organizations in the country that will improve transparency in the mining industry.



According to the Diamond News website, the agreement will obligate the mining industry to disclose payments that are made to the Canadian government. NGO officials believe that this will curtail instances of corruption and bribery in the diamond mining and oil sectors.



“This is a groundbreaking collaboration between the mining industry and NGOs that will likely contribute to new financial reporting requirements for Canadian mining, oil and gas companies,” said Pierre Gratton, the president and CEO of the Mining Association of Canada. “The goal of the framework is to provide citizens of resource-rich countries with the tools they need to achieve accountable, responsible and sound management of natural resources.”



The Canadian agreement is similar to a law passed last month in the U.S., which requires publicly listed oil, gas, and mining companies to report the payments made to all governments on a project-by-project basis.