EITI

Extractive Industries Transparency Initiative

What is EITI?

“3.5 billion people live in resource-rich countries. Still, many are not seeing results from extraction of their natural resources. And too often poor governance leaves citizens suffering from conflict and corruption. The EITI was formed to change this.”
eiti.org

EITI was launched in 2002 at the World Summit for Sustainable Development. It aims to address the misuse of revenues derived from exploitation of natural resources that has plagued many resource-rich developing countries. EITI has put in place a reporting system to encourage transparency and accountability in the receipt and use of revenues from extractive industries. EITI supports good governance through the verification and full publication of payments by companies and use of government revenues derived from oil, gas and mining.

Currently 50 countries are EITI compliant and a further three have committed to applying as candidates. Presently Kenya is neither compliant nor a candidate country.

Base Titanium is officially recognised as one of 83 supporting companies.

Statement of Support

Base Titanium adheres strictly to a policy of zero tolerance to all forms of corruption and unethical business practices. Our practices are governed by a series of policies that set the guiding principles in managing the environment, community relationships, occupational health and safety, employment and security. We expressly subscribe to the principles of EITI and its aim to strengthen governance through improving transparency and accountability in the broader extractive industries sector and support and promote its implementation. While Kenya is currently classified as neither a compliant nor candidate country, Base Titanium encourages the Government to adopt the EITI.

Statement of Payments to Government & National Entities

For The Financial Year Ended 30 June 2017 and Cumulative to Date (Stated in USD):

CATEGORY PAID FY 2017 CUMULATIVE
Taxes:
Income Tax 10,736 76,163
Royalties 3,958,570 9,762,769
VAT (Non-refundable) 284,125 1,826,730
Other Payments:
Environmental Bond - 527,196
Pension & Other Contributions 18,335 123,731
Customs Duties 206,455 1,069,625
Licenses, Permits & Rates 170,177 1,032,810
Government Services 35,590 292,040
Utility & Service Charges 9,386,626 36,367,707
Totals 14,070,615 51,078,772