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 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|
|Pension & Other Contributions||18,335||123,731|
|Licenses, Permits & Rates||170,177||1,032,810|
|Utility & Service Charges||9,386,626||36,367,707|