Rio Tinto Calls for Pro-Growth Measures for the Developing World at Pre-G8 Summit Event
At a pre-G8 summit event on trade, tax and transparency in London tomorrow, Rio Tinto will call for businesses to be more transparent about their tax affairs and will stress the importance of governments taking further steps that encourage growth in the developing world and tackle poverty.
Hosted by UK Prime Minister David Cameron and Deputy Prime Minister Nick Clegg, the event will bring together business, civil society and governments to discuss working to promote and practise fairer trade, proper taxes and more transparent investment in land, minerals, oil and gas.
Rio Tinto chief executive Sam Walsh is participating in the event. He said "Rio Tinto supports the UK Government’s call for a global push on responsible trade and investment to help fuel development and the fight against poverty.
"As a founder member of the Extractive Industries Transparency Initiative and a company that publishes a breakdown of the global taxes we pay every year, we are fully supportive of the efforts to spread this kind of good practice more broadly. This should be pursued in a sensible way, with a clear and consistent global standard for extractive industry tax reporting that keeps the focus on fighting corruption and the burden on business manageable.
“It’s also important to recognise that transparency in tax affairs is not an end in itself. Building the capability of governments to collect and spend tax revenues effectively, as well as maintaining a positive investment climate are both critical for growth. This is an area in which governments in both the developed and developing world, businesses and NGOs can work together to bring real and lasting change.”
Note to editors
Rio Tinto has produced three case studies, available on the Rio Tinto website for the pre-G8 event on:
-Mongolia: Understanding the economic impact of Rio Tinto’s Oyu Tolgoi mine
-Capacity building for tax administrations - Colombia, Mongolia, Guinea
-Rio Tinto Taxes Paid report
About Rio Tinto
Rio Tinto is a leading international mining group headquartered in the UK, combining Rio Tinto plc, a London and New York Stock Exchange listed company, and Rio Tinto Limited, which is listed on the Australian Securities Exchange.
Rio Tinto’s business is finding, mining, and processing mineral resources. Major products are aluminium, copper, diamonds, thermal and metallurgical coal, uranium, gold, industrial minerals (borax, titanium dioxide and salt) and iron ore. Activities span the world and are strongly represented in Australia and North America with significant businesses in Asia, Europe, Africa and South America.
- CASE STUDY: Rio Tinto taxes paid report (pdf 21 KB)
-CASE STUDY: Mongolia: Understanding the economic impact of Rio Tinto’s Oyu Tolgoi mine (pdf 25 KB)
- CASE STUDY: Capacity building for tax administrations (pdf 29 KB)
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