Getting a Better Deal from the Extractive Sector: Appendix VII
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In 2006, the government of Liberia conducted a review and renegotiation of its contracts with the Firestone rubber company and the ArcelorMittal steel company. The resulting amended contracts offered Liberia significant gains in areas from taxes and corporate governance rules to environmental and social issues such as housing and education. The amended contracts were embraced not only by Liberia's legislature and general public, but also by Firestone and ArcelorMittal.
The Revenue Watch report "Getting a Better Deal from the Extractive Sector: Concession Negotiation in Liberia, 2006-2008" demonstrates the need for more equitable terms in natural resource contracts and the pivotal role that the contract process can play in economic recovery and development.
Download and read the full text of the amended ArcelorMittal and Firestone contracts below.
LIBERIA CONTRACTS
- Amended Mineral Development Agreement among the Government of the Republic of Liberia, Mittal Steel (Liberia) Holdings Limited, and Mittal Steel Holdings A.G., December 28, 2006 (pdf, 242 KB)
- Amended and Restated Agreement between the Republic of
Liberia and Firestone Liberia, Inc., March 31, 2008 (pdf, 1MB)
EU Hits Back at Geithner on Regulation - Financial Times
DR Congo: Ex-Rebels Take Over Mineral Trade Extortion Racket - Global Witness
Nigerians Recount the Night of Their Bloody Revenge - The New York Times
Tanzania: Mining Exploitation Has Bright Future - Tanzania Daily News
Mexico Oil Politics Keeps Riches Just Out of Reach - The New York Times
PDAC 2010: Miners Face More Controls - Financial Post (Canada)
Tullow Says Profits Have Been Hit by Falling Oil Prices - BBC
Global Oil and Mining Transparency Initiative Arrives at Key Deadline - Publish What You Pay
Many Countries Failing to Implement Oil and Mining Industry Anti-Corruption Initiative - Oxfam International
Uganda: Pressure Mounts on Government Over Oil - The Monitor
West Africa: Ivory Coast "Battles" Ghana Over Oil - The Chronicle
Ugandan Donors Warn of Aid Cuts, Oil "Curse" - Voice of America News
Ghana: Battle Over Supremacy in Jubilee Field - The Chronicle
Energy Security in Europe: Central Questions - The Economist
IMF Urges Azerbaijan Government to Improve Transparency - Reuters UK
Contracts Confidential: Ending Secret Deals in the Extractive Industries
Contract transparency is sorely needed to improve the management of natural resource wealth. In a new report from RWI, authors Peter Rosenblum and Susan Maples delve into government and private sector objections to contract disclosure and make conclusions about what information may legitimately and reasonably be kept confidential, and how civil society institutions can better confront the challenge of secret deals.
Learn more about the report ...
Drilling Down
This milestone guide from the Revenue Watch Institute provides step-by-step explanations of each phase of EITI implementation and a comprehensive review of extractive industries accounting for civil society readers.
Learn more about Drilling Down ...