Thursday, August 19, 2010

Economic Contributions - 2008 Performance

The economic contribution we make to society is much more than the financial profits we derive. Our contribution includes the value that flows from the broader contributions of our operations, such as payments to our employees and suppliers and disbursements to governments, including taxes and royalties.

The following provides an outline of:

Our Financial Performance
The broader economic contributions we make to society through our Economic Value Generated and Distributed.

Economic Value Generated and Distributed

Economic value generated and distributed, as defined in the Global Reporting Initiative (2006 version), provides an economic profile or context of the reporting organisation and a useful picture of direct monetary value added to regional economies.
The measure includes revenues, operating costs, employee compensation, donations and other community investments, retained earnings, and payments to capital providers and to governments. The breakdown of this amount by category is presented below and shows expenditure by region to help to quantify the regional economic contributions of the Company. Refer table below.

 Extractive Industries Transparency Initiative

The Extractive Industries Transparency Initiative (EITI) is gaining momentum as an international initiative bringing together companies, investors, governments, international financial institutions and civil society to improve disclosure and tracking of revenues in developing countries.

We remain supportive of EITI but note that implementation in the countries where we operate has not yet progressed to the point where an appropriate framework for reporting is in place. We remain committed to constructive engagement with our host governments as they seek to progress implementation.

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