The Panel challenge in implementing Disclosure of Beneficial Owners limiting access to the registry

Posted on: November 9th, 2023

Tonight's discussions have shed light on the key role of a reliable, accurate, efficient, and updated registry of beneficial ownership in the mining sector. Without this foundation, meaningful discussions on local content remain a puzzle.

Privacy protection poses a challenge in implementing disclosure of beneficial owners, limiting access to the registry. Moreover, companies in the mining sector often lack sufficient understanding of their beneficial owners. Filling out forms, they frequently list shareholders instead of the actual owners, emphasizing the need for improved awareness and compliance.

The panel further, recommends establishing policies and laws that encourage increased investment in research and value addition within the mining sector. This move will not only foster innovation and technological advancements but also enhance the efficiency of mining and processing activities.