KAZ Minerals is a member of the Extractive Industries Transparency Initiative (“EITI”) and believes in the sustainable, transparent and accountable management of natural resources. The Group is committed to supporting the work of the EITI in the countries in which it operates.
The Group reports all payments to governments by country, in line with UK regulations and the European Union Transparency Directive. We conduct business in accordance with our Corporate Values, one of which is integrity.
KAZ Minerals is a responsible developer and operator of mining assets in Kazakhstan, Kyrgyzstan and Russia. We are committed to maintaining high levels of corporate responsibility as we grow our business and share the benefits of natural resource extraction with our key stakeholders.
KAZ Minerals believes that increasing the transparency of tax and royalty payments builds trust, helping governments and local communities to understand the mutual benefits of natural resource extraction, and how that economic value is distributed between the Group’s various stakeholders.
Details of the Group’s economic contribution and payments to governments in 2018 can be found on pages 47-48 (Corporate Responsibility report) and on pages 45-46 (Financial Review) of the 2018 Annual Report and Accounts.
2018 Annual Report
In 2018, KAZ Minerals generated $2,162 million of revenues and distributed $1,441 million of economic value, consisting of $843 million of payments to suppliers and around 14,000 employees, $256 million to providers of capital, $333 million of tax and royalty payments, principally in Kazakhstan and $9 million invested in social projects during the year focused on healthcare, education, infrastructure, culture and sport. Where possible, the Group prioritises local procurement to assist diverse economic growth in the countries in which it operates.
The Group’s Anti-Bribery and Corruption Compliance Programme has been developed in line with the requirements of the UK Bribery Act 2010 across all operations, with relevant clauses included as part of the Group’s standard terms and conditions with suppliers since 2011.
The Group’s Anti-Bribery and Corruption Code, Suppliers’ Charter, Tax Strategy and Non-Facilitation of Tax Evasion Policy set out the standards which the Group upholds in its own activities and that are also expected of its suppliers and contractors.
Anti-bribery and corruption policy
Non-facilitation of tax evasion