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227. We acknowledge that minerals and metals make a major contribution to the world economy and modern societies. We note that mining industries are important to all countries with mineral resources, in particular developing countries. We also note that mining offers the opportunity to catalyze broad-based economic development, reduce poverty and assist countries in meeting internationally agreed development goals, including the MDGs, when managed effectively and properly. We acknowledge that countries have the sovereign right to develop their mineral resources according to their national priorities, and responsibility regarding the exploitation of resources described in the Rio Principles. We further acknowledge that mining activities should maximize social and economic benefits as well as effectively address negative environmental and social impacts. In this regard, we recognize that governments need strong capacities to develop, manage, and regulate their mining industries in the interest of sustainable development.

228. We recognize the importance of strong and effective legal and regulatory frameworks, policies and practices for the mining sector that deliver economic and social benefits and include effective safeguards that reduce social and environmental impacts as well as conserve biodiversity and ecosystems including during post mining closure. We call on governments and businesses to promote the continuous improvement of accountability and transparency, as well as the effectiveness of the relevant existing mechanisms to prevent the illicit financial flows from mining activities.



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