Report: Few resource-rich countries properly manage their natural resources
More than 80 per cent of the world's major mining, oil and gas-producing countries fail to adequately govern the way they extract and manage natural resources, according to an index that tracks accountability and corruption.
Eritrea was the worst performer in the annual index released by the New York-based Natural Resource Governance Institute (NRGI), while Norway ranked top, closely followed by Chile, Britain and Canada.
The index ranked 81 countries according to the transparency and accountability of their oil, gas and mining sectors.
Sixty-six countries were found to be "weak, poor or failing" in their governance of extractive industries, with less than 20 per cent achieving "good" or "satisfactory" overall ratings.
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