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LEXPERT 31
cence" or public acceptability of the province's growing
mining industry and its nascent oil and gas sector.
"A rapidly aging Québec population, content with
the status quo, has tended in recent years to be hostile to
new extractive and industrial projects," he explains.
"Experience has shown that local populations, prop-
erly informed of the tangible benefits offered by proj-
ects, are far more likely to support them."
He says that's why the Québec Mineral
Exploration Association wanted all pay-
ments disclosed, with no $100,000
threshold. Such a disclosure law would
more fully demonstrate benefits of the
government's Plan Nord, a policy to pro-
mote mining and infrastructure develop-
ment in Q uébec's vast northern region.
For now, Q uébec and federal disclo-
sure laws cover only minerals, including
oil and gas. But corruption seeks the path
of least resistance and Richer La Flèche
says it's not hard to foresee ESTMA, or
some more inclusively named successor
law, covering any number of other areas. He notes, for
instance, that the EU law also covers forestry.
"Water is going to become one of the world's most
valuable commodities," he says. "I think you can expect
logging or water rights to be covered" in future iterations
of disclosure laws around the world.
"ere's no reason," Cassidy says, "for [transparency]
to be restricted to the extractive sector."
As an aid to clients, Guimond says, associates in her
office have created a table comparing reporting require-
ments in Canada, the UK, EU and US, as well as a six-
step guide to compliance with the Canadian law. For the
most part, she says, publicly traded companies already
have extensive internal controls and accounting systems
in place and ESTMA compliance will be a matter of
fairly minor adjustments. For companies with a June 30
year end, she says, their first ESTMA filings will be due
Nov. 27, 2016. For those with Dec. 31 year ends, their
first reports will be due in May 2017.
"Transparency initiatives in the extractive sector are
not new," Shishler says. She notes that many of the multi-
national mining companies have publicly disclosed pay-
ments to foreign governments for a number of years in
their corporate responsibility documents, while junior
miners oen meet disclosure requirements as part of any
loan from the International Finance Corporation.
Shishler says the definition of a reporting entity could
be interpreted in a way that is "broader than anyone really
intended" and she expects some private companies will
seek exemptive relief on the grounds that reporting obli-
gations will pass to their subsidiaries in the extractive sec-
tor. She says she expects that "guidance will mature over
time to clarify what it is they're trying to capture."
O'Neill, Brendan Goodmans LLP
(416) 849-6017 boneill@goodmans.ca
Mr. O'Neill's practice focuses on cross-border and transnational insolven-
cies and restructurings, bankruptcy-based acquisitions and near-insolvency
investing scenarios. He represents debtors, creditors, committees, bond-
holders and other stakeholders. Counsel on resource restructurings that
include Aurcana, Compton Petroleum, Connacher Oil and Gas, Frontera
Copper, Lone Pine and Pacific Exploration.
Olasker, Patricia L. Davies Ward Phillips
& Vineberg LLP (416) 863-5551 polasker@dwpv.com
Ms. Olasker represents companies and underwriters in the mining sec-
tor, advising on public company M&A transactions, mining joint ventures,
royalty arrangements, foreign investments, mine financing, and both inter-
national and domestic corporate finance, including high-yield debt and
MJDS offerings. She is also an adjunct professor at Osgoode Hall
Law School.
Oliver, Eden M. Bennett Jones LLP
(416) 777-7499 olivere@bennettjones.com
Senior business law advisor and specialist in mining and electricity sec-
tors focused on building successful businesses through sound governance
and diligent, well-executed corporate and commercial transactions, M&A,
financings and restructurings. Advises clients in public and private enter-
prises, financial institutions, lenders, investors, and municipal
and Crown corporations.
Olley, Stuart M. Gowling WLG
(403) 298-1814 Stuart.Olley@gowlingwlg.com
Mr. Olley is co-leader of Gowling WLG's Natural Resources Group and Head
of Business Law in the firm's Calgary office. He holds a Certificate in Min-
ing Law from Osgoode Hall Law School of York University, has experience
in international financings and mergers, including transactions in Africa,
Central and South America and Asia, and advises issuers and underwriters
in many sectors, including mining.
Palm, W. Ian Gowling WLG
(416) 369-7332 ian.palm@gowlingwlg.com
Mr. Palm advises on capital markets and M&A transactions and fund
formation mandates focusing on energy, infrastructure and technology
sectors. Canadian and international clients include pension funds
and PE and infrastructure funds and investors.
Partridge, Michael Goodmans LLP
(416) 597-5498 mpartridge@goodmans.ca
Mr. Partridge's practice focuses on corporate finance, mergers and ac-
quisitions, private-equity transactions and securities law, including in the
areas of mining and natural resources. Clients include Aquila Resources
Inc., Industrias Peñoles, S.A.B. de C.V., a subsidiary of Grupo Bal, Mandalay
Resources Corporation and CE Mining Limited.
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