Here comes EITI YE2019, extractive industry transparency....Motto is "Publish what you pay"....which is good, a proven source for reconcile STGO's disclosures.....
https://www.eitimongolia.mn/p/68 .... downloaded appendices section, then jumping to the sheets....
Sheet #1: Looks like Steppe is 100% local company, no information provided in this section....strange
Sheet#7: all field marked "x"...that's not transparent
Sheet#9: Over reported MNT 225.0M....what's that? STGO said we're not paid that amount, Mongolian government said you're paid it.....confused
Sheet#11a: Donation to the local community or local government....nothing there.....But STGO published very nice trailers about how they supporting local community....strange....where that money goes?
Sheet#11b: Supports to NGO's...nothing....means STGO not supporting NGO's
SHeet#12: Great news, STGO paid taxes, MNT 899.0M, & most of it contributed to SHI - social health insurance...good
Sheet#13: Direct donations to the Government of Mongolia.....MNT 275.0M......good but where is local support? Confused again....
Sheet#19: explains local statutory reporting and its auditors....."Suld audit" is the local statutory reporting auditors.....means MNP auditors doesn't support statutory reporting. Only consolidation level, i guess.....This is very bad in terms of transaction level. Because MNP auditors covering only 30% or less of all transactions, cannot give an assurance that Financial statements 100% accurate & follows IFRS/GAAP
Sheet#20a: Actually i didn't catch up information provided in this sheet.....in 2019 STGO removed around 84,800 m3 rock, but plan is "0"....without plan?
so on.....
EITI reports must filled out with high accuracy....Seems STGO doesn't wants all they paid is to be "transparent".....imo