Transparency on tax and royalty payments is key to helping developing countries harness their mineral wealth, a report released by the World Economic Forum said on Monday.

"Some of the worlds poorest countries are rich in mineral resources. Using these resources effectively offers an unmatched opportunity for social and economic transformation," said the study produced by the Geneva-based think tank and the Boston Consulting Group.

Recommendations include publishing data on mining-related tax and royalty payments, and creating local development councils.

"A high proportion of mineral development, particularly in the poorest countries, is conducted under mineral development agreements between governments and companies," said the report.

"Governments should ensure that these documents, and those laying out tax and royalty data, are accessible to the public."

The report also cites effective monitoring and dispute settlement mechanisms as important building blocks.

"The case studies and recommendations will help countries such as ours develop our mineral resources in a fair and responsible manner for all stakeholders," said Mongolian President Tsakhia Elbegdorj in the report.

"Socially as well as environmentally responsible mining is not merely a challenge for the host countries, but it is the prerequisite for sustainable global development."

The study, "A Framework for Advancing Responsible Mineral Development," was produced following consultation with 400 experts from NGOs, governments and mining companies.

"Transparency is essential to ensure prosperity for resource-rich countries, building the trust necessary for effective collaboration among stakeholders," Huguette Labelle, chair of Transparency International, said in a WEF statement on the report.

The report report highlights 22 examples of projects and initiatives in countries such as Mongolia, Liberia, Ghana and Chile.