In this article we examine the institutional strategies and methods of biodiversity offset calculation employed by two mining companies in Madagascar. Much like the REDD+ mechanisms, these environmental projects are based on past estimations and future predictions, and require validation by international experts. They incorporate a set of standard indicators adapted to the affected habitats, and specially developed units of measurement to demonstrate equivalence. The complex and diverse mitigation portfolios of these companies include aspects of both in-kind and financial compensation, and allow the combination of different types of programs that may be developed directly by the company or delegated to conservation non-governmental organizations (NGOs). Beyond scientific innovations and institutional strategies, the question remains whether or not these mechanisms will lead to new paradigms and players in conservation or simply become incorporated into existing schemes developed by conservation NGOs and national park authorities.