FOR IMMEDIATE RELEASE
27 June
2017
London & Associated Properties PLC (“LAP”
or the Company”):
Report on Payments to Governments for the year 2016
LAP’s main market quoted subsidiary
company (a subsidiary under IFRS 10), Bisichi Mining plc
(“Bisichi”), in which the Company owns 41.52% of Bisichi’s issued
ordinary share capital, together with its subsidiaries has
issued the following report on Payments to Governments for the
year ended 31 December 2016.
NTRODUCTION
This Report provides an overview of the payments to governments
made by Bisichi Mining plc and its subsidiaries for the year ended
31 December 2016 as required under
the UK Reports on Payments to Governments Regulation 2014 and its
amendment in December 2015 (the UK
Regulations). This Report is also intended to satisfy the
requirements of the Disclosure and Transparency Rules of the
Financial Conduct Authority in the United
Kingdom.
BASIS OF PREPARATION
Reporting entities
This report includes payments to governments made by Bisichi
Mining plc and its subsidiary undertakings (Bisichi Mining).
Payments made by associates and entities over which Bisichi Mining
has joint control are excluded from this report.
Activities
Payments made by Bisichi Mining to governments arising from
activities involving the exploration, prospection, discovery,
development and extraction of minerals (extractive activities) are
to be disclosed in this report.
Government
Government includes any national, regional or local authority of
a country, and includes a department, agency or entity that is a
subsidiary of a government.
Project
Payments that are reported at project level except that payments
that are not attributable to a specific project are reported at
legal entity level. Project is defined as being the operational
activities which are governed by a single contract, or licence
agreement, and form the basis for payment liabilities with a
government.
If agreements of this kind are substantially interconnected
(i.e. forming a set of operationally and geographically integrated
contracts, licenses, leases or concessions) these are treated for
the purposes of these Regulations as a single project. Indicators
of integration include geographic proximity and common operational
management.
Payments
The information is reported under the following payment
types:
Taxes
These are any taxes paid by Bisichi Mining on its income and
profits in accordance with legislation enacted in the applicable
jurisdiction. Payments are reported net of refunds. Value added
tax, personal income taxes, social taxes, property taxes are
excluded.
Royalties
Royalties is any mining royalty payable in the Republic of
South Africa.
Fees
These are any fees and other sums paid as consideration for
acquiring a licence for gaining access to an area where extractive
activities are performed. Administrative government fees that are
not specifically related to the extractive sector are excluded.
Infrastructure improvements.
Payments in kind in the form of infrastructure expenditure other
than in circumstances where the infrastructure is expected to be
primarily dedicated to operational activities throughout its useful
life. UK Regulations do not require reporting social or community
payments, such as payments to build a hospital or a school.
Other types of payments
Other types of payments that are required to be disclosed in
accordance with the UK Regulations but are not relevant to Bisichi
Mining operations are the following:
-
Production entitlements
-
Dividends
Including dividends paid to a government in lieu of production
entitlements or royalties. Dividends paid to a government as an
ordinary shareholder on the same terms as to other ordinary
shareholders and not paid in lieu of production entitlements or
royalties are excluded.
-
Signature, discovery and production bonuses
Payments are reported on a cash basis. No in-kind payments were
made during year ended 31 December
2016.
Materiality Level
In line with the UK Regulations, where a payment or a series of
related payments have not exceeded £86,000 they have not been
disclosed.
During the year ended 31 December
2016 no payments made by Bisichi Mining exceeded this
amount.
Exchange Rate
Relevant payments are made by Bisichi Mining in South African
Rand and for the purpose of this report are translated to UK
Sterling using the annual average exchange rate for the period.
PAYMENTS PER GOVERNMENT 1 |
|
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Government |
|
|
Taxes |
Royalties |
Fees |
Infrastructure improvements |
Total |
|
|
|
|
|
|
|
|
|
|
Republic of South Africa |
|
|
- |
- |
- |
- |
- |
|
Total |
|
|
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
PAYMENTS PER PROJECT |
1 |
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|
Entity |
Project |
Country/
Government |
Taxes |
Royalties |
Fees |
Infrastructure improvements |
Total |
|
|
|
|
- |
- |
- |
- |
- |
|
Black Wattle Colliery (Pty) Ltd |
Black Wattle |
South Africa |
- |
- |
- |
- |
- |
|
Total |
|
|
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- No payment during the period exceeded the £86,000
threshold.
A copy of the report referred to above has been sent to the
National Storage Mechanism and will shortly be available for
viewing at www.morningstar.co.uk/uk/NSM
Ends
For further information, please contact:
Anil Thapar
Company Secretary
London & Associated
Properties PLC
Tel: 020 7415 5000