TIDMCEY
RNS Number : 1255N
Centamin PLC
18 May 2020
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014
18 May 2020
Centamin plc
("Centamin" or "the Company")
(LSE:CEY, TSX:CEE)
Payments to Governments Report
for the twelve months ended 31 December 2019
Centamin mining operations, including exploration projects,
generate economic benefit for the countries and communities where
we operate through payments to government, employee and contractor
wages, payments to suppliers and contractors, vocational training,
community investment and academic investment. We care deeply about
the communities and environments with which we operate. Fundamental
to creating lasting stakeholder relationships is good governance,
including reliable, transparent disclosure.
In accordance/compliance with the Payments to Governments
Regulations of 2014 (the "Regulations"), this report provides an
overview of the Centamin's payments to governments. Whilst the
Regulations are a part of UK law, and the Company is governed by
Jersey law, they are applicable by virtue of the Company's listing
on the London Stock Exchange (pursuant to Disclosure and
Transparency Rule 4.3A).
The Regulations require companies active in the extractive
industries to report certain payments they have made to their host
governments in the form of taxes, bonuses, royalties, fees and for
infrastructure improvements. The Regulations implement Chapter 10
of the EU Accounting Directive. The Regulations are part of an EU
-- wide effort to curb corruption and promote transparency in the
extractives sector. Their stated objectives are to provide citizens
of resource -- rich countries with the information they need to
hold their governments to account; and to provide greater insight
(for investors and all other stakeholders) into how the sector
operates and the range of economic contributions that can
result.
The Regulations require disclosure of the following:
a) production entitlements;
b) taxes levied on the income, production or profits of
companies, excluding taxes levied on consumption such as value
added taxes, personal income taxes or sales taxes;
c) royalties;
d) dividends, other than dividends paid to a government as an
ordinary shareholder unless they are paid in lieu of a production
entitlement or royalty;
e) signature, discovery and production bonuses;
f) licence fees, rental fees, entry fees and other
considerations for licences and/or concessions; and
g) payments for infrastructure improvements.
Where a payment or series of related payments do not exceed
GBP86,000 they do not need to be disclosed but, in the interests of
transparency, the Company has included these costs.
The Company is also subject to equivalent Canadian legislation -
the Extractive Sector Transparency Measures Act ("ESTMA") which
came into force on 1 June 2015. Canada's requirements are aligned
with those in the EU Directive and this report is deemed equivalent
for Canadian purposes.
Payments in this report have been disclosed in US dollars, which
is the Company's reporting currency. Where actual payments have
been made in a local currency they have been converted using the
prevailing exchange rate at the time of the payment.
Summary table showing payments to governments made during the
year ended 31 December 2019 in US$
Type Note Egypt Burkina Côte Total
Faso d'Ivoire
-------------------------------- -------- ------------ ---------- ---------- ------------
Profit share 87,075,000 - - 87,075,000
Corporate taxes (i) 2,467,802 - - 2,467,802
Royalties 18,389,686 - - 18,389,686
Exploration licence fees - 249,380 89,262 338,642
Mining and other licence
fees 179,512 824,617 - 1,004,129
Infrastructure improvements (ii) 24,015 70,090 493,456 587,560
108,136,014 1,144,086 582,718 109,862,819
---------------------------------------- ------------ ---------- ---------- ------------
(i) In accordance with the Regulations, this figure excludes
taxes levied on consumption such as VAT, payroll or sales
taxes.
(ii) Community projects in Egypt including financial assistance
to local fire department, contributions towards Ramadan
celebrations and a Ramadan football tournament in Marsa Alam,
computers for a local police station and sponsorship of Marsa Alam
Youth Football Team.
Community projects in Burkina Faso including drilling of
boreholes for villages, installation of toilets and solar panels at
a local high school, funding initiatives of local woman's
development and support groups
Community projects in Cote d'Ivoire including drilling of
boreholes for villages and providing seeds and fertilisers for
farmers.
Payments split by payee during the year ended 31 December 2019
in US$
Country Note Payee Royalties Profit Taxes License Other Total
/ Project share or permit
fees
------------- ------- ------------------- ----------- ----------- ---------- ----------- -------- ------------
Egypt:
Egyptian
Mineral
Sukari Resources
Gold Mine Authority 18,389,686 87,075,000 - - - 105,464,686
----------------------
Egyptian
Tax Authority - - 2,467,802 - - 2,467,802
Other payees - - - 179,512 24,015 203,526
----------------------------------------- ----------- ----------- ---------- ----------- -------- ------------
Burkina
Faso:
Konkera Ministry
Project (iii) of Mines - - - 824,617 - 824,617
-------------
Burkina Faso
Tax Office - - - - - -
------------- ------- ------------------- ----------- ----------- ---------- ----------- -------- ------------
Burkina
Faso:
Exploration Ministry
projects of Mines - - - 247,329 - 247,329
----------------------
Burkina Faso
Tax Office - - - - - -
-------------
Other payees - - - 2,051 70,090 72,140
----------------------------------------- ----------- ----------- ---------- ----------- -------- ------------
Côte
d'Ivoire:
Exploration Ministry
projects (iii) of Mines - - - 89,262 - 89,262
-------------
Côte
d'Ivoire
Tax Office - - - - - -
-------------
Other payees 493,456 493,456
----------------------------------------- ----------- ----------- ---------- ----------- -------- ------------
18,389,686 87,075,000 2,467,802 1,342,771 587,560 109,862,819
----------------------------------------- ----------- ----------- ---------- ----------- -------- ------------
(iii) In accordance with the definition of 'project' in the
Regulations, the Company treats its exploration licence holding
areas in Côte d'Ivoire and Burkina Faso as single projects each for
the purposes of the Regulations. This is because the licence areas
are operationally and geographically linked.
_____________________________________________________________________________________
For more information, please visit the website www.centamin.com or contact:
Centamin plc Buchanan
Alexandra Carse, Investor Relations Bobby Morse
+44 (0) 7700 713 738 Chris Judd
alexandra.carse@centamin.je Kelsey Traynor
+ 44 (0) 20 7466 5000
centamin@buchanan.uk.com
____________________________________________________________________________________
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END
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