TIDMPOG
RNS Number : 5572D
Petropavlovsk PLC
30 June 2021
30 June 2021
Petropavlovsk PLC
REPORT ON PAYMENTS TO GOVERNMENTS FOR THE YEAR ENDED 31 DECEMBER
2020
This Report is prepared in accordance with the UK's Reports on
Payments to Governments Regulations 2014 (as amended in December
2015) (the "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.
This Report is prepared on the basis set out below.
1.1. Basis of preparation
Reporting entities
This Report includes payments to governments made by
Petropavlovsk PLC and its subsidiary undertakings (hereinafter,
"Petropavlovsk group"). Payments made by associates of
Petropavlovsk group are excluded from this Report.
Scope of the Report
Disclosure of payments to governments is required in respect of
payments arising from the exploration, discovery, development and
extraction of minerals (extractive activities). The payments
included in this Report relate to gold exploration and mining
activities and exclude payments made by corporate head office
function and in-house service companies. When payments cover both
extractive and processing activities, such payments have been
disclosed in full.
Government
"Government" means any national, regional or local authority of
a country, and includes a department, agency or undertaking that is
a subsidiary undertaking where the authority is the parent
undertaking.
Project
Payments are reported at project level, except for payments that
are not attributable to a specific project which are reported at
entity level. Under the Regulations, project is defined as
operational activities, which are governed by a single contract,
license, lease, concession or similar legal agreement and form the
basis for payment liabilities with a government. If agreements of
this kind are substantially interconnected in operational and
geographical terms and are with substantially similar terms that
are signed with a government, those agreements are treated for the
purposes of this Report as a single project.
Reporting currency
This report is presented in US Dollars which is the presentation
currency for Petropavlovsk group. Payments made in currencies other
than US Dollars are translated based on the average foreign
exchange rates for the year ended 31 December 2020.
Materiality
Under the Regulations, a payment, whether made as a single
payment or as a series of related payments below GBP86,000
(USD118,000) or an equivalent in another currency arrived at by
using relevant average exchange rate for the year ended 31 December
2020, does not need to be disclosed. This de minimus materiality
level has been applied when preparing this Report, however, in some
circumstances payments below the aforementioned threshold may be
voluntarily included.
Type of payments
The payments to governments are required to be reported in the
following categories:
- Production entitlements.
- Taxes levied on income, production or profits of companies (Taxes):
This includes corporation tax payable on taxable profits earned
by the legal entity, mining tax payable based on production volume
and the gold price realised and withholding tax where payable in
respect of income transferred by operating entities to other group
entities.
In accordance with the Regulations, payments made in relation to
taxes levied on consumption such as value added taxes, employer
payroll taxes and tax payments made on behalf of employees of
Petropavlovsk group, property taxes and environmental taxes are not
disclosed in this Report.
- Royalties.
- Dividends.
- Signature, discovery and production bonuses.
- Fees:
This represents licence fees, rental fees, entry fees and other
considerations for licences or concessions.
- Infrastructure improvements:
This represents payments made in respect of infrastructure
expenditure other than in circumstances where the infrastructure is
expected to be primarily dedicated to operational activities
throughout its useful life. The Regulations do not require
reporting social or community payments, such as payments to build a
hospital or a school.
Other
Payments are reported net of refunds and net of offsets against
another payment liability. Payments to governments resulting from
imposition of penalties, fees or interest are not disclosed in this
Report.
1.2. Payments made by country and level of government.
Production Taxes Royalties Dividends Bonuses Fees Infrastructure Total
entitlements improvements payments to
governments
US$' 000 US$' 000 US$' 000 US$' 000 US$' 000 US$' 000 US$' 000 US$' 000
Russia
Federal - 21,769 - - - - - 21,769
Regional -
Amur Region - 67,18 1 - - - 1,872 - 69,05 3
-------------- -------------- --------- ---------- ---------- --------- --------- --------------- ------------
Total - 88,95 0 - - - 1,872 - 90,82 2
-------------- -------------- --------- ---------- ---------- --------- --------- --------------- ------------
1.3. Payments made by project.
Production Taxes Royalties Dividends Bonuses Fees Infrastructure Total
entitlements improvements payments to
government
US$' 000 US$' 000 US$' 000 US$' 000 US$' 000 US$' 000 US$' 000 US$' 000
Pioneer - 21,877 - - - 838 - 22,715
Malom i r - 26,991 - - - 455 - 27,446
Albyn - 40,082 - - - 574 - 40,656
Other - - - - - 5 - 5
----------- --------------- --------- ---------- ---------- --------- --------- --------------- --------------
Total - 88,950 - - - 1,872 - 90,822
----------- --------------- --------- ---------- ---------- --------- --------- --------------- --------------
This Report for Petropavlovsk PLC, registered number 0 4343841,
was approved by the Directors on 29 June 2021 and signed on their
behalf by :
James W. Cameron Jr Denis Alexandrov
Director Director
About Petropavlovsk
Petropavlovsk PLC (LSE: POG. MOEX: POGR) is a major integrated
Russian gold producer with JORC Resources of 19.50Moz Au which
include Reserves of 7.16Moz Au. Following its IPO on the
Alternative Investment Market (AIM) in 2002, Petropavlovsk was
promoted to the London Stock Exchange in 2009, where today it is a
Premium Listed company and a constituent of the FTSE 250, FTSE 350
and FTSE All Share indices. The Company's shares also trade on the
Moscow Exchange and are a constituent of the RTS Index and MOEX
Russia Index.
Petropavlovsk's key operating mines (Pioneer, Malomir and Albyn)
and its Pressure Oxidation (POX) Hub at Pokrovskiy are located in
the Amur Region in the Russian Far East. Petropavlovsk has produced
a total of c.8.3Moz of gold since operations began in 1994 and has
a strong track record of mine development, expansion and asset
optimisation.
Petropavlovsk is one of the region's largest employers and one
of the largest contributors to the sustainable development of the
local economy.
For more information
Please visit www.petropavlovskplc.com or contact:
Petropavlovsk PLC +44 (0) 20 7201 8900
Patrick Pittaway / Max Zaltsman / Viktoriya TeamIR@petropavlovskplc.com
Kim
Hudson Sandler +44 (0) 20 7796 4133
Charlie Jack / Katerina Parker / Elfie Petropavlovsk@hudsonsandler.com
Kent
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