Avocet Mining PLC Report on Payment to Governments for 2016 (7967J)
June 30 2017 - 10:34AM
UK Regulatory
TIDMAVM
RNS Number : 7967J
Avocet Mining PLC
30 June 2017
Report on Payment to Governments for 2016
Avocet Mining PLC, ("Avocet" or "the Company"), the West African
focused gold mining and exploration company, has today published
its report on payments to governments for 2016 (the "Report").
This Report provides an overview of the payments to governments
made by Avocet 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.
In accordance with the UK Regulations, this Report includes
payments to government made by Avocet Mining PLC and its subsidiary
undertakings.
This information is substantially a reproduction of information
set out on pages 19-20 of the 2016 Annual Report.
Payments made by Avocet to governments arising from mining and
exploration activities are disclosed in this Report.
Payments included in the report include corporation tax on
profits, fuel tax, land tax, permit taxes on exploration and mining
permits, and royalties on sales of gold and silver.
A number of other important indirect taxes are excluded from
this report, including withholding taxes, VAT, and payroll taxes.
Further details of these payments can be found in the 2016 Annual
Report.
The governments to whom payments listed in this report have been
made are those of the Republic of Burkina Faso, and the Republic of
Guinea.
Avocet has two relevant projects: the Inata/Bélahouro project in
Burkina Faso (which includes the Souma deposit), and the Tri-K
project in Guinea. All costs under Burkina Faso are in respect of
the Inata/Bélahouro project, while those shown under Guinea are
exclusively related to the Tri-K project.
Payments disclosed in this report are shown in US Dollars.
Actual payments have been made in West African CFA for Burkina Faso
and Guinea Francs for Guinea, however have been translated at
average monthly rates.
US$'000 Burkina Faso Guinea Total
------------- ------------- ------- ------
Corporation
tax 232 - 232
Fuel tax 1,441 - 1,441
Land tax 653 11 664
Permit tax - - -
Royalties 4,601 - 4,601
------------- ------- ------
Total 6,927 11 6,938
------------- ------- ------
FOR FURTHER INFORMATION PLEASE CONTACT
Avocet Mining PLC Blytheweigh J.P. Morgan Cazenove
Financial PR Corporate Broker
Boudewijn Wentink, CEO Tim Blythe Michael Wentworth-Stanley
Yolanda Bolleurs, CFO Camilla Horsfall
Megan Ray
+44 20 3709 2570 +44 207 138 3204 +44 20 7742 4000
NOTES TO EDITORS
Avocet Mining PLC ("Avocet" or the "Company") is an unhedged
gold mining and exploration company listed on the London Stock
Exchange (ticker: AVM.L) and the Oslo Børs (ticker: AVM.OL). The
Company's principal activities are gold mining and exploration in
West Africa.
In Burkina Faso the Company owns 90 per cent of the Inata Gold
Mine. The Inata Gold Mine poured its first gold in December 2009
and produced 72,485 ounces of gold in 2016. Other assets in Burkina
Faso include five exploration permits surrounding the Inata Gold
Mine in the broader Bélahouro region. The most advanced of these
projects is Souma, some 20 kilometers from the Inata Gold Mine.
The Company also holds an interest in the Tri-K project in
Guinea. On 22 May 2017, the Company announced that it had completed
its agreement to dispose of 40 per cent of the project to Managem,
a Moroccan group listed on the Casablanca stock exchange, which
will increase upon completion of a bankable feasibility study for a
CIL plant at the site, the incurring of expenditures of at least
US$10 million, and the enlarging of the ore reserve, to 70 per cent
(in the event of an increase of the reserve to 1 million ounce or
more) or 60 per cent (if less than 1 million ounces).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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