TIDMCEY

RNS Number : 7115C

Centamin PLC

30 June 2016

 
 For immediate release   30 June 2016 
 

Centamin plc ("Centamin" or "the Company")

(LSE:CEY, TSX:CEE)

Report on Payments to Governments

Background

This report provides an overview of the payments the Company and its subsidiaries have made to governments during the year ended 31 December 2015, as required by the Reports on Payments to Governments Regulations 2014 as amended (the Regulations) and DTR 4.3A.

This table has been prepared in accordance with the categories and requirements in the Regulations, as further detailed in the footnotes.

Payments to governments made during the year ended 31 December 2015

 
 Type of           Notes         Egypt   Burkina        Cote   Ethiopia        Total 
  payment                                   Faso    d'Ivoire 
----------------  -------  -----------  --------  ----------  ---------  ----------- 
                                   US$       US$         US$        US$          US$ 
----------------  -------  -----------  --------  ----------  ---------  ----------- 
 Advance 
  on profit 
  share             (i)      5,000,000                                     5,000,000 
----------------  -------  -----------  --------  ----------  ---------  ----------- 
 Corporate 
  taxes             (ii)         8,195                                         8,195 
----------------  -------  -----------  --------  ----------  ---------  ----------- 
 Royalties         (iii)    15,836,592                                    15,836,592 
----------------  -------  -----------  --------  ----------  ---------  ----------- 
 Exploration 
  licence 
  fees                                    29,453      10,071     21,074       60,598 
-------------------------  -----------  --------  ----------  ---------  ----------- 
 Mining and 
  other licence 
  fees                         221,470   662,250                             883,720 
-------------------------  -----------  --------  ----------  ---------  ----------- 
 Infrastructure 
  improvements      (iv)     1,095,868                                     1,095,868 
----------------  -------  -----------  --------  ----------  ---------  ----------- 
 Total              (v)     22,162,125   691,703      10,071     21,074   22,884,973 
----------------  -------  -----------  --------  ----------  ---------  ----------- 
 

(i) With a view to demonstrating goodwill towards the Egyptian government, Centamin (through its subsidiary PGM), has to date made advance payments to the Egyptian Mineral Resources Authority (EMRA) totalling US$28,750,000. US$5,000,000 was made during the 31 December 2015 calendar year. These payments will be netted off against future profit share with EMRA. The net operating revenue surplus, after royalty and cost recovery ("Profit Share") will be split 50:50 between PGM and EMRA, with an additional 10% of proceeds paid to PGM in the first two years of Profit Share and an additional 5% in the following two years. It is expected that there will be Profit Share for the Sukari Gold Mine financial year ending 30 June 2017 based on budgeted production, operating expense forecasts and gold price.

(ii) In accordance with the Regulations, this figure excludes taxes levied on consumption such as VAT, personal income or sales taxes.

   (iii)         Payable to the Egyptian government. 
   (iv)         Construction of power plant and equipment in Marsa Alam, Egypt. 

(v) Other types of payments that are required to be disclosed in accordance with the Regulations include production entitlements; signature, discovery and production bonuses; and dividends. The Company and its subsidiaries did not make any such payments to governments during the year.

This report is available on the Company's website at www.centamin.com/investors/regulatory-news.

Centamin remains committed to increasing its capital investment in the regions in which it operates to ensure that all stakeholders continue to benefit from its operations.

For more information please contact:

 
 Centamin plc                              Buchanan 
  Josef El-Raghy, Chairman                  Bobby Morse 
  Andrew Pardey, Chief Executive Officer    + 44 (0) 20 7466 
  Andy Davidson, Head of Investor           5000 
  Relations 
  (andy.davidson@centamin.je) 
  +44 (0) 1534 828708 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCQKLFLQQFLBBL

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June 30, 2016 02:00 ET (06:00 GMT)

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