Centamin PLC Report on Payments to Governments (7115C)
June 30 2016 - 02:00AM
UK Regulatory
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
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