TIDMCEY
RNS Number : 4024D
Centamin PLC
31 January 2018
For immediate release 31 January 2018
Centamin plc ("Centamin" or "the Company")
(LSE:CEY, TSX:CEE)
Payments to governments
The Reports on Payments to Governments Regulations (the
"Regulations") came into force on 1 December 2014. Whilst the
Regulations are part of UK law, they apply to the Company by virtue
of its 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 any payments they
have made to their host governments in the form of taxes, bonuses,
royalties, fees and support for infrastructure payments. 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 energy and 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
EUR100,000 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 2017 in US$
Type Notes Egypt Burkina Australia Côte Total
Faso d'Ivoire
------------------------------- ------- ------------ -------- ---------- ---------- ------------
Profit share 111,629,332 - - - 111,629,332
Corporate and indirect taxes (i) 997,048 - 1,550,333 - 2,547,381
Royalties 19,344,126 - - - 19,344,126
Exploration licence fees - 148,267 - 35,253 183,520
Mining and other licence fees 1,057,361 833,666 - - 1,891,027
Infrastructure improvements (ii) 350,000 - - - 350,000
------------------------------- ------- ------------ -------- ---------- ---------- ------------
(iii) 133,377,867 981,933 1,550,333 35,253 135,945,386
--------------------------------------- ------------ -------- ---------- ---------- ------------
(i) In accordance with the Regulations, this figure excludes
taxes levied on consumption such as VAT, personal income or sales
taxes. The Australian tax payment relates to imputed interest on
intercompany loans that were assessable for tax.
(ii) This is the value of a new CT scanner (providing 3D x-rays)
donated to Marsa Alam public hospital near the Sukari mine in
Egypt.
(iii) 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.
Payments split by payee during the year ended 31 December 2017
in US$
Licence
or
Country Notes Payee Royalties Profit Corporate permit Other Total
share and fees
indirect
Taxes
------------- ------- ------------ ----------- ------------ ---------- ---------- ---------- ------------
Egypt:
Sukari Arab
Gold Mine Republic
of Egypt - 111,629,332 - - - 111,629,332
EMRA 19,344,126 - - - - 19,344,126
(v) Egyptian
Tax
Authority - - 997,048- - - 997,048
Other
payees - - - 143,924 1,263,438 1,407,361
---------------------------------- ----------- ------------ ---------- ---------- ---------- ------------
Burkina
Faso:
Konkera (iv) Ministry
project
of Mines - - - 833,666 - 833,666
Burkina
Faso
Tax - - - - - -
Office
------------- ------- ------------ ----------- ------------ ---------- ---------- ---------- ------------
Burkina
Faso:
Exploration Ministry
projects
of Mines - - - 148,267 - 148,267
Burkina
Faso
Tax - - - - - -
Office
------------- ------- ------------ ----------- ------------ ---------- ---------- ---------- ------------
Côte
d'Ivoire:
Exploration (iv) Ministry
projects
of Mines - - - 35,253 - 35,253
Côte
d'Ivoire
Tax - - - - - -
Office
------------- ------- ------------ ----------- ------------ ---------- ---------- ---------- ------------
Australia:
Corporate Australian
Tax
Office - - 1,550,333 - - 1,550,333
---------------------------------- ----------- ------------ ---------- ---------- ---------- ------------
19,344,126 111,629,332 2,547,381 1,161,110 1,263,438 135,945,386
(iv) 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 one project each for the
purposes of the Regulations. This is because the licence areas are
operationally and geographically linked.
(v) Represents payments for withholding tax on foreign suppliers
and stamp duty.
For more information, please contact:
Centamin plc
Andrew Pardey, Chief Executive
Officer
Alexandra Carse, Investor
Relations
info@centamin.com
+44 (0) 1534 828700
BMO Capital Markets
Jeffrey Couch
Thomas Rider
+44 (0) 20 7236 1010
Buchanan
Bobby Morse
Chris Judd
Patrick Hanrahan
+ 44 (0) 20 7466 5000
This announcement contains periodic regulated information.
A copy of this announcement is available on the Company's
website at www.centamin.com
LEI: 213800PDI9G7OUKLPV84
Company No: 109180
This information is provided by RNS
The company news service from the London Stock Exchange
END
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