TIDMCEY
RNS Number : 9442S
Centamin PLC
22 March 2021
22 March 2021
Centamin plc
("Centamin" or "the Company")
(LSE:CEY, TSX:CEE)
PAYMENTS TO GOVERNMENT
for the twelve months ended 31 December 2020
Centamin mining operations, including exploration projects,
generate economic benefit for the countries and communities where
we operate through payments to government, employee and contractor
wages, payments to suppliers and contractors, vocational training,
community investment and academic investment. We care deeply about
the communities and environments with which we operate. Fundamental
to creating lasting stakeholder relationships is good governance,
including reliable, transparent disclosure.
In accordance with the Payments to Governments Regulations of
2014 (the "Regulations"), this report provides an overview of the
Centamin's payments to governments. Whilst the Regulations are a
part of UK law, and the Company is governed by Jersey law, they are
applicable by virtue of the Company's 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 certain payments they have made to their host
governments in the form of taxes, bonuses, royalties, fees and for
infrastructure improvements. 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
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
GBP86,000 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 MADE to governments made
during the year ended 31 December 2020 in US dollars ("USD")
Type Note Egypt Burkina Faso Côte d'Ivoire Total
================================== ====== ============= ============= =================== =============
Profit share 174,275,000 - - 174,275,000
Corporate taxes (i) 2,292,358 - - 2,292,358
Royalties 23,830,382 - - 23,830,382
Exploration licence fees - 20,823 49,161 69,984
Mining and other licence fees 320,850 1,130,364 - 1,451,214
Infrastructure improvements (ii) 990,877 91,230 885,167 1,967,274
---------------------------------- ------ ------------- ------------- ------------------- -------------
201,709,467 1,242,417 934,328 203,886,211
======================================== ============= ============= =================== =============
(i) In accordance with the Regulations, this figure excludes
taxes levied on consumption such as VAT, payroll, or sales
taxes.
(ii) Community projects in Egypt including financial assistance
to the Egyptian Health Department to respond to the COVID-19
pandemic, donations to the Marsa Alam hospital including laboratory
equipment for COVID testing, assistance to struggling families in
Marsa Alam, contributions towards Eid celebrations in Marsa Alam,
donations to the Marsa Alam Youth Association and refurbishment of
a community square in Marsa Alam.
Community projects in Cote d'Ivoire including supplying
protection PPE to respond to the COVID-19 pandemic and providing
seeds and fetilizers for farmers. Payments also included crop
compensation for lost or damaged crops due to exploration
activities.
Community projects in Burkina Faso including drilling of
boreholes for villages, installation of solar panels, repairs to a
roof and provision of solar lamps at a local high school, building
toilets for local communities and construction of a community
centre to support local women development groups.
Payments split by payee
during the year ended 31 December 2020 in US DOLLARS ("USD")
Country NotE Payee Royalties Profit share Taxes License or Other Total
/ Project permit fees
============= ======= ============ ============ ============= ========== ============ ========== =============
Egypt: (iii)
Arab
Sukari Gold Republic
Mine of Egypt - - - - 650,000 650,000
Egyptian Mineral Resources
Authority 23,830,382 174,275,000 - - - 198,105,382
Egyptian Tax Authority - - 2,292,358 - - 2,292,358
Other payees - - - 320,850 340,877 661,727
---------------------------------- ------------ ------------- ---------- ------------ ---------- -------------
Burkina
Faso:
Konkera Ministry of
Project (iv) Mines - - - 1,130,364 - 1,130,364
-------------
Burkina - - - - - -
Faso Tax
Office
------------- ------- ------------ ------------ ------------- ---------- ------------ ---------- -------------
Burkina
Faso:
Exploration Ministry
projects of Mines - - - 20,823 - 20,823
----------------------
Burkina - - - - - -
Faso Tax
Office
-------------
Other payees - - - - 91,230 91,230
---------------------------------- ------------ ------------- ---------- ------------ ---------- -------------
Côte
d'Ivoire:
Exploration Ministry of
projects (iv) Mines - - - 49,161 - 49,161
-------------
Côte - - - - - -
d'Ivoire
Tax Office
-------------
Other payees - - - - 885,167 885,167
---------------------------------- ------------ ------------- ---------- ------------ ---------- -------------
23,830,382 174,275,000 2,292,358 1,521,197 1,967,274 203,886,211
================================== ============ ============= ========== ============ ========== =============
(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.
(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 single projects each for
the purposes of the Regulations. This is because the licence areas
are operationally and geographically linked.
This announcement contains ongoing regulated information.
FOR MORE INFORMATION: please visit the website www.centamin.com or contact:
Centamin plc Buchanan
Alexandra Barter-Carse, Corporate Communications Bobby Morse / Kelsey Traynor
+44 (0) 7700 713 738 + 44 (0) 20 7466 5000
alexandra.carse@centamin.je centamin@buchanan.uk.com
________________________________________________________________________________________________
Forward-looking Statements
This announcement (including information incorporated by
reference) contains "forward-looking statements" and
"forward-looking information" under applicable securities laws
(collectively, "forward-looking statements"), including statements
with respect to future financial or operating performance.
Generally, these forward-looking statements can be identified by
the use of forward-looking terminology such as "believes",
"expects", "expected", "budgeted", "forecasts" and "anticipates".
Although Centamin believes that the expectations reflected in such
forward-looking statements are reasonable, Centamin can give no
assurance that such expectations will prove to be correct.
Forward-looking statements are prospective in nature and are not
based on historical facts, but rather on current expectations and
projections of the management of Centamin about future events and
are therefore subject to known and unknown risks and uncertainties
which could cause actual results to differ materially from the
future results expressed or implied by the forward-looking
statements. In addition, there are a number of factors that could
cause actual results, performance, achievements or developments to
differ materially from those expressed or implied by such
forward-looking statements; general business, economic,
competitive, political and social uncertainties; the results of
exploration activities and feasibility studies; assumptions in
economic evaluations which prove to be inaccurate; currency
fluctuations; changes in project parameters; future prices of gold
and other metals; possible variations of ore grade or recovery
rates; accidents, labour disputes and other risks of the mining
industry; climatic conditions; political instability; decisions and
regulatory changes enacted by governmental authorities; delays in
obtaining approvals or financing or completing development or
construction activities; and discovery of archaeological ruins.
There can be no assurance that forward-looking statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information or
statements. Forward-looking statements contained herein are made as
of the date of this announcement and the Company disclaims any
obligation to update any forward-looking statement, whether as a
result of new information, future events or results or otherwise.
Accordingly, readers should not place undue reliance on
forward-looking statements.
LEI: 213800PDI9G7OUKLPV84
Company No: 109180
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