TIDMCEY
RNS Number : 1158T
Centamin PLC
16 March 2023
16 March 2023
Centamin plc
("Centamin" or "the Company")
LSE: CEY / TSX: CEE
payments to government
audited results for the twelve months ended 31 December 2022
Centamin's 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 2022 in US dollars ("USD")
Type Note Egypt Burkina Faso Côte d'Ivoire Total
==================================== ====== ============ ============= =================== ============
Profit share 35,492,459 - - 35,492,459
Corporate taxes (i) 2,610,782 - - 2,610,782
Royalties 22,445,810 - - 22,445,810
Exploration licence fees - 4,504 301,780 306,284
Mining and other licence fees 424,465 677,895 - 1,092,747
Community investment and donations (ii) 492,963 - 93,352 594,830
------------------------------------ ------ ------------ ------------- ------------------- ------------
61,466,479 682,400 395,132 62,544,010
=========================================== ============ ============= =================== ============
(i) In accordance with the Regulations, this figure excludes
taxes levied on consumption such as VAT, payroll, or sales
taxes.
(ii) Community investment in Egypt: Renovation for the Marsa
Alam youth centre, karate playground and kids play area facilities,
donation of medical equipment for Marsa Alam hospital, purchase of
sewing machines and fabric for the Marsa Alam community and support
for other community development initiatives..
Community investment in Cote d'Ivoire: Community HIV awareness
programs, new boreholes and rehabilitation of old boreholes for
community water needs, supporting local football tournament and
other community engagement initiatives
Payments split by payee
during the year ended 31 December 2022 in USD
Country License or
/ Project NotE Payee Royalties Profit share Taxes permit fees Other Total
============= ======= ============== =========== ============= ========== ============== ======== ============
Egypt: (iii)
Sukari Gold Arab Republic
Mine of Egypt - - - - - -
Egyptian Mineral Resources
Authority 22,445,810 35,492,459 - - - 57,938,269
Egyptian Tax Authority - - 2,610,782 - - 2,610,782
Other payees - - - 424,465 492,963 917,428
------------------------------------ ----------- ------------- ---------- -------------- -------- ------------
Burkina
Faso:
Konkera Ministry of
Project (iv) Mines - - - 668,282 - 668,282
Burkina Faso
Tax Office - - - - - -
Other payees - - - - 1,099 1,099
------------------------------------ ----------- ------------- ---------- -------------- -------- ------------
Burkina
Faso:
Exploration Ministry of
projects Mines - - - 4,504 - 4,504
----------------------
Burkina Faso
Tax Office - - - - - -
-------------
Other payees - - - - 8,515 8,515
------------------------------------ ----------- ------------- ---------- -------------- -------- ------------
Côte
d'Ivoire:
Exploration Ministry of
projects (iv) Mines - - - 301,780 - 301,780
-------------
Côte
d'Ivoire Tax
Office - - - - - -
-------------
Other payees - - - - 93,352 93,352
------------------------------------ ----------- ------------- ---------- -------------- -------- ------------
22,445,810 35,492,459 2,610,782 1,399,031 595,928 62,544,010
==================================== =========== ============= ========== ============== ======== ============
(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.
About Centamin
Centamin is an established gold producer, with premium listings
on the London Stock Exchange and Toronto Stock Exchange. Following
a period of 'reset' including a significant refresh of the Board
and management team, the Company is now entering a growth phase,
balanced with stakeholder returns. The Company's flagship asset is
the Sukari Gold Mine ("Sukari"), Egypt's largest and first modern
gold mine, as well as one of the world's largest producing mines.
Since production began in 2009 Sukari has produced over 5 million
ounces of gold, and today has 6.0Moz in gold Mineral Reserves.
Through its large portfolio of exploration assets in Egypt and Côte
d'Ivoire, Centamin is advancing an active pipeline of future growth
prospects, including the Doropo project in Côte d'Ivoire, and has
over 3,000km(2) of highly prospective exploration ground in Egypt's
Nubian Shield.
Centamin practices responsible mining activities, recognising
its responsibility to deliver operational and financial performance
and create lasting mutual benefit for all stakeholders through good
corporate citizenship, including but not limited to in 2022,
achieving new safety records (8 million hours LTI-free),
commissioning of the largest hybrid solar farm for a gold mine
(Sukari 36MW(DC) solar plant), sustaining a 96% Egyptian workforce
and a 68% Egyptian supply chain at Sukari.
FOR MORE INFORMATION please visit the website www.centamin.com
or contact:
Centamin plc FTI Consulting
Alexandra Barter-Carse, Head of Corporate Ben Brewerton / Sara Powell
Communications / Nick Hennis
investor@centaminplc.c om +442037271000
centamin@fticonsulting.com
------------------------------------------- -----------------------------
LEI: 213800PDI9G7OUKLPV84
Company No: 109180
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March 16, 2023 03:02 ET (07:02 GMT)
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