Source - LSE Regulatory
RNS Number : 7472H
Centamin PLC
21 March 2024
 

21 March 2023

 

 

Centamin plc

("Centamin" or "the Company")

(LSE:CEY, TSX:CEE)

 

 

 

PAYMENTS TO GOVERNMENT

for the twelve months ended 31 December 2023

 

 

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 EUwide effort to curb corruption and promote transparency in the extractives sector. Their stated objectives are to provide citizens of resourcerich 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 2023 in US dollars *"USD")

 

Type

Note

Jersey & UK

Egypt

Côte d'Ivoire

Total

Profit share


 112,000,000

 112,000,000

Corporate taxes

(i)

3,055,531

20,591

 3,076,122

Royalties


 24,898,044

 24,898,044

Exploration licence fees


452,483

47,446

499,929

Mining and other licence fees


 334,168

334,168

Community investment and donations

(ii)

442,319

 301,069

58,009

 801,398

Other


62,503

62,503



442,319

141,103,797

126,046

141,672,163

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

(ii)   Community investment in Jersey & UK: sponsorship of community and mining sector initiatives.

Community investment in Egypt: investment in community infrastructure and services to the benefit of local communities; philanthropic donations to vulnerable groups; sponsorship of community and mining sector initiatives.

Community investment in Cote d'Ivoire: investment in community infrastructure and services to the benefit of local communities.

 

Payments split by payee during the year ended 31 December 2023 in US$

 

Country / Project

NotE

Payee

Royalties

Profit share

Taxes

License or permit fees

Other

Total

Jersey & UK:


Government

Centamin plc


States of Jersey / HMRC

 


Other payees

442,319

442,319

Egypt:

(i)








Sukari Gold Mine


Arab Republic of Egypt



Egyptian Mineral Resources Authority

24,898,044

112,000,000

136,898,044


Egyptian Tax Authority

 2,951,288

 2,951,288


Other payees

  

 334,168

301,069

 635,236

Egypt:

(ii)







 

Exploration projects


Arab Republic of Egypt


Egyptian Mineral Resources Authority

  

448,163  

 40,866  

489,029

 


Egyptian Tax Authority

 104,243

 104,243



Other payees

  

 4,320

21,637

 25,957

Côte d'Ivoire:








 

Exploration projects

(iii)

Ministry of Mines

47,446

 47,446


Côte d'Ivoire Tax Office

20,591  

20,591  


Other payees

58,009

58,009

 

 

 

24,898,044

112,000,000

3,076,122

834,097

863,900

141,672,163

 

This announcement contains ongoing regulated information.

 

FOR MORE INFORMATION: please visit the website www.centamin.com or contact:

Centamin plc

Michael Stoner, Head of Corporate

investor@centaminplc.com   

FTI Consulting

Ben Brewerton / Sara Powell / Nick Hennis

+442037271000

centamin@fticonsulting.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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