REG-Bisichi Mining PLC: Report on Payments to Governments <Origin Href="QuoteRef">BISI.L</Origin>

BisichiAnnouncement

28/06/2016 17:15

Bisichi Mining plc 
 
 Report on payments to governments for the year 2015 
 
 Bisichi Mining plc together with its subsidiaries issues the following
report on payments to government for the year ended 31 December 2015. 
 
 INTRODUCTION 
 
 This Report provides an overview of the payments to governments made by
Bisichi Mining plc and its subsidiaries for the year ended 31 December 2015 as
required under the UK Reports on Payments to Governments Regulation 2014 and
its amendment in December 2015 (the UK Regulations). This Report is also
intended to satisfy the requirements of the Disclosure and Transparency Rules
of the Financial Conduct Authority in the United Kingdom. 
 
 BASIS OF PREPARATION 
 
 Reporting entities 
 
 This report includes payments to governments made by Bisichi Mining plc and
its subsidiary undertakings (Bisichi Mining). Payments made by associates and
entities over which Bisichi Mining has joint control are excluded from this
report. 
 
 Activities 
 
 Payments made by Bisichi Mining to governments arising from activities
involving the exploration, prospection, discovery, development and extraction
of minerals (extractive activities) are to be disclosed in this report. 
 
 Government 
 
 Government includes any national, regional or local authority of a country,
and includes a department, agency or entity that is a subsidiary of a
government. 
 
 Project 
 
 Payments that are reported at project level except that payments that are not
attributable to a specific project are reported at legal entity level. Project
is defined as being the operational activities which are governed by a single
contract, or licence agreement, and form the basis for payment liabilities
with a government. 
 
 If agreements of this kind are substantially interconnected (i.e. forming a
set of operationally and geographically integrated contracts, licenses, leases
or concessions) these are treated for the purposes of these Regulations as a
single project. Indicators of integration include geographic proximity and
common operational management. 
 
 Payments 
 
 The information is reported under the following payment types: 
 
 Taxes 
 
 These are any taxes paid by Bisichi Mining on its income and profits in
accordance with legislation enacted in the applicable jurisdiction. Payments
are reported net of refunds. Value added tax, personal income taxes, social
taxes, property taxes are excluded. 
 
 Royalties 
 
 Royalties is any mining royalty payable in the Republic of South Africa. 
 
 Fees 
 
 These are any fees and other sums paid as consideration for acquiring a
licence for gaining access to an area where extractive activities are
performed. Administrative government fees that are not specifically related to
the extractive sector are excluded. 
 
 Infrastructure improvements. 
 
 Payments in kind in the form of infrastructure expenditure other than in
circumstances where the infrastructure is expected to be primarily dedicated
to operational activities throughout its useful life. UK Regulations do not
require reporting social or community payments, such as payments to build a
hospital or a school. 
 
 Other types of payments 
 
 Other types of payments that are required to be disclosed in accordance with
the UK Regulations but are not relevant to Bisichi Mining operations are the
following: 
 
 -           Production entitlements 
 
 -           Dividends 
 
 Including dividends paid to a government in lieu of production entitlements
or royalties. Dividends paid to a government as an ordinary shareholder on the
same terms as to other ordinary shareholders and not paid in lieu of
production entitlements or royalties are excluded. 
 
 -           Signature, discovery and production bonuses 
 
 Payments are reported on a cash basis. No in-kind payments were made during
year ended 31 December 2015. 
 
 Materiality Level 
 
 In line with the UK Regulations, where a payment or a series or related
payments have not exceeded £86,000 they have not been disclosed. 
 
 During the year ended 31 December 2015 no payments made by Bisichi Mining
exceeded this amount. 
 
 Exchange Rate 
 
 Relevant payments are made by Bisichi Mining in South African Rand and for
the purpose of this report are translated to UK Sterling using the annual
average exchange rate for the period. 
 
  PAYMENTS PER GOVERNMENT  1                                                                                                                                                                           
  Government                                                                                                       Taxes    Royalties     Fees       Infrastructure improvements    Total     
                                                                                                                                                                                              
  Republic of South Africa                                                                                           -            -        -                                 -        -       
  Total                                                                                                              -            -        -                                 -        -       
                                                                                                                                                                                              
  PAYMENTS PER PROJECT                                                      1                                                                                                                 
                                                                                                                                                                                              
  Entity                                                                  Project          Country/ Government     Taxes    Royalties     Fees       Infrastructure improvements    Total     
                                                                                                                                                                                              
  Black Wattle Colliery (Pty) Ltd                                         Black Wattle     South Africa              -            -        -                                 -        -       
  Total                                                                                                              -            -        -                                 -        -       
                                                                                                                                                                                                       
 1. 
 No payment during the period exceeded the £86,000 threshold. 
 
 
 A copy of the report referred to above has been sent to the National Storage
Mechanism and will shortly be available for viewing at www.Hemscott.com/nsm.do

 
 For further information, please contact: 
 
 Garrett Casey 
 
 Company Secretary 
 
 Bisichi Mining plc 
 
 Tel: 020 7415 5000 
 
 28 June 2016 
 


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