REG - Fresnillo Plc - Report on Payments to Governments
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RNS Number : 6677N Fresnillo PLC 20 June 2025
Fresnillo plc
21 Upper Brook Street
London W1K 7PY
United Kingdom
www.fresnilloplc.com (http://www.fresnilloplc.com)
20 June 2025
Fresnillo plc - Report on Payments to Governments for the year 2024
Background
This Report provides an overview of the payments to governments made by
Fresnillo plc and its subsidiaries for the year ended 31 December 2024 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.
This Report is available for download from
http://www.fresnilloplc.com/investor-relations/regulatory-announcements/
(http://www.fresnilloplc.com/investor-relations/regulatory-announcements/)
The 'Basis of Preparation' section below contains information about the
content of the Report, the types of payments included, and the principles that
have been applied in preparing the Report.
Basis for preparation - Report on Payments to Governments for the year 2024
Reporting entities
Under the UK Regulations, this Report includes payments to the government made
by Fresnillo plc and its subsidiary undertakings (Fresnillo).
Activities
Payments made by Fresnillo to governments arising from activities involving
the exploration, prospection, discovery, development, and extraction of
minerals (extractive activities) are disclosed in this Report. When payments
cover both extractive and processing activities and cannot be split, the
payment has been disclosed in full.
Government
Government includes any national, regional, or local authority of a country to
which Fresnillo has made a payment related to these regulations, and any
department, agency, or entity controlled by such authority.
Project
Payments are reported at the project level, except for payments that are not
attributable to a specific project, which are reported at the entity level.
Within the UK Regulations, a project is defined as the operational activities
governed by a single contract, licence, lease, concession, or a similar legal
agreement, and forms 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 these Regulations as a single project.
Indicators of integration include geographic proximity and common operational
management. For some payments that cannot be attributed to a specific project,
they were indicated at an entity level.
Materiality
In line with the UK Regulations, where a payment or a series of related
payments have not exceeded £86,000 (US$109,908 1 (#_ftn1) ), they have not
been disclosed.
Reporting currency
Payments disclosed in this report have been disclosed in US Dollars. Where
actual payments have been made in a currency other than US Dollars, i.e.
Mexican pesos (MXN), they have been translated using the annual average
exchange rate MXN / USD issued by The Central Bank of Mexico 2 (#_ftn2) .
Type of payments
a) Taxes. There are taxes paid by Fresnillo on its income, including
special mining rights. Payments are reported net of refunds. Under the UK
Regulations, payments made concerning consumption, sales, or employee taxes
were excluded.
b) Royalties.
c) License fees, rental fees, entry fees, and other considerations for
licenses or concessions. These are fees paid as consideration for acquiring a
license to gain access to an area where extractive activities are performed.
Payments reported are on a cash flow basis, and refunds are included in the
year received (i.e., 2024).
Other types of payments that are required to be disclosed under the UK
Regulations are the following; however, for the year ended 31 December 2024,
there were no such reportable payments made by Fresnillo to a government:
- Production entitlements
- Dividends
- Signature, discovery, and production bonuses
- Infrastructure improvements
REPORT ON PAYMENTS TO GOVERNMENTS 2024
SUMMARY REPORT PER COUNTRY (IN USD)
Production entitlements Taxes ((1)) Royalties Dividends Bonuses Licenses & concessions fees Infrastructure improvements Total
MEXICO 0 29,125,841 787,231 0 0 47,464,934 0 77,378,006
PERU 0 0 0 0 0 1,490,291 0 1,490,291
CHILE 0 0 0 0 0 509,043 0 509,043
Total 0 29,125,841 787,231 0 0 49,464,268 0 79,377,340
MEXICO
GOVERNMENT REPORT (IN USD)
Production entitlements Taxes Royalties Dividends Bonuses Licenses & concessions fees Infrastructure improvements Total
NATIONAL LEVEL
Ministry of Economics 0 31,772,085 787,231 0 0 30,565,643 0 63,124,959
Ministry of Finance and Public Credit 0 (2,646,244) 0 0 0 0 0 (2,646,244)
National Water Commission 0 0 0 0 0 13,049,274 0 13,049,274
REGIONAL LEVEL
Ministry of Security and Citizen Protection ((2)) 0 0 0 0 0 3,850,017 0 3,850,017
Total 0 29,125,841 787,231 0 0 47,464,934 0 77,378,006
PROJECT REPORT (IN USD)
Production entitlements Taxes Royalties Dividends Bonuses Licenses & concessions fees Infrastructure improvements Total
PROJECT
Ciénega 0 386,714 0 0 0 3,148,656 0 3,535,371
Fresnillo 0 6,043,920 0 0 0 5,168,888 0 11,212,808
Herradura / Nochebuena 0 10,312,522 0 0 0 22,613,312 0 32,925,833
Juanicipio ((3)) 0 14,206,956 0 0 0 177,987 0 14,384,943
San Julián 0 (3,475,016) 787,231 0 0 7,121,999 0 4,434,215
Saucito 0 (7,566,368) 0 0 0 9,118,098 0 1,551,730
ENTITY LEVEL
Comercializadora de Metales Fresnillo, S.A. de C.V. 0 9,722,004 0 0 0 0 0 9,722,004
Exploraciones Mineras Parreña S.A. de C.V. 0 (757,806) 0 0 0 0 0 (757,806)
Exploraciones y Desarr. Mineros Coneto, SAPI de CV 0 0 0 0 0 115,993 0 115,993
Fresnillo plc 0 0 0 0 0 0 0 0
Operaciones Fresnillo, S.A. de C.V. 0 135,351 0 0 0 0 0 135,351
Servicios Administrativos Fresnillo, S.A. de C.V. 0 117,564 0 0 0 0 0 117,564
Total 0 29,125,841 787,231 0 0 47,464,934 0 77,378,006
PERU
GOVERNMENT REPORT (IN USD)
Production entitlements Taxes Royalties Dividends Bonuses Licenses & concessions fees Infrastructure improvements Total
Ministry of Energy and Mining 0 0 0 0 0 1,490,291 0 1,490,291
Total 0 0 0 0 0 1,490,291 0 1,490,291
PROJECT REPORT (IN USD)
Production entitlements Taxes Royalties Dividends Bonuses Licenses & concessions fees Infrastructure improvements Total
ENTITY LEVEL
Fresnillo Perú, 0 0 0 0 0 1,490,291 0 1,490,291
S.A.C.
Total 0 0 0 0 0 1,490,291 0 1,490,291
CHILE
GOVERNMENT REPORT (IN USD)
Production entitlements Taxes Royalties Dividends Bonuses Licenses & concessions fees Infrastructure improvements Total
Ministry of Mining 0 0 0 0 0 509,043 0 509,043
Total 0 0 0 0 0 509,043 0 509,043
PROJECT REPORT (IN USD)
Production entitlements Taxes Royalties Dividends Bonuses Licenses & concessions fees Infrastructure improvements Total
ENTITY LEVEL
Fresnillo Chile SpA. 0 0 0 0 0 509,043 0 509,043
Total 0 0 0 0 0 509,043 0 509,043
Notes:
1: All tax payments made in 2024 to the Ministry of Finance and Public Credit
(the Mexican Tax authorities) are presented net of refunds received in in
2024. During 2024, we received significant
2023 tax returns from Saucito and San Julián.
2: In 2024, security service fees were paid to regional authorities in Sonora
and Chihuahua due to increased security incidents and attention.
3: Represents 100% of the payments related to Juanicipio (56% Fresnillo plc,
44% MAG Silver)
1 (#_ftnref1) Bloomberg 2024 average exchange rate 1.2779 USD/GBP
2 (#_ftnref2) Banco de México 2024 FIX average exchange rate 18.3263
MXN/USD
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