REG - Resolute Mining Ltd - 2019 Report on Payments to Government

Resolute MiningAnnouncement

15/01/2021 08:20

RNS Number : 8390L
  
Resolute Mining Limited
  
15 January 2021
  
 

 
 
 
Report on Payments to Government 
Year Ended 31 December 2019
 
 
Report on Payments to Government for the Year Ended 31 December 2019 
Resolute and its subsidiaries (together, "Resolute") are engaging in extractive operations as gold mining concession holders in several locations across the world. This Report provides a consolidated overview of the payments to governments made by Resolute for the year ended 31 December 2019 as required under the UK Financial Conduct Authority's ("FCA") "Disclosure Guidance and Transparency Rules" ("DTR"). 
This Report has been prepared in accordance with the rules enacted by DTR 4.3A that require oil, gas, mining and logging companies that have securities listed on UK-regulated markets to annually and publicly disclose any payments made to governments on a country-by-country and/or project-by-project basis. These rules apply to Resolute by virtue of its listing on the London Stock Exchange and Listing Rule 14.3.22R. 
This Report has been filed and submitted to the FCA's National Storage Mechanism (https://data.fca.org.uk/#/nsm/nationalstoragemechanism) and is also available for download from [Resolute website link to be included].
Basis of preparation 
This Report has been prepared in accordance with The Reports on Payments to Governments Regulations 2014 as enacted in the UK in December 2014, as amended in December 2015 and Chapter 10 of EU Accounting Directive 2013/34/EU.
Payments to governments made by Resolute have been included in this Report. However, payments made by entities where Resolute has joint control have been excluded. 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.
Payments to governments are required to be reported in the following categories:
·      production entitlements;  
·     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;
·      royalties;
·    dividends, other than dividends paid to a government as an ordinary shareholder unless they are paid in lieu of a   production entitlement or royalty; 
·      signature, discovery and production bonuses;
·      licence fees, rental fees, entry fees and other considerations for licences and/or concessions; and
·      payments for infrastructure improvements.
Payments included in the Report are amounts paid, whether in money or in kind, for relevant activities. Where a payment or a series of related payments do not exceed £86,000 they do not need to be disclosed. When preparing this Report, a threshold of US$110,000 (approx. £86,000) was applied.  
Payments made in currencies other than US Dollars are translated for this Report based on the foreign exchange rate at the relevant monthly average rate.
 
REPORT ON PAYMENTS TO GOVERNMENTS
Table 1 Summary table showing payments to governments for the period ended 31 December 2019 






GOVERNMENT REPORT (IN USD)




 


Taxes


Royalties


Fees


Infrastructure Improvement


Total




Countries


 


 


 


 


 




Australia


(523,996)


3,958,866


665,915


-


4,100,784




Mali


21,439,225


20,255,116


50,930


1,342,429


43,087,700




Senegal


-


3,705,341


29,768


136,642


3,871,751




Ghana1


-


-


-


-


-




Total2


20,915,229


27,919,323


746,613


1,479,071


51,060,235




 
Notes: 
(1)  For the year ended 31 December 2019, Resolute did not make any reportable payments to the government of Ghana. 
(2)  For the year ended 31 December 2019, Resolute did not make any reportable production entitlement, dividend or bonus payments to any government. 
 
 
REPORT ON PAYMENTS TO GOVERNMENTS
Table 2 Government Payments split by project and payee for the period ended 31 December 2019
 




GOVERNMENT REPORT (IN USD)




Country / Project


 


Taxes


Royalties


Fees


Infrastructure Improvement


Total




 


Payee


 


 


 


 


 




Mali:
Finkolo


Receiver General - State of Mali


-


15,081,180 


-


-


 15,081,180 




Receiver General - District


4,003,812


-


-


-


4,003,812




Treasury - Sikasso


1,883,015


-


25,256 


2,381


1,910,652




Mali:
Syama


Receiver General - State of Mali


-


5,173,936 


-


-


5,173,936 




Receiver General - District


10,492,674


-


-


-


10,492,674




Treasury - Mali


5,059,724


-


-


-


5,059,724




Treasury - Sikasso


-


-


25,674 


1,340,048


1,365,722




Senegal:
Mako


Receiver General of Public Treasury (Ministry of Finance)


-


3,705,341 


-


-


3,705,341 




Mining & Geology Department


-


-


 29,768 


-


 29,768 




Kedougou Departmental & Tomboronkoto Municipal Administrations


-


-


-


 136,642 


 136,642 




Australia:
Ravenswood1


Australian Tax Office


5,103,793


-


-


-


5,103,793




Queensland Office of State Revenue


830,126


3,958,865


6,915


-


4,795,906




Queensland Department of Environment & Science


-


-


219,084


-


219,084




Queensland Department of Natural Resources & Mines


-


-


439,916


-


439,916




Australia:
Corporate1


Australian Tax Office


(7,073,827)


-


-


-


(7,073,827)




Perth Office of State Revenue


615,912


-


-


-


615,912




Total


 


20,915,229


27,919,322


746,613


1,479,071


51,060,235




 
Notes:
(1)  Resolute sold the Ravenswood Gold Mine to a consortium comprising a fund managed by specialist resources private equity manager EMR Capital Management Limited, and Singapore-listed mining and energy company, Golden Energy and Resources Limited (SGX:AUE) on 31 March 2020.
 

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