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Resolute Mining Ltd - 2019 Report on Payments to Government

Fri 15th January, 2021 8:19am
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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