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Resolute Mining Ltd - Report on Payments to Government

Mon 29th March, 2021 8:39am
RNS Number : 7833T
Resolute Mining Limited
29 March 2021
 

29 March 2021

 

Resolute Mining Limited

(Resolute or the Company)

 

Report on Payments to Government for the

Year Ended 31 December 2020

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 2020 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 https://www.rml.com.au/corporate-governance.

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 2020

 

GOVERNMENT REPORT (IN USD)

 

Dividend

Taxes

Royalties

Fees

Infrastructure Improvement

Total

 

 

 

 

 

 

 

Australia

-

407,976

1,344,408

14,756

-

1,767,140

Mali

-

56,841,394

19,611,121

60,553

1,705,069

78,218,137

Senegal

9,576,779

6,895,281

14,550,640

201,640

724,278

31,948,618

Total1

9,576,779

64,144,651

35,506,169

276,949

2,429,347

111,933,895

 

Notes:

(1)   For the year ended 31 December 2020, Resolute did not make any reportable production entitlement 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 2020

GOVERNMENT REPORT (IN USD)

Country / Project

 

Dividend

Taxes

Royalties

Fees

Infrastructure Improvement

Total

 

Payee

 

 

 

 

 

 

Mali:

Finkolo

Receiver General - State of Mali

-

-

7,533,485

-

-

7,533,485

Receiver General - District

-

25,934,355

-

-

-

25,934,355

Treasury - Sikasso

-

965,122

-

25,708

39,041

1,029,871

Mali:

Syama

Receiver General - State of Mali

-

-

12,077,636

-

-

12,077,636

Receiver General - District

-

13,788,794

-

-

-

13,788,794

Treasury - Mali

-

16,153,123

-

-

-

16,153,123

Treasury - Sikasso

-

-

-

34,845

1,666,028

1,700,873

Senegal:

Mako

Receiver General of Public Treasury (Ministry of Finance)

9,576,779

6,895,281

14,550,640

-

-

31,022,700

Mining & Geology Department

-

-

-

201,640

-

201,640

Kedougou Departmental & Tomboronkoto Municipal Administrations

-

-

-

-

724,278

724,278

Australia:

Ravenswood1

Australian Tax Office

-

958,853

-

-

-

958,853

Queensland Office of State Revenue2

-

(210,807)

1,344,408

-

-

1,133,601

Queensland Department of Environment & Science

-

-

-

2,978

-

2,978

Queensland Department of Natural Resources & Mines

-

-

-

11,778

-

11,778

Australia:

Corporate1

Australian Tax Office

-

(852,821)

-

-

-

(852,821)

Perth Office of State Revenue

-

512,751

-

-

-

512,751

Total

 

9,576,779

64,144,651

35,506,169

276,949

2,429,347

111,933,895

 

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.

(2)   Amount relates to funds refunded by the Queensland Office of State Revenue from historical stamp duty overpayments.

 

Contact Information - Investors

Resolute

Stuart Gale, Interim CEO

Telephone: +61 8 9261 6100

Email: contact@rml.com.au

Web: www.rml.com.au

 

Berenberg (UK Corporate Broker)

Matthew Armitt / Jennifer Wyllie / Detlir Elezi

Telephone: +44 20 3207 7800

Tavistock (UK Public Relations)

Jos Simson / Emily Moss / Annabel de Morgan / Oliver Lamb

Telephone: +44 207 920 3150 / +44 778 855 4035

Email: resolute@tavistock.co.uk
 

 

Board of Directors

Contact

Mr Martin Botha, Non-Executive Chairman

Ms Sabina Shugg, Non-Executive Director

Stuart Gale, Interim CEO
T: +618 9261 6100
E:
contact@rml.com.au

Ms Yasmin Broughton, Non-Executive Director

Mr Peter Sullivan, Non-Executive Director

Mr Mark Potts, Non-Executive Director

 

 

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