REG - Resolute Mining Ltd - Report on Payments to Government

Resolute MiningAnnouncement

29/03/2021 08:40

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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