21 March 2023
Centamin plc
("Centamin" or "the
Company")
(LSE:CEY, TSX:CEE)
PAYMENTS TO GOVERNMENT
for the twelve months ended 31
December 2023
Centamin mining operations,
including exploration projects, generate economic benefit for the
countries and communities where we operate through payments to
government, employee and contractor wages, payments to suppliers
and contractors, vocational training, community investment and
academic investment. We care deeply about the communities and
environments with which we operate. Fundamental to creating lasting
stakeholder relationships is good governance, including reliable,
transparent disclosure.
In accordance with the Payments to
Governments Regulations of 2014 (the "Regulations"), this report
provides an overview of the Centamin's payments to governments.
Whilst the Regulations are a part of UK law, and the Company
is governed by Jersey law, they are applicable by virtue of
the Company's listing on the London Stock Exchange (pursuant to
Disclosure and Transparency Rule 4.3A).
The Regulations require
companies active in the extractive industries to report certain
payments they have made to their host governments in the form of
taxes, bonuses, royalties, fees and for infrastructure
improvements. The Regulations implement Chapter 10 of the EU
Accounting Directive. The Regulations are part of an
EU‑wide effort to
curb corruption and promote transparency in the extractives sector.
Their stated objectives are to provide citizens of
resource‑rich
countries with the information they need to hold their governments
to account; and to provide greater insight (for investors and all
other stakeholders) into how the sector operates and the range of
economic contributions that can result.
The Regulations require disclosure
of the following:
a)
|
production entitlements
|
b)
|
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
|
c)
|
royalties
|
d)
|
dividends, other than dividends paid
to a government as an ordinary shareholder unless they are paid in
lieu of a production entitlement or royalty
|
e)
|
signature, discovery and production
bonuses
|
f)
|
licence fees, rental fees, entry
fees and other considerations for licences and/or concessions,
and
|
g)
|
payments for infrastructure
improvements.
|
Where a payment or series of related
payments do not exceed GBP86,000 they do not need to be disclosed
but, in the interests of transparency, the Company has included
these costs.
The Company is also subject to
equivalent Canadian legislation - the Extractive Sector
Transparency Measures Act ("ESTMA") which came into force on 1 June
2015. Canada's requirements are aligned with those in the EU
Directive and this report is deemed equivalent for Canadian
purposes.
Payments in this report have been
disclosed in US dollars, which is the Company's reporting currency.
Where actual payments have been made in a local currency they have
been converted using the prevailing exchange rate at the time of
the payment.
Summary table showing payments MADE to governments
made
during the year ended 31 December
2023 in US dollars *"USD")
Type
|
Note
|
Jersey &
UK
|
Egypt
|
Côte
d'Ivoire
|
Total
|
Profit share
|
|
−
|
112,000,000
|
−
|
112,000,000
|
Corporate taxes
|
(i)
|
−
|
3,055,531
|
20,591
|
3,076,122
|
Royalties
|
|
−
|
24,898,044
|
−
|
24,898,044
|
Exploration licence fees
|
|
−
|
452,483
|
47,446
|
499,929
|
Mining and other licence fees
|
|
−
|
334,168
|
−
|
334,168
|
Community investment and donations
|
(ii)
|
442,319
|
301,069
|
58,009
|
801,398
|
Other
|
|
−
|
62,503
|
−
|
62,503
|
|
|
442,319
|
141,103,797
|
126,046
|
141,672,163
|
(i) In accordance with the Regulations, this
figure excludes taxes levied on consumption such as VAT, payroll,
or sales taxes.
(ii) Community investment in Jersey & UK:
sponsorship of community and mining sector
initiatives.
Community investment in Egypt: investment in community
infrastructure and services to the benefit of local communities;
philanthropic donations to vulnerable groups; sponsorship of
community and mining sector initiatives.
Community investment in Cote d'Ivoire: investment in community
infrastructure and services to the benefit of local
communities.
Payments split by payee during the year ended 31 December 2023
in US$
Country / Project
|
NotE
|
Payee
|
Royalties
|
Profit
share
|
Taxes
|
License or permit
fees
|
Other
|
Total
|
Jersey & UK:
|
|
Government
|
−
|
−
|
−
|
−
|
−
|
−
|
Centamin plc
|
|
States of Jersey / HMRC
|
−
|
−
|
−
|
−
|
−
|
−
|
|
|
Other payees
|
−
|
−
|
−
|
−
|
442,319
|
442,319
|
Egypt:
|
(i)
|
|
|
|
|
|
|
|
Sukari Gold Mine
|
|
Arab Republic of Egypt
|
−
|
−
|
−
|
−
|
−
|
−
|
|
|
Egyptian Mineral Resources Authority
|
24,898,044
|
112,000,000
|
−
|
−
|
−
|
136,898,044
|
|
Egyptian Tax Authority
|
−
|
−
|
2,951,288
|
−
|
−
|
2,951,288
|
|
Other payees
|
−
|
−
|
−
|
334,168
|
301,069
|
635,236
|
Egypt:
|
(ii)
|
|
|
|
|
|
|
|
Exploration projects
|
|
Arab Republic of Egypt
|
−
|
−
|
−
|
−
|
−
|
−
|
|
Egyptian Mineral Resources Authority
|
−
|
−
|
−
|
448,163
|
40,866
|
489,029
|
|
|
Egyptian Tax Authority
|
−
|
−
|
104,243
|
−
|
−
|
104,243
|
|
|
Other payees
|
−
|
−
|
−
|
4,320
|
21,637
|
25,957
|
Côte
d'Ivoire:
|
|
|
|
|
|
|
|
|
Exploration projects
|
(iii)
|
Ministry of Mines
|
−
|
−
|
−
|
47,446
|
−
|
47,446
|
|
Côte d'Ivoire Tax Office
|
−
|
−
|
20,591
|
−
|
−
|
20,591
|
|
Other payees
|
−
|
−
|
−
|
−
|
58,009
|
58,009
|
|
|
|
24,898,044
|
112,000,000
|
3,076,122
|
834,097
|
863,900
|
141,672,163
|
(i) Other types of payments that are
required to be disclosed in accordance with the Regulations include
production entitlements; signature, discovery, and production
bonuses; and dividends. The Company and its subsidiaries did not
make any such payments to governments during the
year.
(ii) In accordance with the definition
of 'project' in the Regulations, the Company treats its exploration
licence holding areas in Côte d'Ivoire and Egypt as single projects
each for the purposes of the Regulations. This is because the
licence areas are operationally and geographically
linked.
This announcement contains ongoing regulated
information.
FOR
MORE INFORMATION: please visit the
website www.centamin.com
or contact:
________________________________________________________________________________________________
Forward-looking Statements
This announcement (including
information incorporated by reference) contains "forward-looking
statements" and "forward-looking information" under applicable
securities laws (collectively, "forward-looking statements"), including
statements with respect to future financial or operating
performance. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as
"believes", "expects", "expected", "budgeted", "forecasts" and
"anticipates". Although Centamin believes that the expectations
reflected in such forward-looking statements are reasonable,
Centamin can give no assurance that such expectations will prove to
be correct. Forward-looking statements are prospective in nature
and are not based on historical facts, but rather on current
expectations and projections of the management of Centamin about
future events and are therefore subject to known and unknown risks
and uncertainties which could cause actual results to differ
materially from the future results expressed or implied by the
forward-looking statements. In addition, there are a number of
factors that could cause actual results, performance, achievements
or developments to differ materially from those expressed or
implied by such forward-looking statements; general business,
economic, competitive, political and social uncertainties; the
results of exploration activities and feasibility studies;
assumptions in economic evaluations which prove to be inaccurate;
currency fluctuations; changes in project parameters; future prices
of gold and other metals; possible variations of ore grade or
recovery rates; accidents, labour disputes and other risks of the
mining industry; climatic conditions; political instability;
decisions and regulatory changes enacted by governmental
authorities; delays in obtaining approvals or financing or
completing development or construction activities; and discovery of
archaeological ruins. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such information or statements. Forward-looking
statements contained herein are made as of the date of this
announcement and the Company disclaims any obligation to update any
forward-looking statement, whether as a result of new information,
future events or results or otherwise. Accordingly, readers should
not place undue reliance on forward-looking statements.
LEI: 213800PDI9G7OUKLPV84
Company No: 109180