Audited results for the twelve months ended 31 December 2022
PERTH, AUSTRALIA / ACCESSWIRE / March 16, 2023 / Centamin's 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
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 2022 in US dollars ('USD')
(i) In accordance with the Regulations, this figure excludes taxes levied on consumption such as VAT, payroll, or sales taxes.
(ii) Community investment in Egypt: Renovation for the Marsa Alam youth centre, karate playground and kids play area facilities, donation of medical equipment for Marsa Alam hospital, purchase of sewing machines and fabric for the Marsa Alam community and support for other community development initiatives..
Community investment in Cote d'Ivoire: Community HIV awareness programs, new boreholes and rehabilitation of old boreholes for community water needs, supporting local football tournament and other community engagement initiatives
PAYMENTS SPLIT BY PAYEE
during the year ended 31 December 2022 in USD
(iii) 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.
(iv) In accordance with the definition of 'project' in the Regulations, the Company treats its exploration licence holding areas in Côte d'Ivoire and Burkina Faso 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.
Centamin is an established gold producer, with premium listings on the London Stock Exchange and Toronto Stock Exchange. Following a period of 'reset' including a significant refresh of the Board and management team, the Company is now entering a growth phase, balanced with stakeholder returns. The Company's flagship asset is the Sukari Gold Mine ('Sukari'), Egypt's largest and first modern gold mine, as well as one of the world's largest producing mines. Since production began in 2009 Sukari has produced over 5 million ounces of gold, and today has 6.0Moz in gold Mineral Reserves. Through its large portfolio of exploration assets in Egypt and Côte d'Ivoire, Centamin is advancing an active pipeline of future growth prospects, including the Doropo project in Côte d'Ivoire, and has over 3,000km2 of highly prospective exploration ground in Egypt's Nubian Shield.
Centamin practices responsible mining activities, recognising its responsibility to deliver operational and financial performance and create lasting mutual benefit for all stakeholders through good corporate citizenship, including but not limited to in 2022, achieving new safety records (8 million hours LTI-free), commissioning of the largest hybrid solar farm for a gold mine (Sukari 36MWDC solar plant), sustaining a 96% Egyptian workforce and a 68% Egyptian supply chain at Sukari.
FOR MORE INFORMATION please visit the website www.centamin.com or contact:
Company No: 109180
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact firstname.lastname@example.org or visit www.rns.com.
SOURCE: Centamin PLC
View source version on accesswire.com: