Avocet Mining PLC Report on Payments to Governments for 2015 (2671P)
16 November 2016 - 6:00PM
UK Regulatory
TIDMAVM
RNS Number : 2671P
Avocet Mining PLC
16 November 2016
Report on Payments to Governments for 2015
This Report provides an overview of the payments to governments
made by Avocet Mining PLC and its subsidiaries for the year ended
31 December 2015 as required under the UK Reports on Payments to
Governments Regulation 2014 and its amendment in December 2015 (the
UK Regulations). This Report is also intended to satisfy the
requirements of the Disclosure and Transparency Rules of the
Financial Conduct Authority in the United Kingdom.
In accordance with the UK Regulations, this Report includes
payments to government made by Avocet Mining PLC and its subsidiary
undertakings ("Avocet" or "the Group").
This information is substantially a reproduction of information
set out on pages 20-21 of the 2015 Annual Report.
Payments made by Avocet to governments arising from mining and
exploration activities are disclosed in this Report.
Payments included in the report include corporation tax on
profits, fuel tax, land tax, permit taxes on exploration and mining
permits, and royalties on sales of gold and silver.
A number of other important indirect taxes are excluded from
this report, including withholding taxes, VAT, and payroll taxes.
Further details of these payments can be found in the 2015 Annual
Report.
The governments to whom payments listed in this report have been
made are those of the Republic of Burkina Faso, and the Republic of
Guinea.
Avocet has two relevant projects: the Inata/Bélahouro project in
Burkina Faso (which includes the Souma deposit), and the Tri-K
project in Guinea. All costs under Burkina Faso are in respect of
the Inata/Bélahouro project, while those shown under Guinea are
exclusively related to the Tri-K project.
Payments disclosed in this report are shown in US Dollars.
Actual payments have been made in West African CFA for Burkina Faso
and Guinea Francs for Guinea, however have been translated at
average monthly rates.
US$'000 Burkina Faso Guinea Total
----------------- ----------------------- -------------- ----------------
Corporation tax 504 - 504
Fuel tax 1,971 - 1,971
Land tax 16 12 28
Permit tax 3 276 279
Royalties 2,094 - 2,094
----------------------- -------------- ----------------
Total 4,588 288 4,876
----------------------- -------------- ----------------
FOR FURTHER INFORMATION PLEASE CONTACT
Avocet Mining PLC Bell Pottinger J.P. Morgan Cazenove
Financial PR Consultants Corporate Broker
David Cather, CEO Lorna Cobbett Michael Wentworth-Stanley
Jim Wynn, FD
+44 20 3709 2570 +44 (0)20 3772 2555 +44 20 7742 4000
NOTES TO EDITORS
Avocet Mining PLC ("Avocet" or the "Company") is an unhedged
gold mining and exploration company listed on the London Stock
Exchange (ticker: AVM.L) and the Oslo Børs (ticker: AVM.OL). The
Company's principal activities are gold mining and exploration in
West Africa.
In Burkina Faso the Company owns 90% of the Inata Gold Mine. The
Inata Gold Mine poured its first gold in December 2009 and produced
74,755 ounces of gold in 2015. Other assets in Burkina Faso include
five exploration permits surrounding the Inata Gold Mine in the
broader Bélahouro region. The most advanced of these projects is
Souma, some 20 kilometers from the Inata Gold Mine.
The Company also holds an interest in the Tri-K project in
Guinea. On 10 October 2016, the Company announced that it had
agreed to dispose of 40% of the project to Managem, a Moroccan
group listed on the Casablanca stock exchange, subject to, inter
alia, shareholder approval, and which will increase upon completion
of a bankable feasibility study for a CIL plant at the site, the
incurring of expenditures of at least US$10 million, and the
enlarging of the ore reserve, to 70% (in the event of an increase
of the reserve to 1 million ounce or more) or 60% (if less than 1
million ounces).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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