Bisichi Plc Report on Payments to Governments
24 June 2020 - 4:30PM
UK Regulatory
TIDMBISI
Bisichi PLC
Report on payments to governments for the year 2019
Bisichi PLC together with its subsidiaries issues the following report on
payments to government for the year ended 31 December 2019.
INTRODUCTION
This Report provides an overview of the payments to governments made by Bisichi
PLC and its subsidiaries for the year ended 31 December 2019 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.
BASIS OF PREPARATION
Reporting entities
This report includes payments to governments made by Bisichi PLC and its
subsidiary undertakings (Bisichi). Payments made by associates and entities
over which Bisichi has joint control are excluded from this report.
Activities
Payments made by Bisichi to governments arising from activities involving the
exploration, prospection, discovery, development and extraction of minerals
(extractive activities) are to be disclosed in this report.
Government
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.
Project
Payments that are reported at project level except that payments that are not
attributable to a specific project are reported at legal entity level. Project
is defined as being the operational activities which are governed by a single
contract, or licence agreement, and form the basis for payment liabilities with
a government.
If agreements of this kind are substantially interconnected (i.e. forming a set
of operationally and geographically integrated contracts, licenses, leases or
concessions) these are treated for the purposes of these Regulations as a
single project. Indicators of integration include geographic proximity and
common operational management.
Payments
The information is reported under the following payment types:
Taxes
These are any taxes paid by Bisichi on its income and profits in accordance
with legislation enacted in the applicable jurisdiction. Payments are reported
net of refunds. Value added tax, personal income taxes, social taxes, property
taxes are excluded.
Royalties
Royalties is any mining royalty payable in the Republic of South Africa.
Fees
These are any fees and other sums paid as consideration for acquiring a licence
for gaining access to an area where extractive activities are performed.
Administrative government fees that are not specifically related to the
extractive sector are excluded.
Infrastructure improvements.
Payments in kind in the form of infrastructure expenditure other than in
circumstances where the infrastructure is expected to be primarily dedicated to
operational activities throughout its useful life. UK Regulations do not
require reporting social or community payments, such as payments to build a
hospital or a school.
Other types of payments
Other types of payments that are required to be disclosed in accordance with
the UK Regulations but are not relevant to Bisichi operations are the
following:
- Production entitlements
- Dividends
Including dividends paid to a government in lieu of production entitlements or
royalties. Dividends paid to a government as an ordinary shareholder on the
same terms as to other ordinary shareholders and not paid in lieu of production
entitlements or royalties are excluded.
- Signature, discovery and production bonuses
Payments are reported on a cash basis. No in-kind payments were made during
year ended 31 December 2019.
Materiality Level
In line with the UK Regulations, where a payment or a series of related
payments have not exceeded GBP86,000 they have not been disclosed.
Exchange Rate
Relevant payments are made by Bisichi in South African Rand and for the purpose
of this report are translated to UK Sterling using the annual average exchange
rate for the period.
PAYMENTS PER GOVERNMENT
Government Taxes Royalties Fees Infrastructure Total
improvements
Republic of South Africa GBP1,014,152 GBP163,877 - - GBP1,178,029
Total GBP1,014,152 GBP163,877 - - GBP1,178,029
PAYMENTS PER PROJECT
Entity Project Country/ Taxes Royalties Fees Infrastructure Total
Government improvements
Black Wattle Colliery (Pty) Ltd Black Wattle South GBP262,649 GBP163,877 - - GBP426,526
Africa
Sisonke Coal Processing (Pty) Ltd Sisonke Coal South GBP751,503 - - - GBP751,503
Processing Africa
Total GBP GBP163,877 - - GBP
1,014,152 1,178,029
A copy of the report referred to above has been sent to the National Storage
Mechanism and will shortly be available for viewing at https://data.fca.org.uk/
#/nsm/nationalstoragemechanism
For further information, please contact:
Garrett Casey
Company Secretary
Bisichi PLC
Tel: 020 7415 5030
24 June 2020
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