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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Petropavlovsk Plc | LSE:POG | London | Ordinary Share | GB0031544546 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.20 | 1.20 | 1.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPOG
RNS Number : 5572D
Petropavlovsk PLC
30 June 2021
30 June 2021
Petropavlovsk PLC
REPORT ON PAYMENTS TO GOVERNMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
This Report is prepared in accordance with the UK's Reports on Payments to Governments Regulations 2014 (as amended in December 2015) (the "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.
This Report is prepared on the basis set out below.
1.1. Basis of preparation
Reporting entities
This Report includes payments to governments made by Petropavlovsk PLC and its subsidiary undertakings (hereinafter, "Petropavlovsk group"). Payments made by associates of Petropavlovsk group are excluded from this Report.
Scope of the Report
Disclosure of payments to governments is required in respect of payments arising from the exploration, discovery, development and extraction of minerals (extractive activities). The payments included in this Report relate to gold exploration and mining activities and exclude payments made by corporate head office function and in-house service companies. When payments cover both extractive and processing activities, such payments have been disclosed in full.
Government
"Government" means any national, regional or local authority of a country, and includes a department, agency or undertaking that is a subsidiary undertaking where the authority is the parent undertaking.
Project
Payments are reported at project level, except for payments that are not attributable to a specific project which are reported at entity level. Under the Regulations, project is defined as operational activities, which are governed by a single contract, license, lease, concession or similar legal agreement and form the basis for payment liabilities with a government. If agreements of this kind are substantially interconnected in operational and geographical terms and are with substantially similar terms that are signed with a government, those agreements are treated for the purposes of this Report as a single project.
Reporting currency
This report is presented in US Dollars which is the presentation currency for Petropavlovsk group. Payments made in currencies other than US Dollars are translated based on the average foreign exchange rates for the year ended 31 December 2020.
Materiality
Under the Regulations, a payment, whether made as a single payment or as a series of related payments below GBP86,000 (USD118,000) or an equivalent in another currency arrived at by using relevant average exchange rate for the year ended 31 December 2020, does not need to be disclosed. This de minimus materiality level has been applied when preparing this Report, however, in some circumstances payments below the aforementioned threshold may be voluntarily included.
Type of payments
The payments to governments are required to be reported in the following categories:
- Production entitlements. - Taxes levied on income, production or profits of companies (Taxes):
This includes corporation tax payable on taxable profits earned by the legal entity, mining tax payable based on production volume and the gold price realised and withholding tax where payable in respect of income transferred by operating entities to other group entities.
In accordance with the Regulations, payments made in relation to taxes levied on consumption such as value added taxes, employer payroll taxes and tax payments made on behalf of employees of Petropavlovsk group, property taxes and environmental taxes are not disclosed in this Report.
- Royalties. - Dividends. - Signature, discovery and production bonuses. - Fees:
This represents licence fees, rental fees, entry fees and other considerations for licences or concessions.
- Infrastructure improvements:
This represents payments made in respect of infrastructure expenditure other than in circumstances where the infrastructure is expected to be primarily dedicated to operational activities throughout its useful life. The Regulations do not require reporting social or community payments, such as payments to build a hospital or a school.
Other
Payments are reported net of refunds and net of offsets against another payment liability. Payments to governments resulting from imposition of penalties, fees or interest are not disclosed in this Report.
1.2. Payments made by country and level of government.
Production Taxes Royalties Dividends Bonuses Fees Infrastructure Total entitlements improvements payments to governments US$' 000 US$' 000 US$' 000 US$' 000 US$' 000 US$' 000 US$' 000 US$' 000 Russia Federal - 21,769 - - - - - 21,769 Regional - Amur Region - 67,18 1 - - - 1,872 - 69,05 3 -------------- -------------- --------- ---------- ---------- --------- --------- --------------- ------------ Total - 88,95 0 - - - 1,872 - 90,82 2 -------------- -------------- --------- ---------- ---------- --------- --------- --------------- ------------
1.3. Payments made by project.
Production Taxes Royalties Dividends Bonuses Fees Infrastructure Total entitlements improvements payments to government US$' 000 US$' 000 US$' 000 US$' 000 US$' 000 US$' 000 US$' 000 US$' 000 Pioneer - 21,877 - - - 838 - 22,715 Malom i r - 26,991 - - - 455 - 27,446 Albyn - 40,082 - - - 574 - 40,656 Other - - - - - 5 - 5 ----------- --------------- --------- ---------- ---------- --------- --------- --------------- -------------- Total - 88,950 - - - 1,872 - 90,822 ----------- --------------- --------- ---------- ---------- --------- --------- --------------- --------------
This Report for Petropavlovsk PLC, registered number 0 4343841, was approved by the Directors on 29 June 2021 and signed on their behalf by :
James W. Cameron Jr Denis Alexandrov Director Director
About Petropavlovsk
Petropavlovsk PLC (LSE: POG. MOEX: POGR) is a major integrated Russian gold producer with JORC Resources of 19.50Moz Au which include Reserves of 7.16Moz Au. Following its IPO on the Alternative Investment Market (AIM) in 2002, Petropavlovsk was promoted to the London Stock Exchange in 2009, where today it is a Premium Listed company and a constituent of the FTSE 250, FTSE 350 and FTSE All Share indices. The Company's shares also trade on the Moscow Exchange and are a constituent of the RTS Index and MOEX Russia Index.
Petropavlovsk's key operating mines (Pioneer, Malomir and Albyn) and its Pressure Oxidation (POX) Hub at Pokrovskiy are located in the Amur Region in the Russian Far East. Petropavlovsk has produced a total of c.8.3Moz of gold since operations began in 1994 and has a strong track record of mine development, expansion and asset optimisation.
Petropavlovsk is one of the region's largest employers and one of the largest contributors to the sustainable development of the local economy.
For more information
Please visit www.petropavlovskplc.com or contact:
Petropavlovsk PLC +44 (0) 20 7201 8900 Patrick Pittaway / Max Zaltsman / Viktoriya TeamIR@petropavlovskplc.com Kim Hudson Sandler +44 (0) 20 7796 4133 Charlie Jack / Katerina Parker / Elfie Petropavlovsk@hudsonsandler.com Kent
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END
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June 30, 2021 02:00 ET (06:00 GMT)
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