We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Polymetal International Plc | LSE:POLY | London | Ordinary Share | JE00B6T5S470 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 215.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPOLY
RNS Number : 6437I
Polymetal International PLC
21 June 2017
Release IMMEDIATE time Date 21 June 2017
Polymetal International plc
Report on payments to governments for the year 2016
Polymetal International plc (LSE, MOEX: POLY, ADR: AUCOY) (together with its subsidiaries - "Polymetal", the "Company", or the "Group") issues the report on payments to government for the year ended 31 December 2016.
INTRODUCTION
This Report provides an overview of the payments to governments made by Polymetal International plc and its subsidiary undertakings (hereinafter referred to as "Polymetal") for the year 2016 as required under the UK's Report on Payments to Governments Regulations 2014 (as amended in December 2015). These UK Regulations enact domestic rules in line with Directive 2013/34/EU (the EU Accounting Directive (2013)) and apply to large extractive companies, whose securities are publicly listed on a UK-regulated stock market, that are involved in the exploration, prospection, discovery, development and extraction of minerals, oil, natural gas deposits or other materials. 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
Legislation
This report is prepared in accordance with The Reports on Payments to Governments Regulations 2014 as enacted in the UK in December 2014 and as amended in December 2015.
Reporting entities
This Report includes payments to governments made by Polymetal plc and its subsidiary undertakings. Payments made by entities over which Polymetal has joint control or significant influence are excluded from this Report. For the entities, acquired during the reporting period, payments to governments are reported from the acquisition date, namely for Kapan MPC CJSC and JSC Komarovskoye Mining Company from 28 April 2016 and 1 August 2016, respectively.
Activities
Payments made by Polymetal to governments arising from activities involving the exploration, prospection, discovery, development and extraction of minerals are disclosed in this Report. It excludes payments related to refining activities made to the refineries owned by the government agencies and any payments which are not directly attributable to the production and exploration activities.
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 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 operational activities which are governed by a single contract, or licence agreement, and form the basis for payment liabilities with a government. If such agreements are substantially interconnected, those agreements are to be treated as a single project.
"Substantially interconnected" means forming a set of operationally and geographically integrated contracts, or licence agreements that are signed with a government giving rise to payment liabilities. Indicators of integration include, but are not limited to, geographic proximity, the use of shared infrastructure and common operational management.
License agreements are aggregated for the purposes of reporting as a single project only when those legal agreements have substantially similar terms and are both geographically and operationally integrated. Based on these principles Dukat and Lunnoye projects (JSC Magadan Silver) were aggregated for the purposes of reporting for the year ended 31 December 2016.
Payments
The information is reported under the following payment types:
Income taxes
These are taxes paid by Polymetal 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.
The maximum income tax in Russia is set at 20% and is allocated between federal budget and he budgets of the relevant constituent regions. In 2015 and 2016 the following proportion was applied: 2% to the federal budget, whereas 18% allocated to the regional budgets. From 1 January 2016 Omolon Gold Mining Company LLC and JSC Magadan Silver are entitled to the decreased statutory income tax rate of 18% for the operations held in the Special Economic zone of the Russian Far East, thus they paid income tax in the following proportion: 2% to the federal budget and 16% to the regional budgets.
In Kazakhstan and Armenia income taxes are set at 20% and there are no regional or local income taxes in these countries.
Mining tax
Mining tax is a royalty payable in Russian Federation, Kazakhstan and Armenia, which is calculated based on the value of the precious metals extracted in the period. This value is usually determined based on the realised selling price of precious metals or, in case if there were no sales during the period, cost of production of metals extracted (Russian Federation) or the average market price (Kazakhstan) during the period. Royalty payable in Armenia is calculated as a percentage of actual sales during the reporting period.
Mining tax is Russia is levied at federal level, and then is reallocated between federal and respective regional budgets based on the following proportion: 40% of total tax collected to the federal budget, 60% to regional budgets. Mining tax and royalties in Kazakhstan and Armenia are levied at republican level.
Licence fees
These are 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, or to access to extractive resources, are excluded. No significant licence fees individually more than 86,000 GBP were paid during the year ended 31 December 2016.
Rental fees
The land in the Russian Federation and Kazakhstan on which the Group's production facilities are located is owned by the state. The Group leases this land through operating lease agreements.
Other payments
Other payments include payments made and social commitments in accordance with subsoil contracts attributable to the Kyzyl project.
Cash and in-kind payments
Payments are reported on cash basis. No in-kind payments were made during years ended 31 December 2016 and 31 December 2015.
Materiality Level
Any payment, whether made as a single payment or as a series of related payments, below GBP 86,000 within a financial year is excluded from this Report.
Payments made to a governments by a joint ventures or associates of the Group in proportion to the company's interest in the respective venture or associate are insignificant to this Report based on materiality level set.
Exchange Rate
Relevant payments are made by Polymetal in Russian Rubles, Kazakh Tenge and Armenian Dram and for the purpose of this Report are translated to the US Dollar based on the foreign exchange rate at the relevant monthly average rate.
PAYMENTS PER GOVERNMENT FOR THE YEAR 2016 Government Income Mining Rental Licence 000'$ tax tax fees fees Other Total -------------- ---------- ------------ ------------- -------- ------------- ------------- -------------- ------------------- ------- Russia 133,114 76,503 1,231 18 443 211,309 Kazakhstan 5,324 4,501 49 - 1,522 11,395 Armenia - 3,046 1 - 9 3,056 ------------------------------------------------------- -------- ------------- ------------- -------------- ------------------- ------- Total 138,438 84,050 1,281 18 1,973 225,760 ------------------------------------------------------- -------- ------------- ------------- -------------- ------------------- ------- PAYMENTS PER PROJECT FOR THE YEAR 2016 Country/ Income Mining Rental Licence Entity 000'$ Project Government Region tax tax fees fees Other Total -------------- ---------- ------------ ------------- -------- ------------- ------------- -------------- ------------------- ------- JSC Gold of Northern Svedlovskaya Urals Voro Russia oblast' 21,983 11,023 7 0 53 33,066 LLC Okhotskaya Mining and Exploration Khabarovskiy Company Okhotsk Russia Kray 13,056 8,206 143 8 20 21,433 JSC Magadan Magadanskaya Silver Dukat Russia oblast' 66,728 22,690 435 206 90,058 Mayskoye Gold Mining Chukotka Company Autonomous LLC Mayskoye Russia Okrug - 7,459 1 - 16 7,476 Omolon Gold Mining Company Magadanskaya LLC Omolon Russia oblast' 12,838 9,100 338 10 32 22,318 Albazino
Resources Khabarovskiy Ltd Albazino Russia Kray 18,509 18,025 307 - 117 36,958 JSC Varvarinskoye Varvara Kazakhstan n/a 4,271 4,501 11 - 612 9,396 JSC Komarovskoye Mining Company Komar Kazakhstan n/a 905 - - - 87 992 Bakyrchik Mining Venture LLP Kyzyl Kazakhstan n/a 147 - 34 - 799 979 JSC Inter Gold Capital Kyzyl Kazakhstan n/a - - 4 - 25 28 Kapan MPC CJSC Kapan Armenia n/a - 3,046 1 9 3,056 -------------- ---------- ------------ ------------- -------- ------------- ------------- -------------- ------------------- ------- Total 138,438 84,050 1,281 18 1,973 225,760 ------------------------------------------------------- -------- ------------- ------------- -------------- ------------------- ------- PAYMENTS PER GOVERNMENT FOR THE YEAR 2015 Government Income Mining Rental Licence 000'$ tax tax fees fees Other Total -------------- ---------- ------------ ------------- -------- ------------- ------------- -------------- ------------------- ------- Russia 114,285 90,340 1,105 3,609 - 209,339 Kazakhstan 3,309 1,093 107 - 231 4,740 ------------------------------------------------------- -------- ------------- ------------- -------------- ------------------- ------- Total 117,594 91,433 1,212 3,609 231 214,079 ------------------------------------------------------- -------- ------------- ------------- -------------- ------------------- ------- PAYMENTS PER PROJECT FOR THE YEAR 2015 Country/ Income Mining Rental Licence Entity 000'$ Project Government Region tax tax fees fees Other Total -------------- ---------- ------------ ------------- -------- ------------- ------------- -------------- ------------------- ------- JSC Gold of Northern Svedlovskaya Urals Voro Russia oblast' 25,648 9,996 - 37 - 35,681 LLC Okhotskaya Mining and Exploration Khabarovskiy Company Okhotsk Russia Kray 4,552 7,638 174 425 - 12,789 JSC Magadan Magadanskaya Silver Dukat Russia oblast' 52,896 32,236 438 2 - 85,572 Mayskoye Gold Mining Chukotka Company Autonomous LLC Mayskoye Russia Okrug - 10,668 - - - 10,668 Omolon Gold Mining Company Magadanskaya LLC Omolon Russia oblast' 18,250 13,304 300 3,058 - 34,912 Albazino Resources Khabarovskiy Ltd Albazino Russia Kray 12,939 16,498 193 87 - 29,717 JSC Varvarinskoye Varvara Kazakhstan n/a 3,232 1,092 21 - 4,345 Bakyrchik Mining Venture LLP Kyzyl Kazakhstan n/a 77 1 74 203 355 JSC Inter Gold Capital Kyzyl Kazakhstan n/a - - 12 - 27 40 -------------- ---------- ------------ ------------- -------- ------------- ------------- -------------- ------------------- ------- Total 117,594 91,433 1,212 3,609 230 214,078 ------------------------------------------------------- -------- ------------- ------------- -------------- ------------------- ------- Licence fees are attributable to the following licences: ------------------------------------------------------- ----------------------- Fee Licence Country/ Government 000'$ --------------- ---------- -------------------------- ----------------------- Irbychan Russia 2,698 Tumaninskaya Russia 133 Nizhniy Birkachan Russia 108 Khotorchan Russia 366 Other(1) Russia 304 --------------- ---------- -------------------------- ----------------------- Total 3,609 --------------- ---------- -------------------------- -----------------------
______________________
(1) Individually less than GBP 86,000
Enquiries
Media Investor Relations ----------------- ------------------ ---------------------------------------------------- FTI Consulting +44 20 3727 1000 Polymetal ir@polymetalinternational.com Leonid Fink Evgenia Onuschenko +44 20 7016 9505 (UK) Jenny Payne Maryana Nesis Michael Vasiliev +7 812 334 3666 (Russia) ----------------- ------------------ -------------------- ------------------------------ Joint Corporate Brokers ------------------------------------- ---------------------------------------------------- Morgan Stanley Sam McLennan Richard Brown +44 20 7425 8000 Panmure Gordon RBC Europe Limited Adam James Tristan Lovegrove Tom Salvesen +44 20 7886 2500 Marcus Jackson +44 20 7653 4000 ----------------- ------------------ -------------------- ------------------------------
FORWARD-LOOKING STATEMENTS
THIS RELEASE MAY INCLUDE STATEMENTS THAT ARE, OR MAY BE DEEMED TO BE, "FORWARD-LOOKING STATEMENTS". THESE FORWARD-LOOKING STATEMENTS SPEAK ONLY AS AT THE DATE OF THIS RELEASE. THESE FORWARD-LOOKING STATEMENTS CAN BE IDENTIFIED BY THE USE OF FORWARD-LOOKING TERMINOLOGY, INCLUDING THE WORDS "TARGETS", "BELIEVES", "EXPECTS", "AIMS", "INTENDS", "WILL", "MAY", "ANTICIPATES", "WOULD", "COULD" OR "SHOULD" OR SIMILAR EXPRESSIONS OR, IN EACH CASE THEIR NEGATIVE OR OTHER VARIATIONS OR BY DISCUSSION OF STRATEGIES, PLANS, OBJECTIVES, GOALS, FUTURE EVENTS OR INTENTIONS. THESE FORWARD-LOOKING STATEMENTS ALL INCLUDE MATTERS THAT ARE NOT HISTORICAL FACTS. BY THEIR NATURE, SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER IMPORTANT FACTORS BEYOND THE COMPANY'S CONTROL THAT COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. SUCH FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS REGARDING THE COMPANY'S PRESENT AND FUTURE BUSINESS STRATEGIES AND THE ENVIRONMENT IN WHICH THE COMPANY WILL OPERATE IN THE FUTURE. FORWARD-LOOKING STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE. THERE ARE MANY FACTORS THAT COULD CAUSE THE COMPANY'S ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED IN SUCH FORWARD-LOOKING STATEMENTS. THE COMPANY EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING TO DISSEMINATE ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENTS CONTAINED HEREIN TO REFLECT ANY CHANGE IN THE COMPANY'S EXPECTATIONS WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.
This information is provided by RNS
The company news service from the London Stock Exchange
END
PGRURUVRBRANUAR
(END) Dow Jones Newswires
June 21, 2017 02:00 ET (06:00 GMT)
1 Year Polymetal Chart |
1 Month Polymetal Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions