Resolute Mining Limited Report on Payments to Governments (5981U)

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RNS Number : 5981U

Resolute Mining Limited

29 March 2023

Report on Payments to Governments

Year ended 31 December 2022

Resolute and its subsidiaries (together, "Resolute") are engaged in extractive operations as gold

mining concession holders in several locations across the world. This Report provides a consolidated overview of the payments to governments made by Resolute for the year ended 31 December 2022

as required under the UK Financial Conduct Authority's ("FCA") "Disclosure Guidance and Transparency Rules" ("DTR").

This Report has been prepared in accordance with the rules enacted by DTR 4.3A that require oil,

gas, mining and logging companies that have securities listed on UK-regulated markets to annually

and publicly disclose any payments made to governments on a country-by-country and/or project-by-project basis. These rules apply to Resolute by virtue of its listing on the London Stock Exchange and Listing Rule 14.3.22R.

This Report has been filed and submitted to the FCA's National Storage Mechanism (https://data.fca.org.uk/#/nsm/nationalstoragemechanism) and is also available for download from https://www.rml.com.au/corporate-governance .

Basis of preparation

This Report has been prepared in accordance with The Reports on Payments to Governments Regulations 2014 as enacted in the UK in December 2014, as amended in December 2015 and Chapter 10 of EU Accounting Directive 2013/34/EU.

Payments to governments made by Resolute have been included in this Report. However, payments made by entities where Resolute has joint control have been excluded. 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.

Payments to governments are required to be reported in the following categories:

   --        production entitlements; 
   --        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;

   --        royalties; 

-- dividends, other than dividends paid to a government as an ordinary shareholder unless they are paid in lieu of a production entitlement or royalty;

   --        signature, discovery and production bonuses; 

-- licence fees, rental fees, entry fees and other considerations for licences and/or concessions; and

   --        payments for infrastructure improvements. 

Unless otherwise stated, all dollar figures are United States dollars ($).

Payments included in the Report are amounts paid, whether in money or in kind, for relevant activities. Where a payment or a series of related payments do not exceed GBP86,000 they do not need to be disclosed. When preparing this Report, a threshold of $105,000 (approx. GBP86,000) was applied.

Payments made in currencies other than US Dollars are translated for this Report based on the foreign exchange rate at the relevant monthly average rate.

Report on payments to Governments

Table 1

Summary table showing payments to governments for the period ended 31 December 2022

 
 GOVERNMENT REPORT 
============================================================================================ 
                                                                 Infrastructure 
               Dividend        Taxes       Royalties      Fees      Improvement        Total 
===========  ==========  ===========  ==============  ========  ===============  =========== 
 Countries 
===========  ==========  ===========  ==============  ========  ===============  =========== 
 Australia            -    2,677,316               -         -                -    2,677,316 
 Mali                 -   42,224,202   25,057,143(2)   140,643        1,618,808   69,040,796 
 Senegal      4,643,422    4,417,200      12,204,607   104,842          813,988   22,184,059 
-----------  ----------  -----------  --------------  --------  ---------------  ----------- 
 Total(1)     4,643,422   49,318,718      37,261,750   245,485        2,432,796   93,902,171 
===========  ==========  ===========  ==============  ========  ===============  =========== 
 

Notes:

(1) For the year ended 31 December 2022, Resolute did not make any reportable production entitlement or bonus payments to any government.

(2) During the year Resolute's subsidiary SOMISY, offset royalties payable against VAT receivables of $19.5 million, the balance of the royalties above was settled in cash.

Report on payments to Governments

Table 2

Government Payments split by project and payee for the period ended 31 December 2022

 
 GOVERNMENT REPORT 
   Country          Payee          Dividend        Taxes        Royalties       Fees      Infrastructure 
  / Project                                                                                 Improvement        Total 
============  =================  ============  =============  =============  ==========  ===============  ============= 
 
               Receiver General 
 Mali:          - State of 
  Finkolo       Mali                        -              -      3,854,722           -                -      3,854,722 
============ 
 
    Receiver General 
    - District                              -        275,020              -           -                -        275,020 
 
 
    Treasury - 
    Sikasso                                 -        218,328              -      59,711           39,797        317,836 
 ==============================  ============  =============  =============  ==========  ===============  ============= 
 
    Receiver General 
    - State of 
    Mali                                    -              -     21,202,421           -                -     21,202,421 
 
 
    Receiver General 
    - District                              -     20,888,753              -           -                -     20,888,753 
 
    Treasury - 
    Mali                                    -     20,842,101              -           -                -     20,842,101 
 
 Mali:           Treasury - 
  Syama          Sikasso                    -              -              -      80,932        1,579,011      1,659,943 
============  =================  ============  =============  =============  ==========  ===============  ============= 
 
    Receiver General 
    of Public 
    Treasury 
    (Ministry 
    of Finance)                     4,643,422      4,417,200     12,204,607           -                -     21,265,229 
 
 
    Mining and 
    Geology Department                      -              -              -     100,689                -        100,689 
               Kedougou 
                Departmental 
                and 
                Tomboronkoto 
 Senegal:       Municipal 
  Mako          Administrations             -              -              -       4,153          813,988        818,141 
============  =================  ============  =============  =============  ==========  ===============  ============= 
 
    Australian 
    Tax Office                              -      2,677,316              -           -                -      2,677,316 
 
 
                 Perth Office 
 Australia:      of State 
  Corporate      Revenue                    -        419,539              -           -                -        419,539 
============  =================  ============  =============  =============  ==========  ===============  ============= 
 Total                              4,643,422     49,318,718     37,261,750     245,485        2,432,796     93,902,171 
===============================  ============  =============  =============  ==========  ===============  ============= 
 

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March 29, 2023 02:00 ET (06:00 GMT)