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Report on Payments to Governments for 2015

16 Nov 2016 07:00

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

Financial PR Consultants

J.P. Morgan Cazenove

Corporate Broker

David Cather, CEOJim Wynn, FD

Lorna Cobbett

Michael Wentworth-Stanley

+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
 
 
PGREAXFSFAFKFFF
Date   Source Headline
15th Nov 20107:00 amRNSInitial Mineral Resource At Souma
12th Nov 20107:00 amRNSHolding(s) in Company
5th Nov 20107:00 amRNSQ3 Gold Production
7th Oct 20107:00 amRNSSale of Non-Core Exploration Assets & Investments
29th Sep 20107:00 amRNSInata Reserve Increase
20th Sep 20107:00 amRNSAdditional Positive Drilling Results at Souma
16th Sep 20107:00 amRNSBoard Changes and Director's Share Award
7th Sep 20107:00 amRNSInata Resource Upgrade
25th Aug 20107:00 amRNSInterim Report Posted
16th Aug 20107:00 amRNSRegulatory Announcement for Oslo Stock Exchange
10th Aug 20107:00 amRNSPositive Gold Grades In Drilling
29th Jul 20107:00 amRNSBOARD APPOINTMENT - FURTHER DISCLOSURE
28th Jul 20107:00 amRNSInterim Results
9th Jul 20107:00 amRNSDirectorate Change
5th Jul 20107:00 amRNSHounde Definitive Agreement
1st Jul 20109:00 amRNSTotal Voting Rights
17th Jun 20107:00 amRNSResult of AGM
16th Jun 201010:00 amRNSAGM Presentation and Corporate Update
14th Jun 20101:00 pmRNSSuccessful Completion of Norwegian Retail Offer
10th Jun 20107:00 amRNSStatement re Press Speculation
8th Jun 201011:00 amRNSIssue of Equity
3rd Jun 20104:15 pmRNSApproved Prospectus & Norwegian Retail Offering
1st Jun 201012:00 pmRNSHolding(s) in Company
27th May 20103:00 pmRNSApproval for listing on the Oslo Stock Exchange
19th May 20107:00 amRNSWest African Exploration Update
14th May 20101:30 pmRNSAnnual Report & Accounts
10th May 201010:45 amRNSStatement re. Press Speculation
4th May 20107:00 amRNSQ1 Gold Production
30th Apr 20108:00 amRNSTotal Voting Rights
29th Apr 201010:30 amRNSAnnouncement of Chief Executive Officer Succession
27th Apr 20107:00 amRNSApplication to List on the Oslo Stock Exchange
12th Apr 20107:00 amRNSInata Gold Mine Production Update
7th Apr 201011:49 amRNSDirectors Dealings
1st Apr 20104:51 pmRNSDirector Shareholding
18th Mar 20107:00 amRNSDirector/PDMR Shareholding
17th Mar 20105:12 pmRNSStatement re J.P. Morgan Securities Ltd
17th Mar 20107:00 amRNSPreliminary Results
26th Feb 20107:00 amRNSAvocet Ships First Gold From Inata
1st Feb 20103:28 pmRNSTotal Voting Rights
29th Jan 201012:00 pmRNSHounde Licence Divestment
29th Jan 20107:00 amRNSQ3 Gold Production
11th Jan 201010:01 amRNSIssue of Treasury Shares
7th Jan 20108:57 amRNSDirector/PDMR Shareholding
6th Jan 201010:17 amRNSHolding(s) in Company
5th Jan 20109:00 amRNSHolding(s) in Company
22nd Dec 20097:00 amRNSAvocet Pours First Gold at Inata in Burkina Faso
18th Nov 20097:00 amRNSHolding(s) in Company
13th Nov 200912:28 pmRNSSale of Interest in Merit Mining
11th Nov 20097:00 amRNSInterim Results
28th Oct 20094:40 pmRNSSecond Price Monitoring Extn

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