Randgold Resources Limited: Report on Payments to Governments for Year 2015
(firmenpresse) - JERSEY, CHANNEL ISLANDS -- (Marketwired) -- 06/30/16 -- Randgold Resources (LSE: RRS) (NASDAQ: GOLD)
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
NASDAQ Trading Symbol: GOLD
- Randgold Resources Limited today provides information in accordance with DTR 4.3A of the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority in respect of payments made to governments by Randgold Resources Limited and its subsidiary undertakings for the year ended 31 December 2015.
This report is prepared in accordance with United Kingdom's Reports on Payments to Governments Regulations 2014 (as amended) ("UK Regulations") and the basis of preparation is summarised below. The report is available for download from: .
For information on all of the payments the Randgold Resources Limited group entities have made to governments (including payments by Société des Mines de Morila SA and Kibali Goldmines SA, which are excluded from this report), please refer to the company's Sustainability Report as set out in its 2015 Annual Report and Accounts. The 2015 Sustainability Report is available for download from: .
This report includes payments to governments made by Randgold Resources Limited and its subsidiary undertakings (together "Randgold"). Payments made by entities over which Randgold Resources Limited has joint control (including Société des Mines de Morila SA and Kibali Goldmines SA) are excluded from the report.
Payments made by Randgold to governments arising from activities involving the exploration, prospection, discovery, development and extraction of minerals ("extractive activities") are disclosed within this report. As extractive and processing activities are unable to be reported separately, associated payments related to both activities have been disclosed in full.
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 or entity that is controlled by such authority.
Payments are reported at a project level except those payments which cannot be attributed to a specific project and therefore are reported at an entity level. Project is defined in the UK Regulations as being the 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 such agreements are substantially interconnected, those agreements shall be treated for the purposes of the UK Regulations as a single project. Substantially interconnected means forming part of operationally and geographically integrated contracts, licenses, leases or concessions or related agreements with substantially similar terms which 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.
These are taxes paid by Randgold on its profits. In line with the UK Regulations payments made in relation to consumption, such as value added taxes, personal income taxes or sales taxes are excluded.
Royalty arrangements based on mineral production are in place at each operating mine. The royalty amounts paid to a government are calculated as a set percentage of the value of gold production at market gold prices less any deduction that may be taken.
These comprise dividends paid by Société des Mines de Gounkoto SA to the State of Mali based on the State of Mali's shareholding pursuant to the Establishment Convention under which Société des Mines de Gounkoto SA operates.
These are fees paid as consideration for acquiring a license for gaining access to an area or permitted area where extractive activities are to be performed.
These are payments which relate to the construction of infrastructure (including but not limited to roads, bridges and buildings) that is not primarily dedicated to extractive activities throughout its useful life. Payments which are in the nature of social investment, for example for the building of hospitals, schools or other social projects, are excluded from this report in line with the UK Regulations.
Other types of payments which are required to be disclosed in accordance with the UK Regulations are the following:
1. Production entitlements; and
2. Signature, discovery and production bonuses.
However for the year ended 31 December 2015, there were no such reportable payments made by Randgold to a government.
Payments are reported on a cash flow basis and refunds are included within the year received.
Payments are disclosed in US Dollars and, in line with the UK Regulations, where a payment or a series of related payments have not exceeded £ 86 000 (US $131 500)(1) such payment or series of related payments have not been included.
Payments made in currencies other than US Dollars are converted based on the foreign exchange rate at the relevant annual average rate.
(1) Amount exchanged at a rate of GBP £ 1:US $1.529.
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Datum: 30.06.2016 - 13:31 Uhr
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