Payments to Governments Report

RNS Number : 8314P
Petra Diamonds Limited
15 October 2019
 

 

 

 

 

15 October 2019

 

 

Petra Diamonds Limited

("Petra" or the "Company")

 

FY 2019 Payments to Governments Report

 

Petra Diamonds Limited publishes the Company's Payments to Governments Report for the year ended 30 June 2019 ("the Year" or "FY 2019") (the "Report").

 

About this Report

 

This Report, which provides an overview of the payments to governments made by Petra Diamonds Limited, its subsidiaries and jointly controlled operations, is required under the United Kingdom's ("UK") Report on Payments to Governments Regulations 2014 (as amended) ("the Regulations"), which apply to large, UK-listed extractive companies. The Report aims to satisfy the Regulations as well as the Disclosure and Transparency Rules of the Financial Conduct Authority in the UK.

 

For the purposes of this Report, government will include any national, regional or local authority of a country, and includes a department, agency or entity that is a subsidiary of a government. It excludes any payments to State Owned Enterprises to procure goods or services from these enterprises typically consisting of utilities such as water and electricity.

 

This report is also available on the Company's website at: www.petradiamonds.com/investors/results-reports/.

 

Reporting threshold

 

This Report includes payments made which individually or collectively exceed GBP 86,000 within a financial year, as per the Regulations, however payments below this threshold may also be included.

 

Types of payments

 

1.  Corporate taxes

These are taxes paid by Petra on its income and profits in accordance with legislation enacted in the applicable jurisdictions, but exclude taxes levied on consumption (e.g. VAT, personal income taxes and sales taxes). Payments are reported net of refunds.

 

2.  Mining and other license fees

These are mining licenses and regional levies paid by Petra in accordance with legislation enacted in the applicable jurisdictions.

 

3.  Royalties

Royalties levied on the sale of rough diamonds. South African royalties are calculated on a sliding scale based on profitability and Tanzanian royalties are levied at a fixed rate. For more information, visit https://www.petradiamonds.com/about-us/who-we-are/where-we-operate/.

 

4.  Infrastructure improvements

These include Community Social Investment and Local Economic Development related expenditure on permanent infrastructure, which is mandatory spend required of the Company as per its Social and Labour Plans in South Africa.

 

5.  Other

Payments towards custom & excise duties and property rates & taxes.

 

There were no reportable payments to a government entity for production entitlements or signature, discovery or production bonuses during the Year.

 

Payments per government

 

Total payments to governments under the Regulations amounted to US$23.1 million in FY 2019 (FY 2018: US$25.6 million).

 

Payments per country

 

 

Country

Expense Type

(US$ thousand)1,2

Corporate taxes

Mining and other license fees

Royalties

Infrastructure improvements

Other

Total

South Africa

 

 

 

 

 

 

National             

7,177

 

7,622

 

 

Local

 

 

 

 

615

Total

 

15.414

 

 

Country

Expense Type

(US$ thousand)1,2

Corporate taxes

Mining and other license fees

Royalties

Infrastructure improvements

Other

Total

Tanzania

 

 

 

 

 

 

Principal Secretary Ministry of Energy

 

 

5,581

 

 

Tanzania Revenue Authority

481

930

 

 

112

Energy and Water Utilities Authority & Rural Energy Authority

 

 

 

 

166

Zonal Mine Officer-Shinyanga

 

432

 

 

 

Total

 

7,702

 

 

 

Payments by mine

 

 

Cullinan

Expense Type

(US$ thousand)1,2

Corporate taxes

Mining and other license fees

Royalties

Infrastructure and development for the benefit of mining communities

Other

Total

South African Revenue Service

 

 

843

 

 

 

City of Tshwane Municipality

 

 

 

 

26

Total

 

869

 

 

Finsch

Expense Type

(US$ thousand)1,2

Corporate taxes

Mining and other license fees

Royalties

Infrastructure and development for the benefit of mining communities

Other

Total

South African Revenue Service

7,177

 

6,633

 

 

 

Kgatelopele Local Municipality

 

 

 

 

400

Total

 

14,210

 

 

Koffiefontein

Expense Type

(US$ thousand)1,2

Corporate taxes

Mining and other license fees

Royalties

Infrastructure and development for the benefit of mining communities

Other

Total

South African Revenue Service

 

 

145

 

 

 

Letsemeng Local Municipality

 

 

 

 

169

 

Total

 

314

 

 

Country

Expense Type

(US$ thousand)1,2

Corporate taxes

Mining and other license fees

Royalties

Infrastructure improvements

Other

Total

Tanzania

 

 

 

 

 

 

Principal Secretary Ministry of Energy

 

 

5,581

 

 

Tanzania Revenue Authority

481

930

 

 

112

Energy and Water Utilities Authority & Rural Energy Authority

 

 

 

 

166

Zonal Mine Officer-Shinyanga

 

432

 

 

 

Total

 

7,702

 

 

Petra Diamonds Southern Africa (Pty) Ltd

Expense Type

(US$ thousand)1,2

Corporate taxes

Mining and other license fees

Royalties

Infrastructure and development for the benefit of mining communities

Other

Total

City of Johannesburg

 

 

 

 

21

 

Total

 

21

 

1.     Payments are shown in US$ equivalent amounts for the financial year ending 30 June 2018.

2.     Certain financial data have been rounded. As a result of this rounding, the totals of data presented in this document may vary slightly from the actual arithmetical totals of such data.

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

 

~ Ends ~

                                                                       

 

For further information, please contact:

 

Petra Diamonds, London                                         Telephone: +44 20 7494 8203

Cathy Malins

Des Kilalea     

Marianna Bowes                                                         investorrelations@petradiamonds.com

 

Buchanan                                                                  Telephone: +44 20 746 5000

(PR Adviser)

Bobby Morse

Ariadna Peretz                                                            pdl@buchanan.uk.com 

 

About Petra Diamonds Limited

Petra Diamonds is a leading independent diamond mining group and a consistent supplier of gem quality rough diamonds to the international market. The Company has a diversified portfolio incorporating interests in three underground producing mines in South Africa (Finsch, Cullinan and Koffiefontein) and one open pit producing mine in Tanzania (Williamson). Petra also conducts a limited exploration programme in Botswana and South Africa.

 

Petra's strategy is to focus on value rather than volume production by optimising recoveries from its high-quality asset base in order to maximise their efficiency and profitability. The Group has a significant resource base of ca. 250 million carats, which supports the potential for long-life operations.

 

Petra conducts all operations according to the highest ethical standards and will only operate in countries which are members of the Kimberley Process. The Company aims to generate tangible value for each of its stakeholders, thereby contributing to the socio-economic development of its host countries and supporting long-term sustainable operations to the benefit of its employees, partners and communities.

 

Petra is quoted with a premium listing on the Main Market of the London Stock Exchange under the ticker 'PDL' and is a constituent of the FTSE4Good Index. The Company's US$650 million loan notes due in 2022 are listed on the Global Exchange market of the Irish Stock Exchange. For more information, visit www.petradiamonds.com.

 

 

 

 


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