Bisichi Mining plc

Report on payments to governments for the year 2017

Bisichi Mining plc together with its subsidiaries issues the following report on payments to government for the year ended 31 December 2017.

INTRODUCTION

This Report provides an overview of the payments to governments made by Bisichi Mining plc and its subsidiaries for the year ended 31 December 2017 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.

BASIS OF PREPARATION

Reporting entities

This report includes payments to governments made by Bisichi Mining plc and its subsidiary undertakings (Bisichi Mining). Payments made by associates and entities over which Bisichi Mining has joint control are excluded from this report.

Activities

Payments made by Bisichi Mining to governments arising from activities involving the exploration, prospection, discovery, development and extraction of minerals (extractive activities) are to be disclosed in this report.

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 that 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 being the operational activities which are governed by a single contract, or licence agreement, and form the basis for payment liabilities with a government.

If agreements of this kind are substantially interconnected (i.e. forming a set of operationally and geographically integrated contracts, licenses, leases or concessions) these are treated for the purposes of these Regulations as a single project. Indicators of integration include geographic proximity and common operational management.

Payments

The information is reported under the following payment types:

Taxes

These are any taxes paid by Bisichi Mining 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.

Royalties

Royalties is any mining royalty payable in the Republic of South Africa.

Fees

These are any 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 are excluded.

Infrastructure improvements.

Payments in kind in the form of infrastructure expenditure other than in circumstances where the infrastructure is expected to be primarily dedicated to operational activities throughout its useful life. UK Regulations do not require reporting social or community payments, such as payments to build a hospital or a school.

Other types of payments

Other types of payments that are required to be disclosed in accordance with the UK Regulations but are not relevant to Bisichi Mining operations are the following:

–           Production entitlements

–           Dividends

Including dividends paid to a government in lieu of production entitlements or royalties. Dividends paid to a government as an ordinary shareholder on the same terms as to other ordinary shareholders and not paid in lieu of production entitlements or royalties are excluded.

–           Signature, discovery and production bonuses

Payments are reported on a cash basis. No in-kind payments were made during year ended 31 December 2017.

Materiality Level

In line with the UK Regulations, where a payment or a series of related payments have not exceeded £86,000 they have not been disclosed.

Exchange Rate

Relevant payments are made by Bisichi Mining in South African Rand and for the purpose of this report are translated to UK Sterling using the annual average exchange rate for the period.

PAYMENTS PER GOVERNMENT

Government

Taxes

Royalties

Fees

Infrastructure improvements

Total

Republic of South Africa

£346,265

£346,265

Total

–  

£346,265  

–  

–  

£346,265  

PAYMENTS PER PROJECT

Entity

Project

Country/ Government

Taxes

Royalties

Fees

Infrastructure improvements

Total

Black Wattle Colliery (Pty) Ltd

Black Wattle

South Africa

£346,265

£346,265

Total

–  

£346,265  

–  

–  

£346,265  

A copy of the report referred to above has been sent to the National Storage Mechanism and will shortly be available for viewing at www.morningstar.co.uk/uk/NSM

For further information, please contact:

Garrett Casey

Company Secretary

Bisichi Mining plc

Tel: 020 7415 5000

27 June 2018

Bisichi Mining PLC (“the Company”)

The Company announces that at the Company’s 106th Annual General Meeting held on 6 June 2018 at 24 Bruton Place, London W1J 6NE the following results in regard to ordinary and special resolutions concerning ordinary and special business.

The votes were as follows:

Resolution 1 and Resolutions 3-9 were passed on a show of hands, on Resolutions 2, 10, 11 and 12 voting was conducted by way of a poll. Resolution 2 was passed as an ordinary resolution, Resolution 11 was passed as a special resolution and Resolutions 10 and 12 were not passed as special resolutions.

Full results of the poll are below:

Resolution VOTES
FOR
% VOTES
AGAINST
% VOTES
TOTAL
% of ISC VOTED VOTES
WITHHELD
2. To approve the remuneration report for the year ended 31 December 2017. 5,602,458 70.72 2,319,819 29.28 7,922,277 74.20% 0
10. To empower the directors to disapply statutory pre-emption rights. 5,840,747 74.48 2,001,530 25.52 7,842,277 73.45% 80,000
11. To authorise the calling of general meetings of the Company on 14 clear days’ notice. 5,974,173 75.41 1,948,104 24.59 7,922,277 74.20% 0
12. To authorise the Company to make market purchases of its ordinary shares. 5,920,747 74.74 2,001,530 25.26 7,922,277 74.20% 0

 

Proxies received in respect of those resolutions passed on a show of hands are shown below:

Resolution VOTES
FOR
% VOTES
AGAINST
% VOTES
TOTAL
% of ISC VOTED VOTES
WITHHELD
1. To receive and adopt the Company’s annual accounts for the year ended 31 December 2017 together with the directors’ report and the auditors’ report on those accounts. 5,974,173 99.97 1,950 0.03 5,976,123 55.97% 0
3. To declare and approve a final dividend of 3.0p per share. 5,974,173 99.97 1,950 0.03 5,976,123 55.97% 0
4. To declare and approve a special dividend of 1.0p per share. 5,974,173 99.97 1,950 0.03 5,976,123 55.97% 0
5. To re-elect as a director Mr AR Heller. 5,839,736 99.95 2,961 0.05 5,842,697 54.72% 133,426
6. To re-elect as a director Mr RJ Grobler. 5,840,244 99.96 2,453 0.04 5,842,697 54.72% 133,426
7. To reappoint BDO LLP as auditors of the Company. 5,974,173 99.97 1,950 0.03 5,976,123 55.97% 0
8. To authorise the directors to determine the remuneration of the auditors. 5,894,173 99.97 1,950 0.03 5,896,123 55.22% 80,000
9. To authorise the directors to allot securities. 5,840,747 99.06 55,376 0.94 5,896,123 55.22% 80,000

Copies of the Special Resolution 11 passed above have been sent to the National Storage Mechanism and will shortly be available for viewing at http://www.morningstar.co.uk/uk/NSM

For further information, please contact:

 

Garrett Casey

Secretary

Bisichi Mining plc

Tel: 020 7415 5000

6 June 2018

END