Hochschild Mining

Published : June 29th, 2016

Report on Payments to Governments

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Report on Payments to Governments

Introduction

This Report provides an overview of the payments to governments made by Hochschild Mining plc and its subsidiaries (hereinafter referred to as 'Hochschild') in 2015 as required under the UK's Report on Payments to Governments Regulations 2014 (as amended) (the 'UK Regulations'). The UK Regulations apply to large UK incorporated companies like Hochschild that are involved in the exploration, prospection, discovery, development and extraction of minerals. 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 for preparation

Legislation: This Report is prepared in accordance with the UK Regulations.

Reporting entities: This Report includes payments to governments made by Hochschild Mining plc and its subsidiary undertakings ('Hochschild').

Activities: Payments made by Hochschild to governments arising from activities involving the exploration, prospection, discovery, development and extraction of minerals ('extractive activities') are disclosed in this Report. For a fully integrated project, which does not have an interim contractual cut off point where a value can be attached or ascribed separately to the extractive activities and to other processing activities, payments to governments will not be artificially split but disclosed in full.

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 are reported at project level except that payments that are not attributable to a specific project or are in respect of obligations imposed at entity level are reported by entity. Project is defined as operational activities which are governed by a single contract, licence, lease, concession or similar legal agreement, and form the basis for payment liabilities with a government. If such agreements are substantially interconnected, those agreements are to be treated as a single project. 'Substantially interconnected' means forming a set of operationally and geographically integrated contracts, licences, leases or concessions or related agreements with substantially similar terms that are signed with a government giving rise to payment liabilities. Such agreements can be governed by a single contract, joint venture or other overarching legal agreement. Indicators of integration include, but are not limited to, geographic proximity, the use of shared infrastructure and common operational management.

Payment: Of the types of payments required to be reported on under the UK Regulations, the payments made by Hochschild in 2015 fall within the following categories:

· Taxes: These are taxes paid by Hochschild on its income, profits or production (which include resource severance tax), including those settled by a government on behalf of Hochschild under a tax-paid concession. Payments are reported net of refunds. Consumption taxes, personal income taxes, sales taxes, property and environmental taxes are excluded.

· Royalties: These are payments for the rights to extract mineral resources, typically at set percentage of revenue less any deductions that may be taken.

· Licence fees, rental fees, entry fees and other considerations for licences and/or concessions ('Fees'): These are 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, or to access to extractive resources, are excluded. Also excluded are payments made in return for services provided by a government.

OTHER

Operatorship: When Hochschild makes a payment directly to a government arising from a project, regardless of whether Hochschild is the operator, the full amount paid is disclosed even where Hochschild as the operator is proportionally reimbursed by its non-operating venture partners through a partner billing process (cash-call).

Cash and in-kind payments: Payments are reported on a cash basis. There were no in-kind payments made in 2015.

Materiality Level:For each payment type, total payments below £86,000 to a government are excluded from this Report.

Exchange Rate:Payments made in currencies other than US Dollars are translated for the purposes of this Report using the exchange rate on the date of payment.

1. SUMMARY OF PAYMENTS TO GOVERNMENT (Unaudited) (in USD)

Countries

Taxes

Royalties

Fees

Total

Peru

3,944,634

2,279,027

1,537,675

7,761,336

Argentina

9,881,828

4,793,480

1,333,728

16,009,036

Chile

-

-

235,204

235,204

Totals

$13,826,462

$7,072,507

$3,106,607

$24,005,576

2. PAYMENTS BY COUNTRY (Unaudited)

(a) Peru

- By Government Department (in USD)

Taxes

Royalties

Fees

Total

Superintendencia Nacional de Administración Tributaria

3,944,634

2,279,027

-

6,223,661

Instituto Geológico Minero y Metalúrgico

-

-

1,537,675

1,537,675

Totals

3,944,634

2,279,027

1,537,675

7,761,336

- By Entity/Project (in USD)

Taxes

Royalties

Fees

Total

Entity

Compañía Minera Ares S.A.C.

3,944,634

2,279,027

620,955

6,844,616

Project

Arcata

-

-

181,475

181,475

Ares

-

-

196,765

196,765

Inmaculada

-

-

167,319

167,319

Selene

-

-

371,161

371,161

Totals

3,944,634

2,279,027

1,537,675

7,761,336

(b) Argentina (in relation to the San Jose mine)

- By Government Department (in USD)

Taxes

Royalties

Fees

Total

Tesorería General de la Provincia de Santa Cruz

-

-

200,421

200,421

Consejo Agrario Provincial

-

-

1,133,307

1,133,307

Administración General de Ingresos Públicos

9,881,828

-

-

9,881,828

Rentas Generales de la Provincia de Santa Cruz

-

4,793,480

-

4,793,480

Totals

9,881,828

4,793,480

1,333,728

16,009,036

- By Entity (in USD)

Taxes

Royalties

Fees

Total

Minera Santa Cruz S.A.

9,881,828

4,793,480

1,333,728

16,009,036

Totals

9,881,828

4,793,480

1,333,728

16,009,036

(c) Chile (in relation to the Volcan Project)

- By Government Department (in USD)

Taxes

Royalties

Fees

Total

Tesorería General de la República

-

-

235,204

235,204

Totals

-

-

235,204

235,204

- By Entity (in USD)

Taxes

Royalties

Fees

Total

Andina Minerals Chile Ltd

-

-

235,204

235,204

Totals

-

-

235,204

235,204

Read the rest of the article at www.publicnow.com
Data and Statistics for these countries : Argentina | Chile | Peru | United Kingdom | All
Gold and Silver Prices for these countries : Argentina | Chile | Peru | United Kingdom | All

Hochschild Mining

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CODE : HOC.L
ISIN : GB00B1FW5029
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Hochschild is a silver and gold producing company based in United kingdom.

Hochschild develops silver, gold, copper, lead and zinc in Mexico and in Peru, and holds various exploration projects in Chile.

Its main assets in production are MORIS MINE in Mexico, SELENE, PALLANCATA, ARCATA and ARES in Peru and SAN JOSE ARGENTINA in Argentina, its main assets in development are SAN FELIPE in Mexico and INMACULADA in Peru and its main exploration properties are LIAM and AZUCA in Peru, THUNDER CREEK in Canada, MORIS ARECHUYVO in Mexico, LOS AMIGOS (ARGENTINA) in Argentina and VALERIANO in Chile.

Hochschild is listed in Germany, in United Kingdom and in United States of America. Its market capitalisation is GBX 73.2 billions as of today (US$ 85.9 billions, € 72.7 billions).

Its stock quote reached its lowest recent point on October 24, 2008 at GBX 100.25, and its highest recent level on September 16, 2021 at GBX 144.40.

Hochschild has 507 232 000 shares outstanding.

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