MINISTRY OF ENERGY AND MINERALS GOLD AUDIT

Transcription

THE UNITED REPUBLIC OF TANZANIA
LAWS, INSTITUTIONS AND THE CHALLENGES
OF GOOD GEVERNANCE IN TANZANIA
By Eng. PAUL M. MASANJA
CEO – TMAA, TANZANIA
Presented at: The International Conference on Public-Private Partnerships
for Sustainable Development: Toward a Framework for Resource Extraction Industries.
Montreal, Canada
29th – 31st March, 2012
OUTLINE
An Overview of the Mineral Sector in Tanzania
Relevant Policies and Laws
Salient Features of the Mining Act, 2010
Mining Regulations
National Level Regulatory Institutions
Good Governance
Mining for Sustainable Development in Tanzania
Public-Private Partnership
Challenges in Bringing Sustainable Development in Mining
Conclusion and Recommendations
Some Statistics
MINERAL SECTOR OVERVIEW
MINERAL OCCURRENCE IN TANZANIA
North Mara
Geita
Williamson
Kabanga
TanzaniteOne
Bulyanhulu
Tulawaka
Buzwagi
Golden Pride
Shanta Chunya
Liganga
Mchuchuma
MINERAL SECTOR OVERVIEW (cont’d)
MINING PERFORMANCE (1997 Vs 2010)
1997
2010
Mineral exports (USD million)
26.66
1,508.71
Sector growth (at 2001 prices)
7.7%
10.7%
1,700
35,000
2
1.4%
13,000
260,000
78
2.7%
Employment in LSM - Direct
- Indirect
Government revenue from LSM (USD million)
Contribution to the GDP (at 2001 prices)
Foreign Direct Investment (USD billion)
Small Scale Miners
1.3
> 2.5
< 20,000 > 600,000
APPLICABLE POLICIES AND LAWS TO THE MINERAL SECTOR
Policy/ Legislation
Responsible Ministry or Institution
The Mineral Policy of 2009
Ministry of Energy and Minerals
The National Land Policy of 1996
Ministry of Land and Human Settlement
The National Forest Policy of 1996 Ministry of Natural Resources and Tourism
The National Water Policy of 2002 Ministry of Water and Irrigation
The Sustainable Industrial
Development Policy of 1996
The Mining Act of 2010
Ministry of Industry and Trade
The Tanzania Investment Act of
1997
The Environmental Management
Act of 2004
Prime Minister’s Office, Planning Commission
& Ministry of Finance and Economic Affairs.
Vice President’s Office, Division of
Environment
Applicable Policies and Laws to the Mineral Sector
Policy/ Legislation
The Income Tax Act of 2004
Tanzania Revenue Authority
The Finance Act of 2005
Ministry of Finance and Economic Affairs.
The Water Utilization and
Control Act of 1974
The Forest Act of 2002
Ministry of Water and Irrigation.
The Occupational Health and
Safety Act of 2003
Ministry of Labour, Employment and Youth
Development & Ministry of Health and Social
Welfare
Ministry of Labour, Employment and Youth
Development.
Prime Minister’s Office, Planning Commission.
The Employment and Labour
Relations Act of 2004
The National Economic
Empowerment Act of 2004
The Land Act of 1999
Ministry of Natural Resources and Tourism.
Applicable Policies and Laws to the Mineral Sector
Policy/ Legislation
The Village Land Act of 1999
The Land Use Planning
Commissions Act of 1984
The Wildlife Conservation Act of
1974
The Explosives Act of 1963
The Fisheries Act of 1974
Ministry of Livestock and Fisheries
Development
Ministry of Livestock and Fisheries
Development
The Beekeeping Act of 2002
Ministry of Natural Resources and Tourism
Mineral Rights for small scale operations (involving initial Capex of
less than USD 100,000) - reserved exclusively to Tanzanian
Citizens and Corporate Bodies under the exclusive control of
Tanzania Citizens.
Licenses to mine gemstones to be granted to Tanzanians, except
for cases where skills, technology or huge capital is required to
develop the ore body. However, participation of a foreign investor
would have to be below 50%.
Having a Standard Mineral Development Agreement (MDA). MDAs
signed only for projects with initial Capex exceeding USD 100
million.
MDAs to be reviewed every 5 years.
Government may negotiate with holder of Mineral Right to acquire
free-carried interest and state participation in mining depending
on the type of minerals and the level of investment.
Royalty is now charged on the gross value of minerals, rather than
net back value as before. Royalty rates are as follows: precious and
base metals - 4%; diamonds and gemstones 5%; Uranium 5%;
other minerals 3%.
Prospecting Licenses (PLs) - granted for a period of 3 years; at
each renewal at least 50% of the area is relinquished.
Expired or relinquished areas under PLs to be held by the licensing
authority for 4 months to determine whether the area is suitable
for small scale mining.
Duration of Special Mining Licence is capped at the expected life of
the ore body indicated in the feasibility study or such period as the
applicant may request, or whichever period is shorter.
Mining entities are obliged to give preference to local procurement
of goods and services .
Mining entities are required to provide for the posting of a
rehabilitation bond to finance the costs of rehabilitating and
making safe the mining area on termination of mining operations.
Requirement for implementation of plan on compensation,
relocation and resettlement of the owners or occupiers of the land
before commencement of mining operations.
Requirement for listing with a domestic stock exchange.
MINING REGULATIONS
Six Mining Regulations have been established under the Mining
Act of 2010 to regulate mining activities in the country. These
are:
1. The Mining (Environmental Protection for Small Scale Mining)
Regulations, 2010
2. The Mining (Mineral Beneficiation) Regulations, 2010
3. The Mining (Mineral Rights) Regulations, 2010
4. The Mining (Mineral Trading) Regulations, 2010
5. The Mining (Radioactive Minerals) Regulations, 2010
6. The Mining (Safety Occupational Health and Environmental
Protection) Regulations, 2010
NATIONAL LEVEL REGULATORY INSTITUTIONS
Institution
Ministry of
Energy and
Minerals
Vice
President’s
Office
(Division of
Environment)
Role and Responsibility
Issuing mineral rights
Enforcing laws and regulations for mining and protection
of environment, environmental monitoring and auditing
Mining conflict resolutions
Coordinating CSR initiatives
Responsible for the development of policy options and
coordination of broad-based environment programmes
and projects.
Facilitating meaningful involvement of civil society in
environment activities.
Conducting environment research
Responsible for environment planning, monitoring and
coordination at a national and international level.
Institution
Ministry of Water
Enforce laws and regulations for water quality.
and Irrigation
Issuance and regulation of water rights.
Enforce water and effluent discharge laws as per
standards.
Ministry of Lands
and Human
Settlements
Development
Issuing of Right of Occupancy.
Land use planning.
Land valuation and compensation.
Ministry of
Natural
Resources and
Tourism
Enforcement of laws and regulations for forestry
resources management.
Issuance of permits to conduct mining operations in
forest reserved areas.
Institution
National
Environment
Management
Council
(NEMC)
Tanzania
Revenue
Authority
(TRA)
Conducting environment education and public
awareness.
Serves as a think-tank for the Government on
environment matters.
Performing environmental audits in all sectors to ensure
compliance with environmental laws and regulations.
Enforcing pollution control measures.
Administering tax laws for the purpose of assessing,
collecting and accounting for all revenue to which those
laws apply.
Monitoring, overseeing and coordinating business
activities and ensure fair, efficient and effective
administration of revenue laws.
Institution
Tanzania Revenue
Authority (TRA)
(cont..)
Monitoring and ensuring collection of fees, levies,
charges or any other tax collected by any ministries,
departments or divisions of the government as
revenue for the government.
Tanzania
Minerals Audit
Agency (TMAA)
Mandated to monitor and audit financial and tax
records of mining entities, and ensuring sound
environmental management at all mining areas for
large, medium and small scale miners.
Tanzania
Extractive
Industries
Transparency
Initiative (TEITI)
Tanzania joined EITI on 16th February, 2009. TEITI
seeks to create the missing transparency and
accountability in revenue flows from the extractive
industry.
NATIONAL LEVEL REGULATORY INSTITUTIONS & NGOs
Institution
Tanzania Extractive
Industries
Transparency
Initiative (TEITI)
TEITI produced its first report on 11th February, 2011.
Major finding in that first report was difference of TZS
46.5 billion between revenues confirmed to have been
received by the Government from mining entities and
payments reported by mining entities. This figure is
equivalent to USD 36 million.
Further reconciliation done recently by a consultant
(BDO) on revenue received by the Government from
mining entities cut down the un-reconciled figure to
USD 376,000 only.
NGOs
National watchdog – initiating dialogue on national
economic, social and environment concern’s among
stakeholders.
ACTORS IN THE REGULATED AREAS
Area
Main Actors (Government Ministries and Institutions)
Economic
Ministry of Energy and Minerals;
Ministry of Finance and Economic Affairs;
Tanzania Revenue Authority;
Bank of Tanzania;
Tanzania Minerals Audit Agency;
Tanzania Investment Center; and
Planning Commission.
Environment
Vice President’s Office – Division of Environment;
National Environment Management Council; and
Tanzania Minerals Audit Agency.
ACTORS IN THE REGULATED AREAS (Cont..)
Area
Social
Main Actors (Government Ministries and Institutions)
Ministry of Community Development, Gender and
Children; and
Ministry of Health and Social Welfare.
GOOD GOVERNANCE
Characteristics of good governance are:
Rule of law;
Participation;
Transparency;
Responsiveness;
Consensus-oriented;
Accountability;
Equity and inclusiveness; and
Effectiveness and efficiency.
GOOD GOVERNANCE
2011 Assessment of African Governance by Mo Ibrahim Foundation
Tanzania was ranked 13th out of 53 countries for governance quality.
Tanzania was ranked 2nd out of 12 countries in East Africa.
Category
Tanzania Score
Africa Average Score
Rule of Law
55%
48%
Accountability
47%
43%
Human Rights
60%
45%
Participation
58%
42%
Tanzania was ranked 100th out of 180 countries surveyed in 2011 as per
Global Corruption Index. Tanzania scored 3, where 0 is perceived as
highly corrupt and 10 as very clean.
GOOD GOVERNANCE
2012 Annual ranking of countries in terms of political risks for
mining investment – by Behre Dolbear
Tanzania has been ranked 4th in Africa after scoring 32 points
out of 70.
Botswana has been ranked 1st after scoring 37 points. The other
highly ranked African countries are Ghana (36 points) and
Namibia (33 points).
Zambia scored 26 points; and South Africa scored 25 points.
Australia is the highly ranked country in the world with 57
points.
Criteria used are: economic system, political system, degree of
social issues affecting mining, delays in receiving permits,
degree of corruption, stability of the country’s currency, and
competitiveness of the nation’s tax policy.
MINING FOR SUSTAINABLE DEVELOPMENT IN TANZANIA
Sustainable Development (SD) is defined as development that meets
the needs of the present without compromising the ability of future
generations to meet their own needs. (World Commission on Environment
and Development – the Brundtland Commission).
Mining in Tanzania, like in any other country, faces the most difficult
sustainability challenges than other industries. In order for mining
projects to secure social licence to operate, the industry has to respond to
such challenges by engaging its many different stakeholders.
Sustainable development challenges in mining can be grouped into 3
pillars – Economic, Environment and Social.
SD Pillar
Issues
Key Stakeholders
Economic
Distribution
of
revenues;
Contribution of mining to GDP;
Employment; Procurement; Value
addition
Environment
Land use, land management,
rehabilitation,
solid
waste
management, water management
(effluents and leachates), air
pollution, global warming and
other environmental impacts of
mining.
Employment opportunities,
education and skills development,
human rights, wealth distribution,
corruption, OHS matters.
Government, Local Authorities, Local
Communities, Employees, Trade Unions,
Contractors, Customers, Shareholders,
Insurers, Media, Suppliers, Creditors,
NGOs.
Communities, Employees, Shareholders,
Insurers, Media, Creditors, NGOs.
Social
Communities, Employees, Trade Unions,
Insurers, Media, NGOs.
Sustainable Development in mining as per the 3 pillars
(economic, environment, social) calls for:
Win for the Investor;
Win for the Government; and
Win for the Community
(WIN – WIN - WIN)
PUBLIC PRIVATE PARTNERSHIP (PPP)
In Tanzania, PPP is governed by the Public-Private Partnership Act, No 18 of 2010 and
its Regulations made under Section 28 of the Act.
The Act aims at promoting private sector participation in the provision of public
services through public-private partnership projects in terms of investment capital,
managerial skills and technology.
Table 1: Some PPP Projects in the Extractive Industries in Tanzania
Company
DeBeers Ltd
(Initiated in
2006)
Project
Mwadui Community
Diamond Partnership
(MCDP) with the following
partners: DeBeers,
Williamson Diamond Limited,
and the United Republic of
Tanzania represented at
national, regional, district
and local levels.
Focus
Its overarching goal is to alleviate poverty and
improve the health and wellbeing of small scale
informal diamond mining communities around
the Williamson mine at Mwadui.
The project focuses on capacity building and
technical support to the small scale miners in
the area; facilitating mobile community
banking at local level; addressing HIV/AIDS
and malaria prevention and management.
Company
Project
Focus
Gulf
Resources
Ltd (Initiated
in 2008)
MSP Project
Determining potential of a public-private partnership for the
development, modernization and expansion of the Mtwara Sea
Port, regulating the associated Export Processing Zones and
Free Port facility (“the MSP Project”). The MSP Project forms
part of the major Mtwara Infrastructure Corridor Development
Initiative.
African
Barrick Gold
(ABG)
Various PPP
Projects
Barrick injected USD 28 million in 2007 into the national rural
electrification programme in the form of public-private
partnership. The project was aimed at extending electric poles
all the way to the remote Tarime District, Mara Region,
eventually integrating the area into the national power grid.
The company collaborated with the Government through
Tanzania Electric Supply Company (TANESCO).
Barrick invested $500,000 in a partnership with TANESCO to
bring electricity to the community of Kakola and surrounding
areas near Bulyanhulu Gold Mine.
Company
African
Barrick Gold
(ABG)
Project
Various PPP
Projects
Focus
Barrick established the Lake Zone Health Initiative, a publicprivate partnership project aimed at combating HIV/AIDS,
malaria and tuberculosis in the Lake Zone. Tanzania’s Lake
Zone is home to nine million residents.
Barrick partnered with NGO Bridge2AID and the Tanzanian
Government to increase access to emergency dentistry in rural
areas in the country.
Barrick launched Maendeleo Fund in 2011 which will have a
USD 10 million annual budget to fund projects that improve
the quality of life in communities where ABG operates.
Investments under this project will focus on community
development, health, education, environment, water projects,
skills and training programs, and support to NGOs.
Company
African
Barrick Gold
(ABG)
Anglo-Gold
Ashanti at
GGM
Project
Various
Projects
Focus
PPP
ABG signed an agreement early this year with the seven
villages surrounding the North Mara Gold Mine to invest
USD 8.5 million over the next three years in improving the
quality of life in the communities around. The money will be
spent on provision of clean water, development of school
infrastructure, upgrading of a local health centre to a
hospital, rehabilitating village offices, improving road
infrastructure, extension of overhead electricity lines and
collection of garbage. The villages to benefit from this
project are Nyang’oto, Kewanja, Matongo, Kerende, Genkuru,
Nyamwaga and Nyakunguru.
Kilimanjaro
Challenge
Project
and
other
PPP
projects
Project initiated by the mining company in 2002 aimed at
fighting HIV/AIDS in the country. The company has been
organizing annual climbs of Mt Kilimanjaro to raise money
for HIV/AIDS initiatives.
The company spent over USD 10 million from year 2000 to
2011 on CSR projects.
Company
TanzaniteOne
Ltd
Project
Focus
Merelani
Controlled To control smuggling of Tanzanite from the area and
Area Project
create value addition within the mining area.
Naisinyai
Secondary To enhance literacy level and participation in
School
Construction MKUKUTA strategy.
Project
Small Mine Assistance To provide geological, mining, survey, safety,
Program
logistical, operational and other guidance and
support to small scale mines with the aim of building
and developing the entire Tanzanite mining industry
and sound stakeholder relations.
Free Carried
Government
Interest
Requirement as
Section 10 of
Mining Act, 2010
per The level of free-carried interest and state
the participation in any mining operations under Special
Mining Licence is negotiated upon between the
Government and a mineral right holder depending on
the type of minerals and the level of investment.
CHALLENGES
Challenges faced in bringing in SD between extractive industries and
communities they work in:
1. Community dissatisfaction and expectation gap:
Mining activities are normally carried out in remote areas where there is poor
infrastructure and services. This pushes hard the Government and respective
mining companies to improve them.
Each mining company has its own CSR policy. As a result, some communities
are dissatisfied with the level of CSR projects undertaken in their areas by
mining companies around them in comparison to others within the country.
This calls for a common CSR Framework.
Local communities tend to compare revenue generated by mining companies
versus the amount spent on CSR projects in their areas. After realizing the gap,
they become dissatisfied. This however comes out of ignorance of what the
mining companies spend in order to generate that revenue, which is capital
investment, operating expenses, taxes and royalties paid to the Government
and payments of interest on loans.
CHALLENGES
Some communities are unhappy with most of the CSR projects implemented in
their areas in that they are not top in their priority list. They normally argue
that most of such projects are implemented for the mining company’s own
benefits. For example, repairing roads leading to the mine site, or drawing
water pipes that mining companies themselves need.
Community development projects undertaken by mining companies are
mostly on the high side during exploration and development stages of the
mine, but decline afterwards.
2. Inadequate linkage between the mineral sector with other sectors of the economy
(finance services, transport, communication, energy, water, engineering, etc.).
3. Weak partnership between Government institutions with NGOs.
4. Inadequate coordination among Government institutions involved in the
administration of the mineral sector.
5. Inadequate human and financial resources on the side of the Government and/or
local communities to negotiate and oversee implementation of PPP projects by
mining companies.
CHALLENGES
6. Inadequate capacity of the Government to evaluate, monitor and audit fiscal and
financial flows within the mineral sector.
7. Realizing good governance in the sector taking into consideration ideas
championed in the IGF-MPF and the African Mining Vision.
8. Having in place effective policies for revenue management, benefits sharing, and
PPP for infrastructure development.
9. Realizing economic growth at a national level through investment injection in
mining, local employment, Government revenue generation (taxes, royalties, fees,
etc.) and foreign exchange earnings.
10. Realizing technology transfer and infrastructure development.
11. Managing artisanal and small scale mining activities.
12. Streamlining and harmonizing policies and laws to ensure prosperity during and
after life of the mine.
13. Changing mindsets of all players in the mineral sector in order to achieve
sustainable development.
CONCLUSION AND RECOMMENDATIONS
Considering the long list and degree of challenges faced in bringing in SD in the
context of mining in Tanzania, there are no exclusive actions and
recommendations to address them. However, the following actions are
recommended:
1. Keep on enhancing the capacity of the Government to regularly evaluate, monitor
and audit mining operations to ensure SD of mining.
2. Keep fine tuning policies, laws, regulations and strategies to ensure a win-win-win
situation between the investor, Government and local communities surrounding
the mines.
3. Optimize exploitation and utilization of the country’s mineral resources.
4. Broaden the geo-scientific knowledge base to boost discovery of mineable
deposits in the country.
5. Enhance the institution role of the Government and local communities in
developing and negotiating PPP agreements with the mining companies, and
oversee its implementations to achieve the intended goals. This will ensure
realization of a win-win public-private partnership which in turn will create
security, stability and predictability in mining business.
CONCLUSION AND RECOMMENDATIONS
6. Mining companies should accept and engage fully in the sustainability agenda.
They should strive to have the right technology, right philosophy, right CSR
policies and the right management systems.
7. All stakeholders to work towards achieving good governance, transparency and
accountability in the administration and management of the sector.
8. Developing a tool for performance measurement of CSR initiatives in the
extractive industries: Presidential award on Corporate Social Responsibilities and
Empowerment (CSRE) was launched by the President, H.E. Jakaya Mrisho Kikwete
on 28th February, 2012 to stimulate implementation of sound CSR initiatives in
communities surrounding the extractive industries projects and ensure
sustainable development.
The Presidential award on CSRE will be given annually to the best responsible
companies in observing CSRE in undertaking its business.
There are 7 areas of the award, which are Health, Education, Water, Infrastructure
Development, Local Procurement, Local Employment and Local Empowerment.
Participants in the award include large scale mining companies; gas extraction
companies; minerals, oil and gas exploration companies; medium scale mining
companies; and small scale miners.
Figure: Historical Gold Export Quantity versus Value (2001 – 2011)
Figure: Royalty Paid by Major Gold Mines (2001 - 2011)
Table 1: Historical Taxes Paid by Large Scale Mining Entities
(1999 – 2011, Billion TZS)
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
TOTAL
PAYE
1.7
7.3
12.4
16.6
18.5
11.5
17.4
11.8
22.3
44.0
52.6
49.9
90.3
356.3
SDL
0.6
1.6
1.9
2.6
2.4
3.4
11.8
2.5
3.8
7.5
9.8
11.3
19.5
78.7
WHT
0.5
8.8
8.3
8.4
7.9
7.3
10.0
3.3
3.3
5.6
7.9
13.1
12.3
96.7
VAT
-
-
-
-
-
-
-
1.3
3.2
4.0
4.7
4.7
25.8
43.7
Stamp
Duty
0.0
0.2
0.2
0.3
0.0
0.1
0.2
0.1
0.0
0.0
0.0
0.2
0.004
1.3
Import
Duty
0.3
0.6
0.4
2.2
1.5
3.3
6.4
-
-
-
-
-
-
14.7
Excise
Duty
-
-
-
-
-
-
-
0.1
0.1
2.1
2.1
-
-
4.4
Corporate
Tax
-
-
-
-
1.7
3.3
3.8
3.1
1.6
4.0
4.5
21.3
50.9
94.2
3.1
18.5
23.2
30.1
31.9
28.8
49.6
22.2
34.2
67.3
81.6
100.5
198.8
690.0
TOTAL
Table 2: Procurement of Goods and Services by Large Scale Miners
(2001 – 2011, Million TZS)
2001
2002
2003
2004
2005
2006
2007
75.47
111.90
215.73
102.73
336.08
217.24
467.88
649.78
619.90
546.17
991.29
4,334.17
Local
109.51
125.45
186.15
130.48
237.97
349.60
547.82
554.93
551.77
337.92
379.57
3,511.17
TOTAL
184.98
237.35
401.88
233.21
574.05
566.84
1,015.7
1,204.71
1,171.67
884.09
1,370.86
7,845.34
Foreign
2008
2009
2010
2011
TOTAL
Table 3: Status of Employment in the Major Gold Mines
(Number of Locals versus Expatriates)
Year
2005
Type of
Employee
TTM
Grand
Total
WDL
-
-
21
12
157
Locals
-
-
1,801
276
-
-
612
671
3,360
Total
-
-
1,909
292
-
-
633
683
3,517
177
-
116
15
-
51
24
12
395
Locals
2,042
-
1,985
282
-
248
694
725
5,975
Total
2,219
-
2,101
297
-
299
718
737
6,371
180
-
114
15
83
32
25
11
460
Locals
1,787
-
2,338
302
928
283
644
717
6,999
Total
1,967
-
2,452
317
1,011
315
669
728
7,459
140
58
129
34
129
41
26
10
567
Locals
1,687
569
1,964
225
978
325
714
677
7,139
Total
1,827
627
2,093
259
1,107
366
740
687
7,706
185
49
121
27
127
41
29
4
583
Locals
2,012
671
1,814
238
621
338
613
610
6,917
Total
2,197
720
1,935
265
748
379
642
614
7,500
181
105
86
34
138
65
33
8
650
Local
2,266
746
1,792
266
703
356
648
584
7,361
Total
2,447
851
1,878
300
841
421
681
592
8,011
195
132
82
37
157
75
32
8
718
Local
2,430
875
1,601
297
876
473
643
558
7,753
Total
2,625
1,007
1,683
334
1,033
548
675
566
8,471
Expatriates
2011
TGM
16
Expatriates
2010
NMGM
108
Expatriates
2009
GPM
-
Expatriates
2008
GGM
-
Expatriates
2007
BZGM
Expatriates
Expatriates
2006
BGM
Table 4: (Revenue Vs Expenditure of 5 LSM: 2005-2009)
INCOME STATEMENT/ PROFIT & LOSS (Figures in USD '000s)
Average
Total
2009
2008
2007
2006
2005
779,666
3,898,332
1,038,410
849,428
750,237
696,072
564,185
21,580
107,901
19,192
19,766
34,031
20,992
13,920
801,247
4,006,233
1,057,602
869,194
784,268
717,064
578,105
(658,887)
(3,294,433)
(871,998)
(749,866)
(611,957)
(504,868)
(555,744)
82%
82%
82%
86%
78%
70%
96%
(47,215)
(236,077)
(20,942)
(44,019)
(67,765)
(61,985)
(41,367)
6%
6%
0%
1%
9%
15%
12%
Royalty
25,379
126,896
32,828
27,323
24,335
23,402
19,008
PAYE
21,221
106,107
37,556
32,689
16,262
9,058
10,542
SDL
4,951
24,754
7,024
5,571
2,739
1,835
7,585
WHT
3,964
19,818
5,708
3,926
1,940
2,209
6,035
Corporate Tax
1,343
6,715
3,188
2,368
84
1,075
-
Others
3,183
15,916
4,420
4,050
2,356
990
4,100
60,041
300,206
90,724
75,927
47,716
38,569
47,270
7%
7%
9%
9%
6%
5%
8%
Gold sales/ Revenue
Other operating income
Revenue for the Year
Operating costs
Operating costs/Revenue
Financing costs
Financing costs/Revenue
Government Take:
Total Government Take
Government
take/Revenue
THANK YOU

MINISTRY OF ENERGY AND MINERALS GOLD AUDIT

Transcription

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