Currently viewing Global edition

Randgold reveals government payments

London-based Randgold Resources (LSE: RRS) paid more than US$252 million to West African governments last year.
Randgold reveals government payments Randgold reveals government payments Randgold reveals government payments Randgold reveals government payments Randgold reveals government payments

Randgold paid more than US$252 million in 2017

Staff reporter

None was paid to the Democratic Republic of Congo, according to the miner's disclosure statement for the year ending December 31, 2017.

Randgold paid just over $201 million to Mali including $130.4 million in taxes, plus $51.6 million to Cote d'Ivoire including $29.3 million in taxes.

The previous year, it had paid a total of $172.98 million, including $157,944 to the DRC for licence fees.

Mali received $161.12 million in 2016, including $96.7 million in taxes, and Cote d'Ivoire $11.7 million, including about $605,000 in taxes.

In 2015, Randgold's payments to governments had totalled $120.85 million. The lion's share of just over $112 million went to Mali, with the remainder to Cote d'Ivoire, bar $42,294 to Senegal for license fees.

Randgold said the payments covered taxes, royalties, dividends, license fees and infrastructure improvements but payments, other than license fees, of less than $110,800 were not included.

The report also did not cover payments made by entities where Randgold had joint control, including Kibali Goldmines SA in Mali.

The West African-focused gold miner said last month it was nearing a development decision for Massawa in Senegal but is yet to publicly comment on the DRC signing its new mining code into law - a move Randgold has strongly opposed.
 
Earlier this year, diversified major Rio Tinto reported paying $5.1 billion in royalties and general taxes over 2017, while BHP said it had paid $4.7 billion in FY2017, with a final corporate income tax payment in Australia expected to take its total government payments to $5.9 billion for the period.