TIDMFRES
RNS Number : 3092E
Fresnillo PLC
29 June 2023
Fresnillo plc
21 Upper Brook Street
London W1K 7PY
United Kingdom
www.fresnilloplc.com
29 June 2023
Fresnillo plc - Report on Payments to Governments for the year
2022
Background
This Report provides an overview of the payments to governments
made by Fresnillo plc and its subsidiaries for the year ended 31
December 2022 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.
This Report is available for download from
http://www.fresnilloplc.com/investor-relations/regulatory-announcements/
The 'Basis of Preparation' section below contains information
about the content of the Report, the types of payments included and
the principles that have been applied in preparing the Report.
Basis for preparation - Report on Payments to Governments for
the year 2022
Reporting entities
In accordance with the UK Regulations, this Report includes
payments to government made by Fresnillo plc and its subsidiary
undertakings (Fresnillo).
Activities
Payments made by Fresnillo to governments arising from
activities involving the exploration, prospection, discovery,
development and extraction of minerals (extractive activities) are
disclosed in this Report. When payments cover both extractive and
processing activities and cannot be split, the payment has been
disclosed in full.
Government
Government includes any national, regional or local authority of
a country to which Fresnillo has made a payment related to these
regulations, and includes any department, agency or entity that is
controlled by such authority.
Project
Payments are reported at project level, except for payments that
are not attributable to a specific project which are reported at
entity level. Within the UK Regulations, a project is defined as
being the operational activities which are governed by a single
contract, licence, lease, concession or a similar legal 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. For some payments that cannot be attributable to a
specific project, they were indicated at an entity level.
Materiality
In line with the UK Regulations, where a payment or a series or
related payments have not exceeded GBP86,000 (US$106,326 [1] ) they
have not been disclosed.
Reporting currency
Payments disclosed in this report have been disclosed in US
Dollars. Where actual payments have been made in a currency other
than US Dollars, i.e. Mexican pesos (MXN), they have been
translated using the annual average exchange rate MXN / USD issued
by The Central Bank of Mexico [2] .
Type of payments
a) Taxes. There are taxes paid by Fresnillo on its income,
including special mining rights. Payments are reported net of
refunds. In accordance with the UK Regulations payments made in
relation to consumption, sales or employee taxes were excluded.
b) Royalties.
c) License fees, rental fees, entry fees and other
considerations for licenses or concessions. These are fees paid as
consideration for acquiring a license for gaining access to an area
where extractive activities are performed.
Payments reported are on a cash flow basis and refunds are
included in the year received (i.e. 2022).
Other types of payments that are required to be disclosed in
accordance with the UK Regulations are the following; however, for
the year ended 31 December 2022, there were no such reportable
payments made by Fresnillo to a government:
- Production entitlements
- Dividends
- Signature, discovery and production bonuses
- Infrastructure improvements
REPORT ON PAYMENTS TO GOVERNMENTS 2022
SUMMARY REPORT PER COUNTRY (IN USD)
Production Taxes (1) Royalties Dividends Bonuses Licenses & Infrastructure Total
entitlements concessions improvements
fees
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
MEXICO 0 191,609,046 704,652 0 0 30,326,734 0 222,640,432
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
PERU 0 0 0 0 0 1,537,829 0 1,537,829
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
CHILE 0 0 0 0 0 331,701 0 331,701
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
Total 0 191,609,046 704,652 0 0 32,196,264 0 224,509,962
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
MEXICO
GOVERNMENT REPORT (IN USD)
Production Taxes Royalties Dividends Bonuses Licenses & Infrastructure Total
entitlements concessions improvements
fees
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
Ministry of
Economics 0 63,854,879 704,652 0 0 25,196,779 0 89,756,309
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
Ministry of
Finance and
Public Credit 0 127,754,167 0 0 0 0 0 127,754,167
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
National Water
Commission 0 0 0 0 0 5,129,955 0 5,129,955
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
Total 0 191,609,046 704,652 0 0 30,326,734 0 222,640,432
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
PROJECT REPORT (IN USD)
Production Taxes Royalties Dividends Bonuses Licenses & Infrastructure Total
entitlements concessions improvements
fees
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
PROJECT
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
Ciénega 0 11,755,408 0 0 0 2,533,214 0 14,288,622
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
Fresnillo 0 30,646,409 0 0 0 3,695,692 0 34,342,101
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
Herradura /
Nochebuena 0 34,540,933 0 0 0 9,887,771 0 44,428,704
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
Juanicipio (2) 0 26,149,145 0 0 0 144,144 0 26,293,289
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
San Julián 0 22,423,698 704,652 0 0 5,582,809 0 28,711,158
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
Saucito 0 34,606,248 0 0 0 8,483,105 0 43,089,353
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
ENTITY LEVEL
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
Comercializadora
de Metales
Fresnillo, S.A.
de C.V. 0 15,278,043 0 0 0 0 0 15,278,043
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
Exploraciones
Mineras
Parreña
S.A. de C.V. 0 7,974,334 0 0 0 0 0 7,974,334
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
Fresnillo plc 0 7,417,721 0 0 0 0 0 7,417,721
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
Operaciones
Fresnillo, S.A.
de C.V. 0 633,799 0 0 0 0 0 633,799
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
Servicios
Administrativos
Fresnillo, S.A.
de C.V. 0 183,307 0 0 0 0 0 183,307
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
Total 0 191,609,046 704,652 0 0 30,326,734 0 222,640,432
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
PERU
GOVERNMENT REPORT (IN USD)
Production Taxes Royalties Dividends Bonuses Licenses & Infrastructure Total
entitlements concessions improvements
fees
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
Ministry of
Energy and
Mining 0 0 0 0 0 1,537,829 0 1,537,829
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
Total 0 0 0 0 0 1,537,829 0 1,537,829
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
PROJECT REPORT
(IN USD)
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
Production Taxes Royalties Dividends Bonuses Licenses & Infrastructure Total
entitlements concessions improvements
fees
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
ENTITY LEVEL
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
Fresnillo
Perú,
S.A.C. 0 0 0 0 0 1,537,829 0 1,537,829
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
Total 0 0 0 0 0 1,537,829 0 1,537,829
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
CHILE
GOVERNMENT REPORT (IN USD)
Production Taxes Royalties Dividends Bonuses Licenses & Infrastructure Total
entitlements concessions improvements
fees
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
Ministry of
Mining 0 0 0 0 0 331,701 0 331,701
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
Total 0 0 0 0 0 331,701 0 331,701
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
PROJECT REPORT
(IN USD)
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
Production Taxes Royalties Dividends Bonuses Licenses & Infrastructure Total
entitlements concessions improvements
fees
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
ENTITY LEVEL
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
Fresnillo Chile
SpA. 0 0 0 0 0 331,701 0 331,701
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
Total 0 0 0 0 0 331,701 0 331,701
------------- ------------ ---------- ---------- -------- ------------ --------------- ------------
Notes:
1: All tax payments made in 2022 to the Ministry of Finance and Public Credit (the Mexican
Tax authorities) are presented net of refunds received in 2022.
2: Represents 100% of the payments related to Juanicipio (56% Fresnillo plc, 44% MAG Silver)
[1] Bloomberg 2022 average exchange rate 1.2363 USD/GBP
[2] Banco de México 2022 average exchange rate 20.1250
MXN/USD
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