PRE Pensana Plc

 
TIDMPRE 
 
21 December 2022 
 
                                  Pensana Plc 
 
                         ("Pensana" or the "Company") 
 
                      Payments to Government for FY 2022 
 
Pensana Plc (LSE: PRE) ("Pensana" or "the Company") publishes the Company's 
Payments to Governments Report for the year ended 30 June 2022 ("the Year" or 
"FY2022") (the "Report"). 
 
Basis of preparation 
 
This Report, which provides an overview of the payments to governments made by 
Pensana and its subsidiaries, is required under the United Kingdom's ("UK") 
Report on Payments to Governments Regulations 2014 and its amendment in 
December 2015 ("the Regulations"). This Report is also intended to satisfy the 
requirements of the Disclosure and Transparency Rules of the Financial Conduct 
Authority in the UK. 
 
This report is also available on the Company's website at: www.pensana.co.uk. 
 
Activities 
 
Payments made by Pensana to governments arising from activities involving the 
exploration, prospection, discovery, development and extraction of minerals 
(extractive activities) across its projects are to be disclosed in this report. 
 
Summary of Payments (US$)1 
 
Country    Corporate  Mining & other Royalties Infrastructure Other   Total 
           taxes      licence fees             improvements 
 
Australia      -            -            -           -           -        - 
 
Angola2        -          1,514          -           -           -      1,514 
 
Tanzania       -            -            -           -           -        - 
 
UK             -            -            -           -           -        - 
 
1 Payments are shown in US$ equivalent amounts for the financial year ending 30 
June 2022 using the average FX rate for the year 
 
2 Payments shown relate to the Longonjo Project only 
 
Government definition 
 
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. 
 
Payments 
 
Payments to governments are required to be reported in the following 
categories: 
 
  * Taxes 
 
These are any taxes paid by Pensana 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 are not yet applicable as still in exploration/development. 
 
  * 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. The 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 Regulations but are not relevant to Pensana's 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 30 June 2022. 
 
Materiality Level 
 
Payments included in the Report are amounts paid, whether in money or in kind, 
for relevant activities. In line with the Regulations, where a payment or a 
series of related payments have not exceeded £86,000 they have not been 
disclosed. 
 
Payments per government 
 
Total payments to governments under the Regulations amounted to US$1,514 in FY 
2022 (FY 2021: US$32,176). 
 
Authorised by the Board of Pensana Plc 
 
- ENDS - 
 
For further information, please contact: 
 
Shareholder/analyst enquiries: 
 
Pensana Plc 
 
Paul Atherley, 
Chairman 
IR@pensana.co.uk 
 
Tim George, Chief Executive Officer 
 
Rob Kaplan, Chief Financial Officer 
 
George Zacharias, Group Company Secretary 
 
Media enquiries: 
 
FGS Global: 
 
Gordon Simpson / Richard Crowley 
Pensana-LON@fgsglobal.com 
 
About Pensana Plc 
 
The electrification of motive power is the most important part of the energy 
transition if we are to tackle climate change and one of the biggest energy 
transitions in history. Magnet metal rare earths are central to that 
transition, forming a critical part of the technology for efficient electric 
vehicle motors and offshore wind turbines. 
 
Pensana plans to establish its Saltend processing hub as an independent and 
sustainable supplier of the key rare earth magnet metal oxides to a market 
which is currently dominated by China. 
 
The US$195 million Saltend facility is being designed to produce circa 12,500 
tonnes per annum of rare earth products, of which 4,500 tonnes will be 
neodymium and praseodymium oxide (NdPrO), representing over 5% of the world 
market in 2025. 
 
Pensana's plug-and-play facility is located within the world-class Saltend 
Chemicals Park, a cluster of leading chemicals and renewable energy businesses 
in the Humber Freeport and will create over 500 jobs during construction and 
over 125 direct jobs once in production. 
 
Powered by low-carbon offshore wind, it will be the first major separation 
facility to be established in over a decade and will become one of the few 
major producers located outside China. 
 
Feedstock will be shipped as a clean, high purity mixed rare earth sulphate 
(MRES) from the Company's Longonjo low-impact operations in Angola. The mine's 
state-of-the-art concentrator and proprietary MRES processing plant are 
designed by Wood to the highest international standards. 
 
The operations will be powered by renewable energy from hydroelectric power and 
connected to the Port of Lobito by the recently upgraded Benguela railway line. 
 
Pensana believes that provenance of critical rare earth materials supply, life 
cycle analysis and GHG Scope 1, 2 and 3 emissions will all become significant 
factors in supply chains for major customers. 
 
The Company intends to offer customers an independently and sustainably sourced 
supply of the metal oxides and carbonates of increasing importance to a range 
of applications central to addressing the energy transition. 
 
Pensana is also aiming to establish Saltend as an attractive alternative to 
mining houses that may otherwise be limited to selling their products to China, 
having designed the facility to be easily adapted to cater for a range of rare 
earth feedstocks. 
 
www.pensana.co.uk 
 
 
 
END 
 
 

(END) Dow Jones Newswires

December 21, 2022 05:00 ET (10:00 GMT)

Pensana (LSE:PRE)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024

Pensana (LSE:PRE)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024