Business
Report on Payments to Governments
Report on Payments to Governments.
About this update from Gem Diamonds Limited
[{"type":"text","content":"\n \n \n RNS Number : 4409P\n Gem Diamonds Limited\n 09 June 2020\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 9 June 2020\n \n \n GEM DIAMONDS LIMITED\n \n \n (\"Gem Diamonds\" or the \"Company\")\n \n \n \n Report\n \n on Payments to Governments\n \n \n for the year ended 31 December 2019\n \n \n \n \n \n Introduction\n \n \n This report provides an overview of the payments made to governments by Gem Diamonds Limited and its subsidiaries (the Group) for the 31 December 2019 financial year, as required under the United Kingdom's (UK) Report on Payments to Governments Regulations 2014 (as amended December 2015). These UK Regulations enact domestic rules in line with Directive 2013/34/EU (the EU Accounting Directive (2013) and apply to companies that are involved in extractive activities.\n \n \n \n \n \n This Report is also filed with the National Storage Mechanism intended to satisfy the requirements of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority in the UK.\n \n \n \n \n \n Basis for preparation\n \n \n Reporting entities\n \n \n This report includes payments to governments made by subsidiaries in the Group which are engaged in extractive activities. During the 2019 financial reporting period, extractive activities were conducted in Lesotho while the operation in Botswana was under care and maintenance. All payments made in relation to the Botswana entity were under the materiality level and therefore not reported. \n \n \n \n \n \n Extractive activities\n \n \n Extractive activities relate to the exploration, prospection, discovery, development and extraction of minerals, oil, natural gas deposits or other materials. Gem Diamonds Limited, through its subsidiaries, is engaged in diamond mining activities.\n \n \n \n \n \n Scope of payments\n \n \n The report discloses only those significant payments made to governments arising from extractive activities.\n \n \n \n \n \n Government\n \n \n Government includes any national, regional or local authority of a country. It includes a department, agency or undertaking (i.e. corporation) controlled by that authority.\n \n \n \n \n \n Payment types disclosed at legal entity level\n \n \n Production entitlements\n \n \n There were no payments of this nat...