Our economic value and the distributions from our Timok Project (as defined by the Global Reporting Initiative) are illustrated in the following table.
For purposes of the table, economic value approximates cash value.
|Total Economic Value Generated|
|Operating and administrative expenses (including salaries), capital expenditures,||$11,023|
|Payroll taxes and other government remittances paid||$721|
|Dividends paid to Nevsun shareholders||—|
|Total Economic Value Distributed||$11,744|
|Net Economic Value Retained||$11,744|
Payments to Governments
In support of financial transparency and accountability, Nevsun has voluntarily committed to disclosing payments made to governments. This disclosure is aligned with “Publish What You Pay” initiatives that call on companies to disclose their payments to governments, such as the Extractive Industry Transparency Index (EITI) and proposed legislation in the U.S. and Canada.
Payments to governments and government-owned entities from 2011 to 2016 are shown included in the chart below:
|Forms of taxation|
|Withholding taxes, customs and duties||$256|
|Total Payments to Government||$721|