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Newmont pays GHC77 million as tax to Gov’t PDF Print E-mail

Newmont Ghana Gold Limited, through its Ahafo and Akyem mining operations, paid a total of GHC 76,783,341 for the first quarter (January - March) of 2014 to the Ghana Revenue Authority (GRA) as tax. The tax payment is an increment of the GHC302,984,925 the leading gold mining company contributed to the government as tax, revenue in 2013.   Out of the tax payment, the Ahafo Mine contributed GHC 269,411,902 while the Akyem Mine paid GHC 33,573,023. The first quarter payment represents corporate income tax of GHC 30,573,980, mineral royalty of GHC 25,382,814, withholding tax of GHC 9,090,657 and Pay As You Earn (P.A.Y.E.) tax of GHC 11,735,890. The-payment brings to date the total tax contributions of GHC 1,162,393,740 by Newmont Ghana to the GRA since it started production in 2006.

Newmont Ahafo Foundation (NADeF) had accrued GHC30 million as at end of 2013. NADeF has also funded the execution of the only nursing college in the Brong Ahafo Region, the Ntotroso College of Nursing, community libraries, teachers' quarters, a water system facility, a micro-credit scheme and awarded scholarships worth GHC 5 million to 4,487 students. NADeF is a sustainable community development foundation which was established in May 2008 by Newmont Ghana and the Ahafo Social Responsibility Forum. Through annual contributions from Newmont, NADeF supports community development programmes in the area of the Ahafo Mines' operations.

In Akyem, Newmont Ghana have taken significant community development projects which have gone a way to improve the lives the people. The projects are in the health, education, security sectors and the environment. They include hospital wards, operating theatre, reliable power, doctors and nurses accommodation; the provision of modern water storage and distribution infrastructure including administration facilities; and schools, classrooms, male and female dormitories, male and female toilets and vocational institute. The corporate gold miner has also set up a community land-fill with modern waste collection and handling facility. The company parent Newmont Mining Corporation's core assets worldwide. The two mines are serving as catalysts for Ghana's development - bringing information technology, communications, education, technology transfer human resource development, supply chain, electricity and community policing infrastructure for easy operations of the security agencies. Newmont's Ahafo and Akyem operation comprise about 20 percent of the health to the country.

Within its concession areas, Newmont Ghana is operating responsibly to develop these mines so that they may contribute significantly to local employment and economic growth as well as improve living,conditions.

Newmont Mining Corporation is primarily a gold producer, with significant assets or operations in the United States, Australia, Peru, Indonesia, Ghana, New Zealand and Mexico. Founded in 1921 and publicly traded since 1925, Newmont is one of the world's largest gold producers and is the only gold company included in the S&P 500 Index and Fortun500.Headquartered near Denver, Colorado, the company, has around 40,000 employees and contractors worldwide.

 

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