Newmont Golden Ridge Limited (Akyem Mine) has presented a total dividend of GHS110,781,444.45 to the government for the 2021 financial year.
This represents the government’s free carried interest share in the Company in the Birim North District of the Eastern Region, as stipulated in the mining fiscal regime.
The Akyem mine operates in 10 host communities in the Birim North District, namely: Adausena, Yaw Tano, Old Abirem, New Abirem, Hweakwae, Tano, Afosu, Mamanso, Ntronang and Yayaaso.
At a brief ceremony in Accra, on Tuesday, October 12 2021, the Senior Vice President for the Africa region of Newmont Golden Ridge Limited, Mr. Francois Hardy presented the dummy cheque to Mr Samuel Abu Jinapor, the Minister of Lands and Natural Resources.
Recounting the various social activities undertaken in the year, Mr Hardy noted that in compliance with the Government’s COVID-19 protocols, the Company invested an amount of US$2.2 million as support for the Ghana Chamber of Mines’ efforts.
He added that the company also assisted its host communities by providing needed medical supplies to the local health facilities, virtual learning via radio and helping government institutions across the country.
Newmont pays Taxes to government
Furthermore, he pointed out that the Company did not relent in its fiscal responsibilities as it dedicatedly acted in line with its purpose of creating value and improving lives through sustainable and responsible mining.
“We continue to demonstrate transparency through publishing what we pay. In 2020, our Ahafo and Akyem mines paid GHC1.83 billion in Corporate Income Tax, Mineral Royalty, Pay As You Earn (PAYE) and others,” he added.
He underscored that the Company also paid GHS947million to the Ghana Revenue Authority (GRA) in fulfilment of its corporate tax obligation, highlighting that the Company’s commitment to scale up its operations for the benefit of all stakeholders.
In addition, he indicated that the Company’s board of directors had approved between U$750 million and US$850 million capital investment in developing a new mine in the Tano North District of the Ahafo Region.
Considering this new investment, he noted that it would potentially create additional jobs and yield higher dividends in order to pay more royalties and taxes to the government.
On that note, Mr Hardy then expressed the Company’s appreciation to the government for the support.
The Minister of Land and Natural Resources, Mr Samuel Abu Jinapor, in his remarks, lauded Newmont for fulfilling its tax obligations and asked the mining firm to pay its dividend annually.
That said, he gave the assurance that the government was committed to creating an enabling environment for mining firms in terms of fiscal, operational and legal regimes for their mutual benefits.
Mr Jinapor stressed that the vision of the government is to make Ghana the hub of mining in Africa. Therefore, his outfit would see to provide the necessary security for mining concessions and take proactive measures to protect their interests.