Newmont Africa has disclosed that in the first quarter of 2023, its Ghana operations (Ahafo South and Akyem mines) paid a total of GHS843.72 million in taxes, royalties, and levies to the government of Ghana through the Ghana Revenue Authority (GRA), Forestry Commission, and Ministry of Finance.
This amount consists of corporate tax (GHS514.57 million), minerals royalties (GHS197.06 million), Pay As You Earn (GHS78.23 million), GHS42.31 million as withholding tax and GHS11.55 million as forestry levy.
Mr David Thornton, Regional Senior Vice President, Newmont Africa Operations, in a statement issued by the miner, noted that the payment is in line with the operations of the company.
“Fulfilling our obligations in terms of statutory payments, and being transparent about what we pay, are in line with our commitment to regulatory compliance and good corporate governance.”Mr David Thornton
Mr Thornton averred that Newmont Africa’s operations in Ghana have a strong tax compliance history and the company has received multiple taxpayer recognitions from the GRA.
“It is important, especially in these challenging times, for companies to honour their obligations to the state, as well to their various stakeholders, through direct payment of their taxes and investment in social programmes.”Mr David Thornton
Apart from the taxes, royalties, and levies that go directly to government towards the growth and stabilisation of the economy, Newmont Africa said it also focuses on stimulating economic development in the local communities that host the mining operations, through a range of programmes and projects that deliver measurable outcomes.
Being cognizant of the key role that road infrastructure plays, particularly in farming communities, Newmont Africa’s operations in Akyem and Ahafo have both funded critical road infrastructure, working through the Ministry of Roads and Highways.
Investment in Skills Acquisition and Sustainable Livelihood Programmes
Newmont’s investment in skills acquisition and sustainable livelihood programmes also ensure that local community residents are equipped with employable skills that are needed in the extractive and construction industries.
Newmont aims to deliver shared value for the Company, its shareholders, as well as our employees, host communities and countries through our operations and activities including our tax and royalty payments.
Last year, Newmont’s direct economic contributions across its operations totaled $10.8 billion and included: $3.6 billion in operating costs; $1.3 billion in employee wages and benefits; $1.4 billion in capital spend; $2.6 billion in payments to providers of capital; $1.9 billion in taxes, royalties and other disbursements to governments, and $21.9 million in community investments.
Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. The Company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia and Africa. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices.
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