Newmont, one of the leading mining companies operating in Ghana, has once again demonstrated its significant financial contribution to the country’s economy through significant tax payments.
In the first quarter of 2024, Newmont’s Ghana operations, comprising the Ahafo South and Akyem mines, paid a substantial sum of GH₵ 1.295 billion in taxes, royalties, levies, and carried interest to the Government of Ghana.
This notable contribution underlines Newmont’s commitment to fulfilling its fiscal obligations and supporting Ghana’s economic development. The payments were made through various channels, including the Ghana Revenue Authority, Forestry Commission, and the Ministry of Finance, highlighting the company’s adherence to regulatory requirements and transparency in financial transactions.
The latest fiscal payment follows closely on the heels of Newmont’s 2023 full-year report, which revealed a remarkable increase in payments to the Ghanaian government. In 2023, Newmont’s operations in Ghana contributed a total of GH₵ 3.965 billion in fiscal payments, representing a significant uptick of 43.6% compared to the previous year.
Breaking down the first-quarter payments for 2024, the Ahafo South operation accounted for the majority, contributing GH₵ 1.105 billion, while the Akyem operation contributed GH₵ 190 million. These figures reflect the substantial economic impact of Newmont’s mining activities on both local communities and the broader Ghanaian economy.
Breakdown of Payments from January to March
In detail, the breakdown of payments from January to March 2024 illustrates Newmont’s diverse tax contributions: GH₵ 672 million as Corporate Tax, GH₵ 291 million as Mineral Royalties, GH₵ 99 million as Pay-As-You-Earn, GH₵ 97 million as Withholding Tax, GH₵ 122 million as Carried Interest, and GH₵ 14 million as Forestry Levy.
Newmont’s contributions extend to various social and community development initiatives aimed at enhancing the well-being of host communities and promoting sustainable development. Through partnerships and corporate social responsibility programs, the company invests in education, healthcare, infrastructure, and environmental conservation, thereby creating lasting positive impacts beyond its operational footprint.
Newmont’s consistent and substantial fiscal payments underscore the crucial role of the mining sector in Ghana’s economy and highlight the importance of responsible mining practices. As a key player in the industry, Newmont continues to set a benchmark for corporate governance, environmental stewardship, and community engagement, demonstrating its commitment to being a responsible corporate citizen in Ghana.
In Ghana, Newmont is advancing its Ahafo North project, which includes four open pit mines and a standalone mill located approximately 30 kilometres (km) from our Ahafo South operation. The project is expected to add approximately 300,000 ounces per year to its production in Ghana.
With a direct employees and contractor workforce of over 9,000 in Ghana, Newmont continues to deliver on its objectives safely, creating long-term value for its stakeholders, host communities and the local economy. The company also has well-resourced development foundations at both operational sites leading social development in the host communities.
Newmont remains 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 favourable 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. The Company is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise.
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