Newmont Africa has paid GH¢810.70 million in taxes, royalties, levies, and carried interest to government in the third quarter of 2023, for its Ghana operations (Ahafo and Akyem mines).
According to the mining company, the payments were made through the Ghana Revenue Authority (GRA), Forestry Commission, and Finance Ministry.
The Ahafo operation contributed GH¢441.90 million while the Akyem operation contributed GH¢ 368.80 million during the quarter (July to September).
These payments bring the company’s year-to-date payments (January 1, to September 30, 2023) to GH¢2.857 billion and are broken down as follows:
- GH¢1,829.19 billion as Corporate Tax;
- GH¢522.99 million as Mineral Royalties;
- GH¢291.59 million as Pay As You Earn;
- GH¢120.12 million as Withholding Tax;
- GH¢67.33 million as Carried Interest; and
- GH¢25.78 million as Forestry Levy.
“Newmont understands the value of its tax contributions in Ghana to support local and national development, and remains committed to accurate tax payments and disclosure, in accordance with its Extractive Industry Transparency Initiative (EITI) commitments,” said David Thornton, Managing Director of Newmont Africa.
Newmont has begun construction of its third mine in Ghana (the Ahafo North project), which is anticipated to add between 275,000 and 325,000 ounces per year for the first five full years of production, with commercial production expected during the second half of 2025.
When in commercial production, the Ahafo North mine would serve as an additional direct revenue stream for the government, in addition to employment creation, local development, and other mutually agreed value-creation initiatives.
Latest Stories
-
Minority pushes for detailed plan on tablet distribution to Senior High Schools
7 mins -
Alexander Djiku scores in Fenerbahce’s big win over Kayserispor
30 mins -
Ghana to lobby AU for intercontinental initiative on reparations – Akufo-Addo
46 mins -
African Anti-corruption agencies embrace Bawumia’s call for technology use in corruption fight
1 hour -
See the regional breakdown of ongoing limited registration so far
1 hour -
Ghana’s EOCO Boss now Chairperson of Anti-Corruption Agencies in Commonwealth Africa
1 hour -
Risk of stronger US dollar could affect Emerging Markets credit momentum – Fitch
2 hours -
T-bills auction: Government secures nearly GH¢5bn; interest rates fall again
2 hours -
Hindsight: Asante Kotoko’s 25 years under Otumfuo Osei Tutu II
2 hours -
Limited voter registration: 3 police officers interdicted for failure to execute their duties
2 hours -
Fidelity Bank clarifies issues raised by KMA regarding redevelopment of the KMA-Krofrom Market Project
2 hours -
‘Demonstrate confidence in your homeland by investing in its future’ – Asantehene to entrepreneurs
2 hours -
NDC raises concerns over reported voter registration figures by EC
3 hours -
2 dead after taxi rams into truck on Juapong road
3 hours -
Cold lava sweeps villages near volcano, killing 37
3 hours