Newmont pays GH¢ 810.7 million as third quarter taxes to govt

 Newmont Corporation in  Africa with its Gha­na operations (Ahafo South and Akyem mines) in the third quarter of 2023 paid GH¢ 810.70 million in taxes, royalties, levies, and carried interest to the govern­ment.

These payments were made through the Ghana Revenue Au­thority, Forestry Commission, and Ministry of Finance.

 A statement issued in Ac­cra by Mr David Ebo Johnson, Director, Communications & External Relations, Newmont Africa, said the AhafoSouth op­eration contributed GH¢441.90 million while the Akyem oper­ation contributed GH¢368.80 million during the quarter (July to September).

It said these payments brought the company’s year-to-date payments (January 1 to September 30 2023) to GH¢2.857 billion.

The breakdown is as follows: GH¢1.829 billion as Corporate Tax, GH¢ 522.99 million as Mineral Royalties, GH¢ 291.59 million as Pay As You Earn, GH¢ 120.12 million asWithhold­ing 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,” Mr David Thorton, Managing Director of Newmont Africa, said.

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.