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.