Newmont pays GH¢810.7m as 3rd quarter taxes to govt

Newmont Corporation, one of the leading mining companies in Africa, has announced substantial financial contributions to the Ghanaian government during the third quarter of 2023.

The Ahafo and Akyem mines, operated by Newmont in Ghana, paid a total of GH¢810.7 million in taxes, royalties, levies, and carried interest.

These payments were facilitated through the Ghana Revenue Authority, Forestry Commission, and Ministry of Finance, reinforcing Newmont’s commitment to transparent financial transactions.

The Ahafo operation made a significant contribution of GH¢441.90 million, while the Akyem operation added GH¢368.80 million to the government’s coffers during the quarter spanning July to September.

The cumulative year-to-date payments for Newmont’s operations in Ghana from January to September 2023 now stand at a substantial GH¢2.857 billion.

The detailed breakdown of these payments includes 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 as Withholding Tax, GH¢67.33 million as Carried Interest, and GH¢25.78 million as Forestry Levy.

David Thornton, Managing Director of Newmont Africa, emphasized the company’s recognition of the value of its tax contributions in Ghana for supporting local and national development.

He affirmed Newmont’s commitment to accurate tax payments and disclosure, aligning with the Extractive Industry Transparency Initiative (EITI) commitments.

As part of its ongoing expansion, Newmont has initiated the construction of its third mine in Ghana, known as the Ahafo North project.

This project is anticipated to yield between 275,000 and 325,000 ounces annually during the first five years of production, with commercial production expected in the second half of 2025.

The Ahafo North mine is poised to serve as an additional direct revenue stream for the Ghanaian government, contributing to employment creation, local development, and various mutually agreed-upon value-creation initiatives.