Kinross Chirano pays US$5m dividend to gov’t

Management of Kinross Chirano presenting the dividend to the Minister of Lands and Natural Resources

Chirano Gold Mines Limited (CGML), a subsidiary of Kinross Gold Corporation, has declared a dividend for the fiscal year 2018 to its shareholders, following a strong 2018 operational performance.

The Government of Ghana, which has a 10 percent carried interest in the company, was paid a $5 million dividend on December 23, 2019. The payment of the dividend for 2018 was approved by the Board of Directors of Kinross Chirano, which includes a representative from the Government of Ghana, based on financial criteria and operational performance.

The dividend payment, according to the company, demonstrates its continued commitment to creating value for its shareholders, including the government of Ghana.

With a focus on extending the life of the mine, investments in Chirano include resuming open-pit mining, developing existing and new underground operations, and focusing on exploration, which has led to the discovery of additional gold reserves with the potential to extend the life of the mine beyond 2021.

In line with the mine’s core value of being an Outstanding Corporate Citizen, it has contributed over $2 billion dollars to the economy of Ghana since 2011, of which $400 million was paid in duties and other taxes, and $32 million paid in royalties.

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“Focusing on local investment, $280 million was spent in the local area and region, of which, $140 million was on salaries, wages and benefits of our 99 percent Ghanaian workforce,” a press statement from the company stated.

It also revealed that the company has prioritized local procurement, spending over $97 million utilizing the goods and services of Ghanaian contractors with 83 percent of all purchases made in-country as at September 2019.

In addition, the mine has committed to the development of local communities through the provision of employment, health and educational infrastructure, sanitation services and potable water, benefitting more than 200,000 people.

CGML said it will continue to be an outstanding partner in the development and advancement of Ghana.

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