Newmont Corporation Africa announced in the third quarter of 2023 that its Ghana operations (Ahafo South and Akyem mines) paid GH¢810.70million in taxes, royalties, levies and carried interest to government.
These payments were made through the Ghana Revenue Authority, Forestry Commission and Ministry of Finance.
The Ahafo South operation contributed GH¢441.90million while the Akyem operation contributed GH¢368.80million during the quarter (July to September).
These payments bring the company’s year-to-date payments (1st January to 30th September, 2023) to GH¢2.857billion, and are broken down as follows:
- GH¢1.829billion as Corporate Tax;
- GH¢522.99million as Mineral Royalties;
- GH¢291.59million as Pay As You Earn;
- GH¢¢120.12million as Withholding Tax;
- GH¢67.33million as Carried Interest; and
- GH¢25.78million as Forestry Levy.
“Newmont understands the value of its tax contributions in Ghana to supporting 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-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 will serve as an additional direct revenue stream for government, in addition to employment creation, local development and other mutually agreed value-creation initiatives.
