Newmont Ghana has revealed that it contributed GHS 1.83 billion in direct fiscal payments to the Government of Ghana in 2020. In a year that businesses were ravaged by the Covid-19 pandemic with attendant job losses and reduced value to the global economy, Newmont Ghana continued to stand tall in supporting the country’s economy as part of its statutory obligations and corporate governance tenets.
Newmont Mining Corporation operates two mines in Ghana which includes the Ahafo mine in the Ahafo region and the Akyem operation in the Eastern region at New Abirem. Out of the total remittance to the State in 2020, the company paid GHS 1.1 billion as Corporate Income Tax and GHS 308 million went to mineral royalty payments.
Additionally, Newmont Ghana paid whopping GHS 180 million for Pay As You Earn (PAYE); GHS 122 million as dividends to the State. Government automatically owns 10 percent carried interest in all large-scale mining operations and therefore benefits of dividends when the companies are profitable.
Below is the 2020 Total Tax Payments:
- Corporate Income Tax: GHS 1.1B
- Pay As You Earn: GHS 180 M
- Withholding Tax: GHS 97 M
- Mineral Royalty: GHS 308 M
- Carried Interest: GHS 122 M
- Forestry Levy: GHS 21 M
The company also has community development foundations at both operational mines, which are responsible for development projects for the residents. Since their inception, the foundations have supported the host communities in diverse ways including education, water and sanitation, healthcare as well as skills training and livelihood empowerment.
Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. The Company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia and Africa. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices.
The Company is an industry leader in value creation, supported by robust safety standards, superior execution and technical proficiency. Newmont was founded in 1921 and has been publicly traded since 1925.
