According to a statement released by Newmont Corporation on Monday, the world’s largest mining company, which includes the Ahafo and Akyem mines in Ghana, paid GHS 810.70 million to the Ghanaian government via the Ministry of Finance, the Ghana Revenue Authority, and the Forestry Commission for taxes, royalties, levies, and carried interest during the third quarter of 2023.

With this, their total payments for the first nine months of the 2023 fiscal year (from January to September 30) is GHS 2.857 billion.

According to Newmont, it recognises the importance of its tax contributions to Ghana’s local and national development and is still dedicated to paying taxes accurately and disclosing information in compliance with its Extractive Industry Transparency Initiative (EITI) obligations.

During the quarter (July to September), the Ahafo South operation contributed GHS 441.90 million, while the Akyem operation contributed GHS 368.80 million.

With the addition of these payments, the company’s total year-to-date payments (from January 1 to September 30, 2023) amount to GHS 2.857 billion. The payments are divided as follows: GHS 1.829 billion in taxes on corporations.

GHS 120.12 million in withholding tax; GHS 291.59 million in pay as you earn; and GHS 522.99 million in mineral royalties;

GHS 25.75 million as a forestry levy and GHS 67.33 million as carried interest.

“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, by its Extractive Industry Transparency Initiative (EITI) commitments,” stated David Thornton, Newmont Africa’s Managing Director.