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Gov’t reduces tax and royalty for Goldfields

goldfields-job-vacancyGoldfields has reached a development agreement with government over the reduction in tax and royalty rate.

Under the agreement, corporate tax rate will see a reduction from 35 percent to 32.5 percent effective 17 March 2016. Royalty rate will see a change from the 5 percent of revenue to a sliding royalty based on prices of gold with effect from January 2017.

The term of the agreement will be for a period of 11 years for Tarkwa and nine years for Damang mines each renewable for an additional five years.

The employment complement of Damang, which has reserves estimated at 10-million ounces of gold, is made up of 1000 Gold Fields employees and 1000 contractors.

Goldfields said Ghana continues to be a key region for the firm while commending Government for creating a fair and competitive environment in the country.


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