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Newmont Ghana Pays GH¢49.6m as third quarter 2013 Tax

nwmontNewmont Ghana (Ahafo Mine) has paid the sum of GH¢49,647,796 (US$25,359,064) for the third quarter (July – September) 2013, to the Large Taxpayer Office of the Ghana Revenue Authority (GRA).

The amount represents Corporate Income Tax of GH¢29, 200,572 (US$14,905,856), Mineral Royalty of GH¢10,560,296 (US$5,407,174), Withholding Tax (WHT) of GH¢3, 617,451 (US$1,854,372) and Pay As You Earn (PAYE) of GH¢6, 269,477 (US$3,191,662).

Yet to date September 2013, Corporate Income Tax and Mineral Royalty payments declined by 24% in 2013 as compared to payments made in same period (January – September)  2012. This is due tolowergold prices and other challenges facing the mining industry in recent times.

An official release noted that: “For the first nine months of 2013 alone, Newmont Ghana has paid a total of GH¢201million ($105m) taxes and to date, the company has made total tax payments of GH¢954M (US$588M) to the GRA since it begun production in July 2006”.

“Newmont Ghana has also made significant contributions to its Ahafo and Akyem communities. In partnership with the International Finance Corporation (IFC), Newmont Ghana initiated the Ahafo Linkages Programme (ALP) to create sustainable business opportunities within communities around the Ahafo Mine area.

To date, ALP has trained more than 100 local suppliers and entrepreneurs who contribute to the local economy in the Ahafo mine area.It has also provided about 400 local businesses with nearly USD$39 million in contracts and supporting more than 400 jobs, excluding direct mine employment.

Recently, MilTrac Ghana Limited, an indigenous Ghanaian company, was adjudged as Newmont Mining Corporation’s 2013 Africa Region Supplier of the Year for its proven commitment to operate safely, reduce operating costs and improve efficiencies. This is the first of its kind in the Africa region.

“Another initiative aimed at equipping locals with employable skills for the youth in our mining area is the Newmont Apprenticeship programme. This programme has trained and employed over 181locals from Newmont Ghana’s (Ahafo and Akyem) host communities with an average cost of US$17,000 spent on each person during the four-year training period.
We thank all our employees, contractors and other stakeholders for their contributions towards this achievement”.

Source: myjoyonline.com

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Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
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