Newmont Akyem Mines, a subsidiary of Newmont Gold Ghana Limited, has declared over GH¢110 million dividend for 2021.
The Regional Senior Vice-President of Newmont Africa, Mr. Francois Hardy, presented the cheque for GH¢110,781,444 to the Minister of Lands and Natural Resources, Mr. Samuel Abu Jinapor, in Accra yesterday.
Mr. Jinapor commended Newmont Akyem Mines for fulfilling its financial responsibility to the state despite the negative impact of COVID-19 on businesses and called on mining companies to strictly adhere to their financial obligations to the State.
Adhere to regulations
The minister further urged mining entities in the country to take a cue from Newmont Ghana and observe the industry regulations, including making the relevant statutory payments to the State.
He observed that in line with the government's vision to make Ghana the hub for responsible mining, it was important for mining entities to be transparent in fulfilling their fiscal responsibilities as required by law.
Mr. Jinapor stressed the need for the mining companies in the country to pay more attention to local content and value addition in line with the government's policies to add value to minerals going forward.
He emphasised the need for mining entities to be conscious of environmental protocols by ensuring that their operations did not compromise the quality of the environment or impacted negatively on local communities.
Mr. Hardy said apart from the 2021 dividends, the Newmont Akyem Mines had demonstrated transparency in the management of its financial issues by publishing it as required by law.
For instance, he said, the Ahafo and Akyem mines paid GH¢1.83 billion in corporate tax, mineral royalties and other payments last year.
"Again, in July this year, we published our 2021 half-year taxes and royalty payments. Altogether, Newmont Ghana’s Ahafo and Akyem mines paid over GH¢947 million to the Ghana Revenue Authority," he added.
Mr. Hardy assured the minister that Newmont Ghana would remain committed to all the fiscal requirements in Ghana’s mining industry.
Also, he said, the company was cognisant of the fact that its operations must be to the benefit of host communities and the country at large, which was why the mining entity had invested significantly in the local economy.
"This is best exhibited in the recent announcement of Newmont Corporation's board of directors' approval of between $750 million to $850 million capital investment in developing a new mine in the Tano North District in the Ahafo Region," he said.
Mr. Hardy said such investments would upscale the company's operations and grow it into a global mining giant.
He observed that the expansion of Newmont Ghana’s frontiers was a huge potential for job creation, higher dividend, royalties and taxes to the government.
The Newmont Africa Vice-President also gave an assurance that the mining entity would prioritise local content to develop the capacity of local companies to participate in the value-chain.