Business News of 2014-01-05

Newmont to honour obligations to operating communities

Despite the fall in the world price of gold, with the subsequent reduction of its workforce, Newmont, a multinational gold mining company operating in Ghana, will continue to honour its social responsibilities.

Such an initiative, according to the company, will improve the living standards of the people living in its operational areas.

This assurance was given by Mr Oduro Kwarteng Marfo, the External Relations Manager of Newmont Golden Ridge (Akyem Mine), a subsidiary of Newmont, at a press soiree organised by the company at Koforidua for the Eastern Regional Press Corps.

Newmont recently dispensed with the services of 240 staff members in its Accra office and the two mines, the Akyem Project in the Eastern Region and the Ahafo Mine in the Brong Ahafo Region because of the fall in the world price of gold.

In communities within the operational areas of the Akyem Project, the company has provided a number of social amenities such as clinics, nurses and doctors’ quarters, water and sanitation facilities, roads and school buildings.

Some of the beneficiary communities are Adausena, Old Abirem, Hweakwae, Afosu, New Abirem, Mamanso, Ntronang, all located in the Akyem Project.

Apart from these facilities, the company has partnered the Birim North District Assembly in other social investment initiatives, primarily in the educational sector, through which facilities such as dormitories and other amenities have been provided for senior and junior high schools in the area.

However, with the reduction in the world market price of gold and the subsequent shedding of a considerable number of the company’s staff, inhabitants of such communities have anticipated a halt in the company’s social responsibility initiative, which according to Mr Marfo will continue.

“Despite the fall in the world price of gold, with the attendant shedding of some of our staff, we will continue to honour our social responsibility so that the living standards of the people will continue to improve,” Mr Marfo stated.

The Akyem Mine, which has paid the required compensation to the affected farmers in its operational areas whose properties had been destroyed, had its first gold bar on October 4, 2013 followed by commercial production in November.

Source: Daily Graphic
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