Business News of 2014-03-20

Newmont Ghana is outstanding community interaction company

Newmont Ghana Gold Limited (Ahafo Mine) has been adjudged the Most Outstanding Community Interaction mining company in West Africa.
The award was presented to the mine at the maiden Electra Mining West Africa conference held in Accra, on Wednesday, March 5.
The Electra Mining West Africa conference is a platform that brings together players in the mining industry across the sub region and beyond to deliberate on issues bordering on community development, environmental stewardship, labour, finance and other relevant areas on mining. Participants in this year’s edition were drawn mainly from Ghana, Burkina Faso, Benin, Nigeria and South Africa.
Speaking on the topic, Towards Pan-African Mining Governance, a former CEO of the Ghana Chamber of Mines, Dr. Joyce Aryee, commended Newmont Ghana for the Newmont Ahafo Development Foundation (NADeF) initiative. Dr Aryee cited NADeF as best practice in community sustainability and ownership in the industry. She charged African governments and other players in the Mining Industry to work towards a Pan-African governance module that will streamline activities of mining companies on the continent.
Dr. Juliet Tuakli of United Way Ghana and Dr. Eamonn Barrett from Environmental Resources Management (ERM) UK, who also spoke on separate themes at the workshop, cited Newmont Ghana’s Community Engagement and Social Responsibility initiatives as examples worth emulating.
Newmont Ghana established its flagship Social Responsibility initiative; the Newmont Ahafo Development Foundation (NADeF) in 2008 as a mechanism to manage the company’s sustainable community development commitment to its ten host communities in Ahafo with strong community participation and ownership.
The Ahafo mine contributes US$1 per each ounce of gold sold and 1 percent of its net profit to the foundation. As at the fourth quarter of 2013, the fund had accrued over US$17.5 Million; out of which about 63 infrastructural projects have been completed for use by the communities. Additionally, educational scholarships have been awarded to over 4000 students at the Senor high school and tertiary levels.
The award for the Most Outstanding Community Interaction mining company was received on behalf of Newmont Ghana by the Community Development Manager of the Ahafo Mine, Joseph Danso, who presented the Newmont case of shared value creation using the NADeF model to the delegates at the summit.
Five other awards were presented by the Electra Mining West Africa Organizers to various companies for their contributions to the industry in the sub region.