Business News of 2014-05-22

Newmont Ghana pays GH¢77M as first quarter tax payment

We are pleased to announce that Newmont Ghana (the Ahafo and Akyem Mines) paid a total of GH¢76,783,341 (US$30,766,933) for the first quarter (January – March) 2014, to the Government of Ghana through the Ghana Revenue Authority (GRA). Additionally in 2013, Newmont Ghana contributed GH¢302,984,925 (US$153,764,009) to the government tax revenue.
Out of the first quarter tax payment, the Ahafo Mine contributed GH 269,411,902 (US$136,873,687) and GH¢33,573,023 (US$16,890,322) for the Akyem Mine.
The first quarter amount represents the Corporate Income Tax of GH¢30,573,980 (US$11,526,477), Mineral Royalty of GH¢25,382,814 (US$10,279,055), Withholding Tax (WHT) of GH¢ 9,090,657 (US$3,841,521) and Pay As You Earn Tax of GH¢ 11,735,890 (US$ 5,119,880).
This brings to date, total tax payments of GH¢1,162,393,740 (US$686,845,941) by Newmont Ghana to the GRA since it started production in 2006.
Newmont Ahafo Foundation (NADeF) together as at year end 2013, had accrued GH¢30M (US$17.6M). NADeF has also funded the execution of the only Nursing college in the Brong Ahafo Region of Ghana, the Ntotroso College of Nursing, community’ libraries, teachers’ quarters, a water system facility, a micro-credit scheme and awarded scholarships worth GHc5M. to 4,487 students.
In Akyem, we have taken significant community development projects including the following:
Health - Hospital wards, operating theatre, reliable power, doctors and nurses accommodation.
Water - Modern water storage and distribution infrastructure including administration facilities.
Education - Schools, class-rooms, male and female dormitories, male and female toilets, vocational college.
Environment - Community Land-Fill – modern waste collection and handling facility.
Security - Community policing infrastructure.
Source: Newmont Ghana
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