Newmont sets up fund for community projects

Yamfo (B/A), May 3, GNA- The management of Ahafo Project of Newmont Ghana Gold Limited, at Kenyasi in Brong-Ahafo region, has established 687 million dollars fund to undertake sustainable community development in the company's area of operation.

To ensure the sustainability of the fund, the company has decided to set aside and deposit 1 dollar per ounce of gold sold and 1 net profit from the mine for the fund.


Mr Chris Anderson, Director of Corporate and External Affairs of Newmont, disclosed this at the signing of the Ahafo Social Responsibility and the Foundation Agreements (ASRA) between the company and the eneficiary communities of the fund at Yamfo on Friday. He said that contemporary business practice placed a moral responsibility on companies to improve the standard of living of people


living in their areas of operation. Professor D. Mireku-Gyimah, moderator of the fund, said prior to the


institution of scheme, the district chief executives of Tano North and


Asutifi as well as Newmont collectively agreed to establish Ahafo Social He said the 53 member forum was made up of representatives of

Newmont, non-governmental organisations, traditional rulers and youth


groups within the company's catchment areas. Prof Mireku-Gyimah said the forum aimed at providing the


communities with the opportunity to take part in the company's decision


making process and planning that would affect the people and decide on


how the fund should be disbursed. He said signatories to the agreements included chiefs of communities

where Newmont was doing miming, the Tano North and Asutifi district


assemblies and representatives of groups in the 10 Ahafo mining


communities. Mr Ignatius Bafour-Awuah, Regional Minister, urged the communities


to collaborate with the mining company for development.