Newmont Ghana contributes GH¢ 331M to 2012 tax revenue

By Newmont Ghana
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By Newmont Ghana

2/22/2013 5:01:35 PM -

Adjudged as the “Most Outstanding Corporate Income Tax payer” for 2011 by the Ghana Revenue Authority (GRA), Newmont Ghana Gold Limited, a subsidiary of Newmont Mining Corporation has once again fulfilled its obligation to the Government of Ghana by paying an amount of US$180,568,902.06 (GH¢330,531,037.70) as tax for the financial year ending 2012.

The amount represents Corporate Income Tax payment of US$132,264,125.00 (GH¢244,235,080.01) and a Mineral Royalty of US$26,158,000.00 (GH¢ 47,038,032.65).

The company also paid a National Fiscal Stabilization Levy (NFSL) balance of US$ 227,087.00 (GH¢385525.60), Withholding Tax (WHT) of US$8,222,746.57 (GH¢14,733,648.33) and Pay As You Earn Tax of US$13,696,943.30 (GH¢24,138,751.11). In total, Newmont Ghana has paid a total tax of US$483,375,126.75 (GH¢752,249,247.57) to the GRA since its first gold pour in 2006.

Newmont Ghana over the years has made significant contributions in its Ahafo and Akyem communities. It's Newmont Ahafo Development Fund (NADeF) established to fund development initiatives in its host communities has built community libraries, teachers quarters, water system facilities, micro-credit schemes and awarded scholarships to over 3,091 at a cost of GH¢3million. The fund as at December, 2012 had accrued approximately US$13million (GH¢24million).

Newmont's Akyem Project has also undertaken various significant community intervention programs such as construction of Nurses quarters, female and maternity wards and a 275 KVA generator for Akyem Government Hospital. Others include expansion of small town water project, construction of two six-unit classroom blocks and 176 latrines for various households in the community.

In partnership with the Ministry of Food and Agriculture and other relevant stakeholders, the company supports over 5, 000 farmers in its Ahafo Mine host communities, and has contributed to the steady increase in agri-business and food production in the Asutifi District since 2006. Newmont's Agricultural Improvement and Land Access Program (AILAP) also gives farmers increased land access, extension services and modern farm inputs.

Ahafo Linkage Program, a local content development program by Newmont Ghana has also trained over 100 local suppliers and entrepreneurs who contributes to the local economy. As a result of hard work and excellent execution of the program, Mr. Alex Boampong, Chief Executive Officer (CEO) of Alexiboam Company Limited, a local supplier located at Gyedu-Ntrotroso in Ahafo and a beneficiary of Newmont's ALP program was adjudged the 2012 Young Enterprise (Innovation and Entrepreneurship) of the year by The Association of Ghana Industries (AGI).

Newmont is committed and will continue to support communities in which it operates in Ghana through its various Corporate Social Responsibility (CSR) intervention Programs to impact lives especially the underprivileged in society.

Newmont applauds all employees, contractors and stakeholders for their contribution towards this achievement.


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