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10.08.2004 Business & Finance

Abosso Goldfields pays $2.5 million dividend to gov't

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Accra, Aug. 10, GNA - Abosso Goldfields Ghana Limited on Tuesday presented a cheque for 2.5 million dollars to government as its dividend for the year ending June 2004.

Mr Mike Ezan, Executive Director of the Company, present a cheque for the amount to the Minister of Mines, Mrs Cecilia Bannerman. He said he was happy that despite the odds in the industry; "Goldfields Company made a reasonable operational profit of 25 million dollars for the year ending June 2004."

Gold Fields Ghana Limited acquired the mines in the Damang area in January 2002 from Abosso Goldfields, which started mining in the latter part of 1997, when Rangers of Australia sold their interest. The shareholding of Abosso Goldfields is currently made up of 71.9 per cent for Gold Fields Limited of South Africa; 18.1 per cent for IAMGOLD, a Canadian-based exploration and Development Company and 10 per cent free-carried interest for the Government of Ghana.

Mr Ezan noted that the mining industry was constantly demonstrating its commitment by paying its due in taxes to the national economy adding that it would work to sustain the communities where it operated. He called for high prices for gold on the international commodity market to enable the Company and Government to derive maximum benefit from its operations.

Receiving the cheque, Mrs Cecilia Bannerman praised the mining industry for keeping the wheels of industry and the economy going, adding that it was important for them to live up to expectation.

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