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Newmont US$30.2M Development Fund Transform Lives In Host Communities

Business & Finance Workers At The Bamboo Factory
NOV 17, 2017 LISTEN
Workers At The Bamboo Factory

Newmont Ghana, the largest gold producer in the country has set up a development fund with a total contribution of 30.2 million dollars to support communities within its mining areas, according to a 2016 African Sustainability report. US$1 per ounce of gold sold and 1percent of annual net profit is channeled into the fund.

Their operations in Ahafo and Akyem have established community foundations or funds that support community needs during the mine life and after operation ends.

Among the notable investments and activities for the two separate mines is the Newmont Ahafo Development Foundation (NADeF) which has a total contribution of 24.5 million dollars since 2007. Newmont contributed approximately 935,000 dollars to NADeF in 2016 with support to 10 communities.

A similar structure to NADeF is the Newmont Akyem Development Foundation (NAkDeF) which has a total of 5.8 million dollars since 2013 bringing the total to 30.2 million dollars for community development.

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A Journalist Taking A Trial Test On The Bamboo Bike

The company has also invested 4.08 million dollars in communities through monetary and in-kind support.

At a press briefing, the Senior Manager for Sustainability and External Affairs of Ahafo Mine, Derrick Boateng told Journalists for Business Advocate (JBA) who were on a mining tour that 10 million dollars has been allocated to an endowment fund for mining communities in an event where Newmont ceases to operate in the future.

He noted that these supports have significantly addressed the infrastructure gap and improve the quality of life of the people.

Mr. Boateng indicated that these support include capacity building, community health and education, infrastructure development, and livelihood and skills building.

According to him, two local communities, Ntotroso and Gyedu used part of their entitlement from the Ahafo Foundation (NADeF) to partner Bright Generations Foundation to establish a Bamboo Bicycle Manufacturing facility to train and employ the youth.

He added that with an initial workforce of 40 local youth the facility is expected to annually produce 375 bamboo bicycle frames for local and international customers.

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Some Members Of JBA At The Mine Site

Mr. Boateng stressed that the Akyem Foundation (NAkDeF) in 2016 provided free meals to kindergarten and primary school students which also increased school enrollment and attendance at the local resettlement school.

“Our commitment to strengthen the communities where we operate and work is stated in our Sustainability and Stakeholder Engagement Policy. Guiding our approach to equitably quality of life and create mutual value is our Community Investment and Development Standard,” he stated.

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