Chirano Mines Pays $13m Dividend To Gov't

Mining firm Chirano gold mines has presented a dividend of $13 million to the government following the company’s operational performance for 2017.

The payment of the dividends was approved by the board of directors of the company which includes a representative from the government of Ghana on September 14, 2018, based on financial criteria and operational performance of the firm.

Vice President and General Manager of Chirano Mines, Adriano Sobeira said, “We are proud to pay this $13 million dividend to the government of Ghana. It illustrates our capacity to create and deliver value to our shareholders, our host countries and local communities.

This dividend represents only part of the significant contributions Kinross has made to local communities and the development of the Ghanaian economy with more than $1.8 billion spent in the country since 2011”.

From 2011 to 2017, the company contributed approximately $400 million to the national economy through taxes and royalties paid to the government and $257 million through wages and salaries paid to employees, approximately 98% of whom are Ghanaian.

The company has also provided numerous business opportunities to local contractors, with nearly $1.2 billion spent on goods and services with local companies since 2011 and with 73% of all procurement at Chirano done in-country in 2017.

In addition to its fiscal and economic contribution to Ghana’s development Kinross Chirano has also strongly supported programmes in health and education, positively impacting more than 212,000 beneficiaries in communities surrounding the mine in 2017.

The minister of Lands and natural resources Kwasi Asomah Kyeremeh commended Chirano for paying dividends to government and expressed dissatisfaction for non-payment of dividends by other mining firms in the country.

He said the Auditor General’s report on the public accounts of Ghana consolidated funds for the year ended 31st December 2014 revealed that for a ten-year period between 2005 and 2014 only four out of the 22 mining companies sampled, paid any dividend to the government of Ghana.

“This example that you have shown, we urge all other mining companies who have the opportunity to operate in the country, to live and act in accordance with the law and comply with the agreement that we have entered into with them by earnestly and honestly declaring their dividends and our percentage in it same be paid to Ghana” he stressed.

He commended Chirano for the numerous socio-economic activities undertaken in the catchment areas through employment opportunities to locals and urged the company to do more.

CEO of the chamber of mines Sulemanu Konney advocated stronger collaboration among mining companies and government, to continue to thrive and improve their activities.