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04.04.2006 General News

Goldfields pays dividend of 9.2 billion cedis

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Accra, April 4, GNA - Gold Fields Ghana Limited (Tarkwa Mines) on Tuesday presented a cheque for 9.2 billion cedis to the Government as its share dividend for the year 2005/2006.

This brings to two, the number of presentations to government this year alone by Goldfields for the financial year 2005/2006 through the Ministry of Lands, Forestry and Mines.

The first was by Abosso Goldfields Damang Mine, a subsidiary of Goldfields Ghana, which presented a cheque for 9.2 billion cedis (1 million dollars) as its share dividend to Government for the financial year 2005/2006 on February 3, this year.

Mr Mike Ezan, Executive Director, Goldfields Ghana, who presented the cheque on behalf of the Company, said Gold Fields, since 2001 till date had declared a total dividend of approximately 100 billion cedis (an equivalent of 11 million dollars) to the Government.

He said annual gold production rose from 550,000 ounces to 676,810 ounces in the 2004/2005 and it was expected to rise to 700,000 ounces by the end of this financial year following the acquisition of new equipment for operations at the Tarkwa Mines.

Mr Ezan, who is also the President of the Ghana Chamber of Mines, said in addition to the declaration of dividend to Government each year, Gold Fields had continued to meet its social responsibilities too. "Indeed in the last three years, the Company spent over 50 billion cedis between its mines at Tarkwa and Damang in social responsibility and livelihood enhancement projects in and around its primary stakeholder communities," he said.

Mr Ezan said the social responsibility, included the building of schools, clinic, refurbishing of roads, construction of more than 50 boreholes and wells, and many other livelihood skill development projects.

"In next financial year, which begins in July, the Company intends to spend over nine billion (One Million Dollars) cedis in social responsibility programmes alone," he said.

Professor Dominic Kweku Fobih, Minister of Lands Forestry and Mines, who received the dividend on behalf of the Government praised Goldfields and its partners for being fully committed to sustainable development principles and sound environmental management.

"The Company's environmental policy, which is the foundation of the Company's management system, is fully in line with that of the Government.

"A visit to the Company's operational sites made me convinced that rehabilitation and reclamation are really considered as essential components of the operations of the Company," he said.