Newmont pays GHS 810.7m as Q3 taxes to Government of Ghana

Newmont Corporation (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM) in Africa announced in the third quarter of 2023, its Ghana operations (Ahafo South and Akyem mines) paid GHS 810.70 million in taxes, royalties, levies, and carried interest to the Governmentof Ghana.

These payments were made through the Ghana Revenue Authority, Forestry Commission, and Ministry of Finance.

The Ahafo South operation contributed GHS 441.90 million, while the Akyem operation contributed GHS 368.80 million during the quarter (July to September).

These payments bring the company’s year-to-date payments (1st January to 30th September 2023) to GHS 2.857 billion, and are broken down as follows:

• GHS 1.829 billion as Corporate Tax;
• GHS 522.99 million as Mineral Royalties; · GHS 291.59 million as Pay As You Earn; ·       GHS 120.12 million as Withholding Tax;
• GHS 67.33 million as Carried Interest; and · GHS 25.75 million as Forestry Levy.

“Newmont understands the value of its tax contributions in Ghana to support local and national development, and remains committed to accurate tax payments and disclosure, in accordance with its Extractive Industry Transparency Initiative (EITI) commitments,” said David Thorton, Managing Director of Newmont Africa.

Newmont has begun construction of its third mine in Ghana (the Ahafo North project), which is anticipated to add between 275,000 and 325,000 ounces per year for the first five full years of production, with commercial production expected during the second half of 2025.

When in commercial production, the Ahafo North mine would serve as an additional direct revenue stream for the government, in addition to employment creation, local development, and other mutually agreed value-creation initiatives.

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