Newmont’s Business Unit in Africa has reported that its Ghana operations (Ahafo South and Akyem mines) paid a total of GH¢ 1.295 billion in taxes, royalties, levies, and carried interest to the Government of Ghana in the first quarter of 2024.
These payments were made through the Ghana Revenue Authority, Forestry Commission, and the Ministry of Finance.
This announcement follows the recent disclosure of Newmont’s 2023 full-year fiscal payment to the Government of Ghana, where its operations in Ghana paid GH¢3.965 billion, marking a 43.6% increase in fiscal payments compared to the same period in 2022.
In the first quarter of 2024, Newmont’s Ahafo South operation contributed GH¢ 1.105 billion, while its Akyem operation contributed GH¢ 190 million to the total payments.
The breakdown of payments from January to March 2024 shows GH¢ 672 million as Corporate Tax, GH¢ 291 million as Mineral Royalties, GH¢ 99 million as Pay-As-You-Earn, GH¢ 97 million as Withholding Tax, GH¢ 122 million as Carried Interest, and GH¢ 14 million as Forestry Levy.
Newmont is currently advancing its Ahafo North project in Ghana, which includes four open pit mines and a standalone mill located approximately 30 kilometers from its Ahafo South operation. The project is expected to add approximately 300,000 ounces per year to its production in Ghana.
With a combined direct employee and contractor workforce of over 9,000 in Ghana, Newmont continues to prioritize safety and deliver long-term value for its stakeholders, host communities, and the local economy. The company also maintains well-resourced development foundations at both operational sites, leading social development initiatives in the host communities.
As the world’s leading gold company and a producer of copper, silver, zinc, and lead, Newmont’s portfolio is anchored in favorable mining jurisdictions in North America, South America, Australia, and Africa. The company is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. It is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise.