Gold Fields pays $5m dividend to Ghana government

Goldfields Ghana Limited has presented $5 million to the Government of Ghana as dividend for the Tarkwa Mine for the 2012 financial year.

The Country Manager of Gold Fields, Mr Pierre Coussey, who presented the cheque to the Finance Minister, Dr Kwabena Duffour, said that the company was currently undergoing restructuring globally.

The process, he said, would further see the company localising its Ghanaian operations, thereby making Ghana the largest gold producer in the Gold Fields group.

“We need a well-developed and stable fiscal regime because for every dollar spent, the government receives 68 per cent and we have 32 per cent, which we return to the market, looking at other factors such as paying dividends and capital investment in the machinery used in our operations,” Mr Coussey said.

He said although gold mining was a good business, the industry needed support from the government and other leading stakeholders to continue to fully coordinate its activities.

Mr Coussey also requested for a pre-budget forum between the Ministry of Finance and the mining industry in order to discuss long-term and stable fiscal policies that would ensure that Ghanaians benefited from the natural reserves and the continuous operation of Gold Fields as well.

Mr Coussey also said that Gold Fields had in the past paid over $300 million in direct and indirect taxes to the government, adding, “Gold Fields is also in the process of writing a cheque for it’s year-end tax instalment payment to government”.

Dr Duffour, who received the cheque on behalf of government, commended the company for adhering to its financial obligations.

He was hopeful that Gold Fields would continue to honour its financial commitment to the government and further ensure the development of communities in which they operate.

The Chief Director of the ministry, Mr Enoch Cobbinah, said that the government was aware of the uneven playing field in the mining industry which had impacted negatively on the company’s operations.

“Government will ensure that the fiscal regime constitutes a win-win situation for all stakeholders and the concerns raised will be critically assessed in 2013,” Mr Cobbinah assured the company.

Source: Daily Graphic