Newmont Ghana pays $5.8m royalty to government for fourth quarter 2010

Newmont Ghana Gold Ltd, the second largest gold producer in Ghana says it has paid royalties amounting to $5,884,865.57, approximately GH¢8,707,255.64 to the Ghana government.

The company says in an advert published in the Daily Graphic newspaper Friday February 11, 2011 that it paid the amount to the Internal Revenue Service Large Tax Unit in Accra.

According to Newmont, the amount represents its royalty payment on gold sales by its Ahafo operations for the fourth quarter of 2010; that is October to December 2010.

The advert also indicates that since late 2006 to date, the company has paid royalties totalling more than $62 million approximately over GH¢98 million in addition to other direct financial benefits paid to the government and to the Ahafo communities.

The payments Newmont says, also includes the Newmont Ahafo Development Foundation which has grown to $5 million.

By Emmanuel K. Dogbevi