Newmont Ghana has stated that almost 80 per cent of its earnings from gold sales were retained in the country in 2012.
The earnings retained in Ghana were spent on corporate taxes, local contractors and vendors, wages and benefits and land access.
A statement issued by the company said the remaining 20 per cent was spent on offshore debt payments, heavy equipment and other offshore purchase.
“Newmont Ghana remains committed to partnering with the government and the people of Ghana in its bid to bring sustainable development to all,” it stated.
It said since the company started mining at its Ahafo Mine in 2006, it had invested more than $2.3 billion in Ghana and also paid more than $560 million in royalties, taxes and other revenues to the government.
The statement, which was in reaction to revelations that came up during the public hearing of the Public Accounts Committee (PAC) that the company retained more than 80 per cent of its earnings outside, said Newmont had also created more than 48,000 direct and indirect jobs in the country and provided about 400 local businesses with nearly $39 million in contracts, supporting more than 400 jobs, excluding direct mine employment.
It said the company also paid more than $180 million to the government in royalties, taxes and other revenues in 2012 and generated nearly 10 per cent of the nation's total exports, 4.5 per cent of its total foreign direct investment and 1.3 per cent of GDP in 2009.
“To date, the company has made voluntary contributions of up to $17 million to the Newmont Ahafo Development Foundation (NADeF) for sustainable development programmes in the mine’s host communities,” it added.
The statement said since the company started operations in 2006, it had “complied with all financial, legal and regulatory frameworks of the country, resulting in it being adjudged Ghana’s most compliant corporate taxpayer in 2011”.
“We remain committed to Ghana for the long term and will continue partnering with the government and the people to bring sustainable value and opportunity to all our stakeholders,” the Senior Vice-President of Newmont’s Africa Region, Mr Dave Schummer, said.
It said in addition to its significant financial and economic development contributions, Newmont Ghana had been ISO14001 certified since 2010, explaining that “ISO 14001 is a benchmark for which top international companies are assessed to ensure adherence to the highest standards in environmental practice. We were re-certified for ISO 14001 in June 2013 for improved performance and showing leadership in environmental stewardship”.
The statement said Newmont had been selected to be part of the Dow Jones Sustainability World Index for the last six years.
Source: Graphic Business
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