Newmont last year retained in Ghana almost 80% of its earnings from gold sales

Newmont Ghana has announced that almost 80% of its earnings from gold sales were retained in the country in 2012, contrary to some recent claims.

The earnings retained in Ghana were spent on corporate taxes, local contractors and vendors, wages and benefits and land access. The remaining 20% was spent on offshore debt payments, heavy equipment and other offshore purchase.

The Asantehene, Otumfuo Osei Tutu II, has urged the Minerals Commission and Environmental Protection Agency (EPA) to stop the devastation of the nation's forests and water bodies through mining. He said the two bodies needed to step up their supervisory and monitoring roles to make sure that the right things were done and check the recklessness. He faulted the two institutions for not doing enough to properly supervise and monitor small-scale miners, particularly, those operating in the hinterlands.

The Newmont Ahafo Development Foundation (NADeF) has earmarked GHS 2,5 8 0,2 4 8 toward the development of Gyedu, a mining community within the Ahafo Project of Newmont Ghana Gold Limited at Kenyasi in the Asutifi North District of Brong-Ahafo. The amount is meant for the provision of social facilities, infrastructure and other human resource development in the community with a population of more than 8,000 people, who are mainly farmers.

Minister of Lands and Natural Resource, Alhaji Inussah Fuseini says the time has come for the country to diversify its traditional minerals base and exploit lesser-known industrial minerals. "We have reached a point in our growth where we will need to look beyond our the mining of traditional minerals such as gold, bauxite, diamond and manganese, and exploit lesser-known (industrial) minerals -- kaolin, salt, clay, limestone etc," he said.

A lot has been said on the need for businesses across the world to contribute to the development of communities in which they operate. The case is not different in Ghana, as a number of platforms have been set up to ensure it becomes practical.

It is a known fact that businesses cannot succeed without the constant involvement of its major stakeholder; the masses. This is why the Corporate Social Responsibility (CSR) agenda is viewed as a vital tool to the growth and development of businesses. One may ask, what is the CSR agenda all about? The CSR agenda relates to businesses' contribution to achieving economic; social and environmental sustainability.

The Chamber is happy to publish payments made by the mining industry in 2013. This publication is part of the Chamber's pursuit of transparency in the payments and receipts in the mining sector in Ghana. It covers direct statutory and voluntary payments made to Government, suppliers both local and foreign but locally registered in Ghana, District Assemblies and employees in 2013.

The Oil & Gas Workshop "Update on the Transversal Business Opportunities in the Oil & Gas Sector" organized by the French Chamber of Commerce and Industry in Ghana (CCFG) with the collaboration and support of H.E. Frederic Clavier, Ambassador of France to Ghana, took place    on Wednesday 22nd October 2014 at the Residence of France.

The World Bank through the Collaboration for Development (C4D) has developed an online platform focused on developing issues, which enables experts and practitioners to conduct online brainstorming, consultations, and discussions, knowledge-sharing and learning on the Extractive Industry Transparency Initiative EITI....

Foreword by the GHEITI Chairman (Chief Director of MoF)

I am pleased to present the 2013 Annual Report for the Ghana Extractive Industries Transparency Initiative (GHEITI). This report provides a summary of the many activities carried out by members of the National Steering Committee (NSC) and the GHEITI Secretariat for the period January – December 2013. It also provides a brief background on the Ghana EITI process, the significant successes chalked during the year, challenges and outlook for 2014.

GOLDFIELDS Ghana has presented a cheque for US$10.3m as dividend for the 2013 financial year. The amount is government's carried interest in the Tarkwa and Damang goldfields, which is operated by the mining company. The Executive Vice-President (EVP) and Head of West Africa of Goldfields, Mr Alfred Baku, said despite several challenges facing the mining sector, Goldfields continued to keep its commitment to government.