Gov’t bags US$1.9bn in taxes, royalties, other disbursements in 2021 from Newmont
Adnan Adams Mohammed
Newmont Ghana has reported that, it paid about US$1.9 billion in taxes, royalties, and other disbursements to the government in 2021 .
It also indicated that, it injected about US$10.8 billion directly into the economy out of which US$3.6 billion was spent on operating costs.
Newmont Corporation published its inaugural Taxes and Royalties Contribution Report, continuing its commitment to transparency by detailing the significant contributions made to host communities and governments. The Multinational mining company says, it aims to deliver shared value for the company, its shareholders, as well as employees, host communities and countries through its operations and activities including its tax and royalty payments.
“We believe that transparency is a prerequisite for building credibility and trust with stakeholders,” said Newmont’s President and CEO Tom Palmer.
“We recognise that we have a responsibility to generate shared value from the minerals we extract by contributing our due part through taxes and royalties, job creation and economic development within host communities and countries in which we do business.”
In 2021, Newmont’s direct economic contributions across its operations totalled $10.8 billion and included:
· $3.6 billion in operating costs,
· $1.3 billion in employee wages and benefits,
· $1.4 billion in capital spend,
· $2.6 billion in payments to providers of capital,
· $1.9 billion in taxes, royalties and other disbursements to governments, and
· $21.9 million in community investments.
Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead.
The company says its “world-class portfolio of assets, prospects and talent is anchored in favourable mining jurisdictions in North America, South America, Australia and Africa”.
Newmont is the only gold producer listed in the S&P 500 Index and is widely recognised for its principled environmental, social and governance practices.
The company is an industry leader in value creation, supported by robust safety standards, superior execution and technical expertise.
Newmont was founded in 1921 and has been publicly traded since 1925.