Newmont Ghana Completes First Gold Sale to BoG to Increase Reserves
Newmont Ghana has successfully sold 3,500 Koz of gold to the Bank of Ghana (BoG) under the country’s first gold buying program.
“We are very happy to be part of this historic transaction and to once again be able to contribute our quota to the economic development of this country.
“This is a great example of how mining is critical to national development and we are pleased to lead the way as the nation’s premier gold producer,” said Dave Thornton, senior vice president. regional of Newmont Africa.
Launched in June 2021, the Bank of Ghana’s Domestic Gold Purchase Program aims to increase the country’s gold reserves in order to maintain the country’s economic stability, with the intention of buying refined gold to mining companies in the country.
Newmont Ghana expects its leadership in the gold sale agreement to be emulated by other mining companies in the country, as the company continues its commitment to value creation and helps maintain fiscal stability in the country.
In 2021, the Company paid ¢1.86 million in government taxes and royalties and paid ¢574 million in similar taxes in the first quarter of 2022.
Newmont Ghana’s community foundations in the host communities of its Ahafo and Akyem mines have raised over $54.2 million and made notable contributions in the areas of human resource development, infrastructure development and fundraising support microcredit.
“We will continue to partner with all stakeholders to create more value for our communities and the region through sustainable and responsible mining,” Thornton added.