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Newmont pays 1.417 million dollar Royalty

Accra, GNA - Newmont Ghana Gold on Wednesday made good its first royalty payment of 1.4 million dollars to the Government of Ghana.
  
A statement signed by Mawuena Dumor, Communications Manager of the company to the Ghana News Agency in Accra said the payment, which was made on October 27, 2006 represented three per cent of the value of 78,964 ounces of gold produced in the third quarter of 2006.
  
Newmont is one of two of the world\'s largest mining companies and the latest in the country.
    
A royalty payment of this nature goes into the consolidated fund after, which nine per cent disbursement is paid to the relevant District Assemblies and Traditional Stool. Another portion goes into the Mineral Development Fund.
   
The statement said Newmont Ghana would be making such royalty payment to the Government of Ghana every quarter, indicating such information as part of its commitment to full transparency.
  
It is also in respect to the principles of international Extractive Industries Transparency Initiative, to which the Company is a signatory, together with the Government of Ghana.

GNA


Source: GNA Story (http://www.ghananewsagency.org/economics/newmont-pays-1-417-million-dollar-royalty-1997)
Published: 2006-12-20 07:00:00
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