Newmont, a global leader in responsible and sustainable mining, a feature by E Adu Gyamfi Odopa

Asempa Dawuro

Apr 22, 2025 - 12:58

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Newmont, a global leader in responsible and sustainable mining, a feature by E Adu Gyamfi Odopa

gyamemma5@gmail.com

Been named ín the Dow Jones Sustainability World index (DISI) for 5 consecutive years, and ranked top gold miner for eight consecutive years, cement the mining giant's position as a global leader in responsible and sustainable mining.

An internationally-accredited rating agency, S&P has also ranked Newmont as the gold industry leader on the Corporate Sustainability Assessment, reinforcing their deep commitment to responsible business practices.

The S&P usually refers to the S&P 500, a major stock market index that tracks the performance of 500 of the largest publicly traded companies in the U.S. It's managed by S&P Global, a financial services company.

Newmont has in addition, received numerous national, regional and other international awards and recognition notable among them is fire safety award conferred on its Akyem mine in Ghana.

Ghana's economy

Newmont's contribution to Ghana's public finances, as at the end of September 2023, totaled $227 million and included $166 million in Corporate income tax paid, consisting of $64 million for Akyem and $102 million for Ahafo.

Others are $57 million in royalty payments, consisting of $19 million for Akyem and $38 million for Ahafo, $6 million of Government of Ghana carried interest payment and $2 million of forestry levy payment, $4 million in employer-related taxes, such as payroll and benefits taxes that the company pays to the government of Ghana.

The mine in 2024 alone paid GH9.4 billion in taxes to the Government of Ghana (GoG).

The company's Ghana operations have a strong tax compliance history and have been the recipients of multiple taxpayer awards issued by the Ghana Revenue Authority (GRA).

National Policies

Beyond f ulfílling their statutory obligations, in terms of taxes and dividend payments, Newmont plays a leading role in national economic development of Ghana.

In 2022, they were the first

mining company to support the Government of Ghana's gold buying programme, selling part of their gold produced to the government, through the country's central bank, the Bank of Ghana (BoG).

Since inception of the programme to date, Newmont has sold 86 koz of gold to the BoG.

Through a combination of tax payments in USD, as well as making forex available to the BoG, it has supported and contributed to forex availability to the government, and by extension, helped stabilize the local currency.

Newmont now operates more than half of the worid's top-tier gold mines in nine countries, with AfrIca as one of its six business units.

Newmont also has key assets in North America, Australia, Latin America and Caribbeans, Papua New Guinea, and Peru; with a strong commitmnent to s environnment, social, and governance (ESG) principles across all its operations.

Newmont's operations in Africa cover greenfield exploration, projects, and operating mines in different mining jurisdictions on the continent.

Currently, the company has two active gold mining operations in Ghana - the Ahafo South mine located in the Ahafo region of the country, and the Akyem mine in the Eastern region.

Newmont is also advancing its Ahafo North project, which has approved capital cost of between US$950-$1,050 million. Ahafo North expands Newmont's footprint in Ghana and Africa, providing significant upside potential for maintaining the company's strong performance.

Future Projects

It is also considering other opportunities on the continent, including Cote d'voire and Ethiopia, where we have partnerships in place to explore greenfield opportunities.

Investments in Africa, like the ones they are making in Ghana, Cote d'lvoire, and Ethiopia, are enabling Newmont to build a proritable and diverse portfolio of assets for the company and its stakeholders.

Taking care of their safety, health and wellness by recognizing, assessíng and managing risk, and choosing safer behaviors to drive a fatality, injury and illness free workplace has always been a priority.

To them, delivering on their commitments, demonstrate leadership, and have the courage to speak up and challenge the status quo is an unmatched hallmark.

At Newmont, they create an inclusive environment where employees have the opportunity to contribute, develop and work together to deliver their strategy.

When you hear them say that "we behave ethically and respect each other and the customs, cultures and laws wherever we operate", it is true.

For them at Newmont, serving as a catalyst for local economic development through transparent and respectful stakeholder engagement, and as responsible stewards of the environment has always be their strength.

The Writer, E Adu Gyamfi Odopa, is a multiple award winning Journalist, Blogger and Researcher, based in Ghana.

Email - gyamemma5@gmail.com

Tel - +233(0)202373920

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