Ghana: Newmont Ghana Completes First Gold Sale to Bank of Ghana

Newmont Ghana has successfully sold 3,500 kilo-ounces of gold to the Bank of Ghana, the nation's central bank, in the first domestic gold purchasing programme.

"We are very excited to be part of this historic transaction and to be able to contribute our quota yet again towards the economic development of this country. This is a great example of how mining is critical to national development and we are happy to be blazing the trail as the country's leading gold producer," Dave Thornton, Regional Senior Vice President, Newmont Africa, said in a statement issued by the Director, Communications and External Relations, AgbekoAzumah, and copied to the Ghanaian Times in Accra yesterday.

Launched in June 2021, the Bank of Ghana (BoG) domestic gold purchasing programme intends to increase the nation's gold reserves as means of maintaining economic stability in the country, with the intention to purchase refined gold from mining firms within the country.

The statement said Newmont Ghana anticipated that its leadership in the gold sale agreement would be emulated by other mining firms in the country, as the company continued its commitment to value creation and contributing toward maintaining the fiscal stability of the country.

In 2021, the statement said the company paid GH¢1.86 million in taxes and royalties to the government of Ghana and paid GH¢574 million in similar taxes in the first quarter of 2022.

It said Newmont Ghana's community foundations in its Ahafo and Akyem mines' host communities had accrued over $54.2m and made notable contributions in the areas of human resource development, infrastructure development and micro-credit financing support.

"We will continue to partner with all stakeholders to create more value for our communities and the region through sustainable and responsible mining," Mr Thornton added.

Newmont Africa, a subsidiary of Newmont Corporation, the world's leading gold business, is Ghana's leading gold producer with two gold mining operations in the Ahafo Mine in the AhafoRegion and the Akyem Mine in the Eastern Region.

Newmont's purpose is to create value and improve lives through sustainable and responsible mining and its Ahafo North Project has received full funding following regulatory permitting approvals and extensive community engagements.

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