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Newmont Ghana Gold pays $ 2.46 million
2nd quarter royalty to the government
Accra, July 31, Ghanadot/GNA - Newmont Ghana Gold Limited's
Ahafo mine has paid 2.46 million dollars to the government
as royalty for its second-quarter production, the company
said on Tuesday.
The amount represents three percent of 123,574 ounces of
gold it produced and sold during the April-June period,
about 16.5 percent higher than originally projected,
External Relations Director, Dr Chris Anderson, told the
Ghana News Agency.
He said the company had projected 106,000 ounces for the
quarter. The mine produced and sold 124,862 ounces of gold
in the first quarter on which it paid 2.4 million dollars as
royalty.
The Ahafo mine, which poured its first gold in July 2006, is
projected to produce 500,000 ounces of gold yearly.
"For the period 18 July 2006 to 30 June 2007 - almost one
year - this means that a total of 8,594,330 dollars was paid
by Newmont to the government of Ghana in royalties since
Ahafo first began official operation," said Dr Anderson.
The mine produced 203,000 ounces between its first gold pour
from July to December, down from an initial forecast of
between 225,000 and 250,000 ounces. The shortfall was due to
a national power crisis, the company said.
Ghana is yet to pull out of a crippling energy crisis that
hit the country last August, leading to a national load
shedding under which bulk users were asked to curtail
consumption by 50 percent.
Dr Anderson said the mine has had to install four units of
high capacity diesel generators to run its plant at costs
four times higher than power from the national grid.
The Ahafo mine, which has a revised 25-year lifespan, is
capable of processing seven million tons of ore yearly.
Dr Anderson said by the end of2007, Newmont would have
invested over 665 million dollars in the Ahafo project,
adding that over 50 percent of total operational
expenditures will stay in Ghana and impact its economy.
GNA
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