Newmont Ghana generated US $363m in economic value in 2016

Business News of Wednesday, 20 December 2017

Source: Newmont Ghana

2017-12-20

Newmont Ghana’s total workforce as at 2016 comprised of 39.2% and 47.1% of community locals

Mining in a manner that creates social and economic benefits remains a priority for Newmont Mining Corporation across its mines all over the world. It is in fostering this purpose that Newmont Ghana through its Ahafo and Akyem mines generated about US$363 million of value added to the Ghanaian economy in 2016.

This was contained in their recently published annual sustainability report called ‘Beyond the Mine’ which details Newmont Ghana’s performance in safety, economic, social and environmental stewardship for 2016.

The report also revealed that out of the US$363 million, $75 million was paid in employee wages and benefits and US$78 million paid to government comprising of $36 million in government royalties and $42 million in taxes.

Newmont Ghana’s total workforce as at 2016 comprised of 39.2% and 47.1% of community locals exceeding its targets of 24% and 35%, at Ahafo and Akyem respectively. Additionally, the company purchased about US$18 million in goods and services from local businesses and US$300 million from other Ghanaian suppliers.

The company also contributed approximately $935,000 to Newmont Ahafo Development Foundation (NADeF) with $126,000 contributed to an endowment fund to drive the company’s social responsibility commitments to its host communities in Ahafo.

This brings Newmont Ghana’s total contribution to NADeF since 2007 to $24.5 million. In partnership with the Bright Generations Foundation, NADeF used part of these contributions to establish a bamboo bicycle manufacturing facility to train and employ youth from Ahafo local communities.

The initial workforce of nearly 40 local youth participated in six months of skills training to prepare for the facility to enter full operations in early 2017. The facility is expected to annually produce 375 bamboo bicycle frames for local and international customers.

The Newmont Akyem Development Foundation (NAkDeF), which has a similar structure to NADeF, has supported development in the communities near the Akyem mine to the tune of $5.8 million since its inception in 2014. NAkDeF in 2016 launched the School Feeding Programme, which provides free meals to kindergarten and primary school students and has contributed toward notable increases in school enrollment and attendance at the local resettlement school.

“As a business, we are proud of our achievements and immense contribution to the Ghanaian economy. We shall continue to create a more inclusive and diverse workforce through job creation, local business sourcing and community investment for continuous sustainable socio-economic development,” said Alwyn Pretorius, Regional Senior Vice President, Africa Operations.

Newmont says it is committed to ensuring effective collaboration with its stakeholders to create value and improve lives through safe and responsible mining. The full report, as well as a downloadable PDF, is available at www.beyondthemine.com

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