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Newmont pays $2.4m royalty to government

070514_newmont.jpgNewmont Mining Corporation’s Ahafo Mine has paid 2.4 million dollars to the government as mining royalty for the first quarter of 2007, the company has revealed. The company has projected it will produce at least 430,000 ounces in 2007. The Ahafo mine, which poured its first gold in July, last year, is projected to produce 500,000 ounces of gold yearly. He said: “We are happy to be on course. This means we are delivering on the commitments we made to the people and the government of Ghana.” Dr Anderson said by the end of 2007, Newmont would have invested over 665 million dollars in the Ahafo project, adding that over 50 per cent of total operational expenditure would stay in Ghana and make an impact in the Ghanaian economy. “Additionally, in 2007, the company anticipates spending over eight million on social and environmental projects, including funds allocated to programs to help the local economy, as well as environmental management, monitoring and restoration programs,” he said. Image source: ens-newswire.com

News selected by Covalence | Country: Ghana | Company: Newmont Mining | Source: Myjoyonline News

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