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NEWMONT CORPORATION

(NEM)
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Newmont : Akyem Mine Pays Gh¢111 Million Dividend to Govt

10/14/2021 | 10:06am EST

Newmont Akyem Mine (Golden Ridge Limited) has paid GH¢111 million as dividend to government for its 2021 operations.

This was despite the impact of COVID-19on the company's production capacity within the same period.

Receiving the dummy cheque, in Accra,on Tuesday, the Minister of Lands and Natural Resources, Samuel Abdulai Jinapor, commended the company for paying dividends for government's carrier interest despite the operational challenges within the past year.

He urged all mining companies to regularise payments of dividends annually as expected as part of their obligations.

The minister said government was committed to making Ghana the mining hub of Africa to attract further investments to the sector.

He said that the government was focused on building a mining industry that would retain the various value chain in the country, through the participation of local entities in the provision of goods and services.

The ministry, Mr Jinapor said, would continue to create the enabling environment for the mining sector to become proactive in dealing with challenges.

He urged Newmont to commit to sustainable mining practices to protect the environment and ensures profitable investments.

Francois Hardy, Regional Senior Vice President of Newmont Africa, said the company recorded moderate operational outcomes and had a solid year supported by favourable gold price.

He said the company expended US$2.2 million to assist the Chamber of Mines',which included assisting host communities with the much-needed medical supplies to local hospitals, virtual learning via radio and helping government and health institutions across the country during the outbreak of the disease.

The company's two Mines, Ahafo and Akyem, Mr Hardy noted, paid GH¢1.83 billion in corporate income tax, mineral royalty, among others.

He reiterated Newmont's commitment to Ghana which was exhibited in the recent approval for the US$750 to US$850 million investments in developing a new mine in the Tano South District.

Mr Hardy said the investments would upscale the company's operation in the Ahafo Region and create additional jobs and ensure higher dividends, royalties and taxes to be paid to government and other stakeholders.

He said that there would be opportunities for Ghanaian companies to join and expanded the value chain to provide more inputs and services.

Copyright Ghanaian Times. Distributed by AllAfrica Global Media (allAfrica.com)., source News Service English

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Financials (USD)
Sales 2021 12 117 M - -
Net income 2021 1 811 M - -
Net Debt 2021 715 M - -
P/E ratio 2021 23,1x
Yield 2021 3,86%
Capitalization 44 697 M 44 697 M -
EV / Sales 2021 3,75x
EV / Sales 2022 3,48x
Nbr of Employees 14 300
Free-Float 99,4%
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Mean consensus OUTPERFORM
Number of Analysts 19
Last Close Price 55,94 $
Average target price 67,53 $
Spread / Average Target 20,7%
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Managers and Directors
Thomas R. Palmer President, Chief Executive Officer & Director
Nancy K. Buese Chief Financial Officer & Executive Vice President
Gregory H. Boyce Independent Chairman
Dean Gehring Chief Technology Officer & Executive VP
Luis Canepari Chief Information Officer & Vice President
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