Goldfields Ghana Limited Gov’t grants Goldfields $33million tax exemptions

The mining company has been reeling under revenue shortfalls in recent years, leading to massive layoffs and downsizing of operations in the country.

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Gold Fields Ghana Limited

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The Government has finally granted a stability agreement to Goldfields Ghana Limited, after series of meetings and negotiations.

The mining company has been reeling under revenue shortfalls in recent years, leading to massive layoffs and downsizing of operations in the country.

Under the stability agreement which spans 10 years, government has granted tax concessions and incentives to Goldfields to the tune of $33 million in their two (Damang and Tarkwah) mines currently operational in the country.

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Chief Executive Officer of Goldfields Ghana, Nick Holland believes it’s a step in the right direction for the company and the country.

“It is welcome news for the company. But it is also a good thing for the country. There is now a good reason to come up with more investment for the Damang Mine and for Takwah [we] will get a longer term sustainability plan. That is certainly more royalties, more jobs and foreign exchange for the country.”

Gold Fields Ghana (GFG) is presently the number one gold mining company and largest gold producer in Ghana, with annual production in excess of 935,000 ounces from its two operating mines at Damang and Tarkwa.

The company engages about 5,612 Ghanaians in direct employment. The Company is owned by Gold Fields Limited (GFL), a global multinational precious metals producer, which is headquartered in Johannesburg, South Africa.

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