Goldfields presents dividend to government (Monday, July 26, 2010)

GOLDFIELDS Ghana Limited today presented a cheque for US $5 million to the Government as its dividend for the 2009 financial year.

The amount represents the Government’s 10 per cent share in the company.

Mr Peter Turner, Executive, Vice President of Goldfields Ghana who presented the cheque for the amount to the Minister of Lands and Natural Resources Mr Collins Dauda, said the company was committed to  its responsibilities.

He said the company believed in long-term investments that could make positive impacts on the local communities.

“We will work to sustain the communities in which we operate.” He added.

Speaking to the Daily Graphic after the ceremony, Mr Turner  said even though the increase in utility tariffs were affecting the cost of operations of the mine, the company together with players in the industry would  come to a consensus with the government on the tariffs in addition  to cost-cutting measures to ensure that the company remained in business.

Receiving the cheque,Mr Dauda commended the company for  living up to its responsibilities and said “we appreciate your efforts, particularly, in the area of revenue generation and employment.”

On the impact of the utility increment would have on the company’s performance, he urged the company and all industries in the country to devise cost cutting measures to reduce their cost of production.

He said even though the company was doing well in the area of social responsibilities, it should do more especially in the area of road construction.

He expressed concern over the state of the roads in the mining areas even though the mines produced a lot of rocks, which are a major component of road construction.

“You can collaborate with the Ministry of Roads and Highways to If you are able to do that, it would ensure that more of the roads.”

become motorable for our people and the mining companies operating in the area.

 Gold Fields is one of the world's largest producers of gold with a production  capacity of 3.6 million ounces per annum from nine operating mines in South Africa, Ghana, Australia and Peru.

In Ghana, the company’s investments in the Tarkwa and Damang mines stand at US$ 1.2 billion and currently have an employee base of 6,000.

The company acquired the mines in the Damang area in January 2002 from Abosso Goldfields, which started mining in the latter part of 1997,when Rangers of Australia sold their interest.

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