Beyond the mine annual reports 2018 proxy materials document library. Newmont investment agreement signed with parliament in 2003. The companys assets or operations are located in the united states, australia, peru, indonesia, ghana, canada, new zealand, and mexico. The nakdef agreement was signed june 4 2014 as the vehicle through which newmont will deliver its corporate social responsibility. The country has largescale mining companies producing gold, diamonds, bauxite and. Bankole trade policy research and training programme tprtp, department of economics, university of ibadan email.
The revised 2015 investment agreements replace the 2003 investment agreement under which all newmont entities in ghana previously. Newmont ghana escapes bog sanctions after failing to surrender export receipts. New york, january 14, 2019 moodys investors service moodys says newmont mining corporations newmont baa2, stable announcement that it will acquire goldcorp inc. Jun 27, 2018 the employment agreement spells out guidelines for employing locals within the mines host communities. Newmont may agree changes to ghana investment contract. Ministry of finance ghana extractive industries transparency. Send an email enquiry to newmont ghana gold ltd you must not post job enquiries, cvs, sales or promotional offers via this form. Ghana is endowed with substantial mineral resources and has a wellestablished mining sector, which contributes significantly to the economy of the country. Revised investment agreement between ghana and newmont. Page4% energysectorinstitutionsthe%key%public%sector%institutions%involvedin%the%ghanaian%electricity%sector,%all%within%the%portfolio.
Companies have the ability to report nongenuine enquiries, which can result in you being banned from the site. The regional team recently secured a new investment agreement and energy supply reliability in ghana. This agreement is made this day of 2008 between newmont ahafo development founda non of 1. Netherlands indonesia bilateral investment treaty rolls. The text below was created automatically and may contain. The companys worldclass portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in north america, south america, australia and africa. Pdf 172 kb toronto, april 28, 2014 in response to a press release issued today by newmont mining, barrick gold corporation nyse. Stay informed about newmont receive updates directly to your inbox on financial news, press releases, upcoming events and presentations, performance reports, blog posts and more. Pdf mineral investment and the regulation of the environment in. Newmont mining corporation, engages in the acquisition, exploration, and production of gold and copper properties. The case newmont vs indonesia transnational institute. Participation at newmonts ahafo gold mine in ghana. The projected board date is december 22nd, 2005, the ifc project number is 23338. Netherlands indonesia bilateral investment treaty rolls back implementation of new indonesian mining law briefing november 2014 the case of newmont mining vs indonesia is a powerful example of how investment agreements, particularly bilateral investment treaties bits, are used by companies to get exemptions from govern.
Newmonts presence in ghana includes the ahafo mine in the brongahafo region and the akyem operation in the eastern region near new abirem. No industry other than subsistence and market farming. Newmont ahafo development foundation nadef formed and registered under laws of ghana. The companys operations are primarily in the united states, australia, ghana, peru and suriname. Investment opportunity to manufacture garments and export to the african market, europe and america. Abxbarrick or the company confirms that the company had negotiated a term sheet for a proposed merger between barrick and newmont, which was agreed upon and signed by both parties on april 8 since then, newmont has sought to renege on three. Part i establishment of ghana investment promotion centre and related provisions establishment of centre 1. In july 2014, newmont mining corporation brought a case against indonesia using the indonesianetherlands bit at the international centre for the settlement of investment disputes icsid. Newmont i in 2003 a draft investment agreement was submitted to the government of ghana by newmont mining corporation of denver, colorado, usa6, in respect of mining leases held by its local subsidiaries for prospects at ahafo in the brong ahafo region of ghana and akyem in the eastern region. Newmont ghana escapes bog sanctions after failing to. Box 30 ntotroso a company limited by guarantee hereinafter referred to as the foundation and newmont ghana gold limited of c82526 lagos avenue, east legon, accra hereinafter referred to as newmont.
Governing law the agreements are subject to the laws of ghana and. Values safety we take care of our safety, health and wellness by recognizing, assessing and managing risk, and choosing safer behaviors at work and home to reach our goal of zero harm. In december 2003, ghanas parliament unanimously ratified an investment agreement between newmont and the government of ghana. Newmont and goldcorp combine to create worlds leading gold. Dated 4th may, 2015 the republic of ghana and newmont golden ridge limited revised investment agreement filed. Article pdf available in international environmental agreements 64.
Coloradobased newmont mining corporation nem is one of the worlds largest producers of gold with several active mines in nevada, peru, australianew zealand, indonesia and ghana. In july 2014, newmont mining corporation brought a case against indonesia using the indonesia. Net income loss attributable to newmont stockholders is reconciled to adjusted net income loss as follows. The case of newmont mining vs indonesia transnational. Is a resource rent tax necessary for ghana 15 section 5 from mining taxes to development 5. Newmont ghana remains committed to providing fair and just compensation to eligible individuals projected to require relocation. This established a fixed fiscal and legal regime, including fixed royalty and tax rates, for the life of any newmont project in ghana. Under the terms of the agreement, goldcorp shareholders will receive 0. Nggl, a ghanaian company, entered into an investment agreement with the government of ghana to conduct mining operations in the ahafo area of the brong ahafo region in midwestern ghana. Lessons for the economic partnership agreement by abiodun s.
Newmont ghana response to danwatch reports on ghana. Newmont and goldcorp combine to create worlds leading. Newmont akyem development foundation nakdef is a company, limited by guarantee, set up by newmont and akyem mine communities to establish and manage sustainable social investment projects and activities. The statement said the renegotiated investment agreements, now consisting of two separate agreements, one for each newmont ghana entity operating in ghana, were submitted to parliament for ratification in june and ratified by parliament in december 2015. Toronto, april 28, 2014 in response to a press release issued today by newmont mining, barrick gold corporation nyse. Production commenced in 2006 at our ahafo mine and at our akyem mine in 20. Newmonts original investment agreement with the government of ghana was ratified by parliament in december 2003. Moodys says newmonts acquisition of goldcorp is credit.
The national tourism development plan 20 2027 provides the blueprint to expand ghanas tourism prospects. As required by the terms of the newmontgoldcorp arrangement agreement, newmont sought and secured goldcorps consent for the payment of this special dividend. Pdf csr and sustainable development in the mining industry. These investments are subject to an agreement between the company and the government of ghana which was approved by the ghanaian parliament. Statement of agreement and its aims the ahafo social responsibility agreement herewith called the agreement, is made on between newmont ghana gold limited whose address is c82526, lagos avenue, east legan accra, in the greater accra region of ghana hereinafter with its successors and assigns referred to as the company of the.
Integrity we behave ethically and respect each other and the customs, cultures and laws wherever we operate. Actual mining actual mining commenced in january 2006 and the company pour ed. Ghana government and newmont mining conclude investment. This agreement is made this day of 2008 between newmont ahafo development foundation of p. Newmont akyem mine and host communities sign agreement. The ahafo project is part of newmont mining corporations newmont 2002. Effective stakeholder engagement helped us secure a new investment agreement and build energy capacity in ghana, both of which create the stability necessary. Newmont offers university students and recent graduates opportunities to gain realworld experience with a global. Newmont is the worlds leading gold company and a producer of copper, silver, zinc and lead. Govt, newmont completes investment agreement graphic online.
The employment agreement spells out guidelines for employing locals within the mines host communities. Agreement columbia center on sustainable investment. Ifc has been approached to support newmonts ahafo south project in ghana. Box 30 ntotroso a company limited by guarantee hereinafter referred to as the foundation and newmont ghana gold limited of c825f26 lagos avenue, east legon, accra hereinafter referred to as newmont. Pdf corporate social responsibility of mining companies in. Dec 31, 2017 20171231 newmont ghana gold limited nggl has reiterated its commitment to the youth in the brong ahafo region to address their concerns regarding employment opportunities. The need for a mineral revenue management law 17 5. Experienced gold miner alwyn pretorius appointed ead. Safety we take care of our safety, health and wellness by recognizing, assessing and managing risk, and choosing safer behaviors at work and home to reach our goal of zero harm integrity we behave ethically and respect each other and the customs, cultures and laws wherever we operate sustainability we serve as a catalyst for local economic development through. Newmont began working in ghana with the acquisition of normandy mining in 2002. As part of the agreement, nggl undertook, among other things, to follow generally accepted. Newmont ghana named ghanas largest and best taxpayer in. Abxbarrick or the company confirms that the company had negotiated a term sheet for a proposed merger between barrick and newmont, which was agreed upon and signed by both parties on april 8. Despite obvious investment in infrastructure and services by newmont ghana gold within the ahafo community, there were concerns as to the long term viability of these interventions.
The newmont ahafo development foundation putting shared value. Unlike many investor agreements between a national government and mining company, the sra. Introduction in 2008, ten communities in the brong ahafo region of ghana entered into agreements with newmont ghana gold ltd newmont ghana, who had already begun mining in the area. Local procurement policy and action plan newmont mining. Newmont ghana committed to local economic development. Pdf corporate social responsibility of mining companies. In december 2003, ghana s parliament unanimously ratified an investment agreement between newmont and the government of ghana. The agreement entered into between the government of ghana and newmont ghana. As required by the terms of the newmont goldcorp arrangement agreement, newmont sought and secured goldcorps consent for the payment of this special dividend.
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