Newmont corrects $950 million figure quoted in media report

Accra, June 9, GNA - Media reports stating that Newmont Mining Corporation was committing 950 million dollars to its operations in Ghana are inaccurate, a statement from the regional office of the mining giant said on Monday.

Last Friday, the GNA quoted Newmont President and Chief Executive Officer, Mr. Richard O'Brien, as telling journalists at the presidency that "Newmont was committing $950 million to its operations in Ghana". Mr O'Brien was reported to have said so when briefing reporters after meeting with President John Atta Mills at the Castle. According to the statement signed by Miss Adiki O. Ayitevie, Newmont Ghana's Regional Manager, Communications, Mr O'Brien rather mentioned 950 dollars per ounce in reference to the gold price at the time.

The statement said Mr. O'Brien responded to a question about how much the company proposed to pump into its Ghana operations in 2009 by saying that on average, Newmont was spending 90 percent of its earnings from the country.

"We actually spend the majority of the money we make here in Ghana at $950 dollar gold.We put back last year over $270 million in direct employment and benefits to the government," the statement quoted Mr. O'Brien as saying during the interviews at the Castle. Mr O'Brien also stated that Newmont was still exploring many opportunities in Ghana, the statement said.

"Newmont is committed to doing business in Ghana going forward and the company continues to invest in its operations, host communities and employees," the statement added.