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Business News of Tuesday, 19 May 2015

Source: B&FT

Gold Fields pays US44.5m dividend to gov't

Government has received a cheque for US$4.5million from Gold Fields Ghana Limited as a dividend payment on its 2014 accounts.

It represents government's 10 percent shares in Gold Fields’ Tarkwa and Damang Mines.

This brings to US$25.3million total dividend the company has paid to government over the past five years.

Mr. Alfred Baku, Managing Director of the company, said management recognises government’s support to the company's operations and that it will continue keeping its commitment to government.

He said the industry is faced with many challenges, such as the fall in gold prices coupled with the energy situation in the country, but the company is able to pay dividend to government and thus show its commitment to the nation's development.

He said Gold Fields has made significant contributions to Ghana's economy not only by way of paying taxes, dividends and royalties, but also through offering direct and indirect employment.

Mona Quartey, Deputy Finance Minister who received the cheque on behalf of government, congratulated Gold Fields for declaring and paying its dividend, adding that the company has consistently paid its dividend despite challenges facing the industry.

Gold Fields Limited owns 90 percent respectively in Gold Fields Ghana Limited (GFGL) and Abosso Goldfields Limited (AGL) which constitute the Ghana division; and the Government of Ghana holds a 10 percent free carried interest as required under the Mining Law of Ghana.

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.

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

GFL is the world's fourth and Africa's number-two leading producer of gold ,with an attributed annualised production of 3.5 million ounces from eight operating mines in Australia, Ghana, Peru and South Africa.

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