Gold Fields seeks royalty hike details

[] — GOLD miner Gold Fields said it required more details on proposed tax changes in Ghana before it could assess their impact.

This was after Ghana, Africa’s second-biggest gold producer, said on Friday it would raise corporate taxes on mining companies to 35% from 25%. It also said it a 10% windfall tax would be introduced.

“Gold Fields Limited has noted this week’s Budget announcement by Ghana’s Ministry of Finance and Economic Planning, which includes proposed changes to the tax regime for the country’s mining industry.

“We require more details of the proposed tax changes to further assess their potential impact. Accordingly Gold Fields is not yet in a position to advise shareholders on implications for the Company,” the group said in a statement.

“Once we have completed our assessment we will provide shareholders with further information,” it added.

Gold Fields shares closed R6.98 or 4.99% lower at R133 per share on the JSE on Friday.