NEWMONT CEO Tom Palmer emphasised the importance of fiscal certainty and equitable taxation in attracting mining capital, as the company inaugurated its $900m Ahafo North operation in Ghana.
Palmer told Reuters that investment decisions depend on transparent and fair tax and royalty frameworks, warning that capital would flow elsewhere without such guarantees. The comments came as Ghana, Africa’s leading gold producer, implements sweeping audits of major miners including Newmont, AngloGold Ashanti, Gold Fields and China’s Zijin.
Ghana remains Newmont’s sole African operation, having sold its Akyem mine to Zijin last year. The country offers stability agreements allowing companies to lock in royalty rates for five to 15 years, though authorities are planning tighter oversight alongside broader legal reforms, said Reuters.
Despite growing scrutiny, Palmer described Ghana’s investment climate as attractive, contrasting it with military-governed neighbours Burkina Faso, Mali, Niger and Guinea, where fiscal regimes are tightening.
Across West Africa, governments are seeking greater control over natural resources amid surging commodity prices, with gold recently hitting a record above $4,380 per ounce.
Newmont now operates the Ahafo South and Ahafo North mines, which Palmer called cornerstones of the company’s global portfolio. After three decades in Ghana, he expects Newmont to remain for at least another 30 years.
The new mine, situated 30 kilometres from Ahafo South, will produce 50,000 ounces this year before ramping up to 275,000-325,000 oz annually over its 13-year lifespan, employing approximately 1,000 permanent workers. Newmont produced around 800,000 oz in Ghana during 2024, said the newswire.
Vice President Jane Naana Opoku-Agyemang said the partnership must deliver lasting value beyond profits, particularly for host communities.
