Goldfields has reached a development agreement with government over the reduction in tax and royalty rate.
Under the agreement, corporate tax rate will see a reduction from 35 percent to 32.5 percent effective 17 March 2016. Royalty rate will see a change from the 5 percent of revenue to a sliding royalty based on prices of gold with effect from January 2017.
The term of the agreement will be for a period of 11 years for Tarkwa and nine years for Damang mines each renewable for an additional five years.
The employment complement of Damang, which has reserves estimated at 10-million ounces of gold, is made up of 1000 Gold Fields employees and 1000 contractors.
Goldfields said Ghana continues to be a key region for the firm while commending Government for creating a fair and competitive environment in the country.
Source: starrfmonline.com
