Friday, June 19, 2015

Newmont invests over US$3million in domestic trade



The management of Newmont Akyem Mine has said over US$3million has been budgeted to be spent domestically this year as the annual ‘local-local spend’, and is expected to significantly improve local businesses within the mine’s immediate catchment areas.
 
The ‘local-local spend’ is part of efforts by of the mine to support socio-economic development in the communities close to its operations while also offering local businesses a chance to share in the value being created.

The Communication and External Relations Manager of the Mine, Mr. Oduro-Kwarteng Marfo, said about 401 locally registered businesses will benefit from this projected figure for domestic spending.   

He said about GH₵12million was spent last year, 2014, in doing business with local service providers among other business operators within the mine’s operational territories. 

He explained that the company, when putting in place policies to support local businesses, also embarks on a number of programmes and projects in the area of human resource development, economic empowerment, and infrastructural development among others.

He maintained that the Newmont Akyem Mine will continue to ensure it invests in the local communities, along with its drive to also ensure people in the host communities benefit from the mine’s operations.

He observed the current power crisis is impacting on the mine’s operations, revealing that about 33 percent of production hours are lost as a result of the nationwide load-shedding situation. However, he indicated that measures have been put in place to ensure that the lost hours are somewhat accounted for.

Mr. Marfo said these in an interview with the media during a media briefing and tour organised by the Newmont Akyem Mine to acquaint journalists with the mine’s operations.

The Newmont Akyem Mine, which began commercial production in the third quarter of 2013, operates on a concession of about 2,000 hectors of land in the Akyem-Abriem area of the Eastern Region. 

It currently employs a total workforce of 763 workers, with about 96 percent being Ghanaians and the remaining 4 percent foreigners. 

With a shared vision of co-existing peacefully, enjoying mutual benefit in value created and enhancing quality of life, the mine since commencement of its operations has not reneged on its commitment to bring development for its host communities. 

To demonstrate this commitment, there been establishment of a development foundation, Newmont Akyem Development Foundation (NAkDeF), ‘to leave the communities better off’.

NAkDeF is an agreement signed between the company and its host communities in June 2014, and is seen as a catalyst for sustainable community development. 

The Foundation’s activities are financed with a contribution of US$1 for every ounce of gold sold and 1 percent of the mine’s annual profit before tax. To this point, NAkDeF’s total earnings from the day of founding till date are estimated to be over GH₵13million.

The Newmont Akyem Mine has also shown its commitment to maintaining sound and safe environmental and eco-friendly operations, by undertaking a 60 hectare reforestation project to concurrently reclaim forest vegetation of the lands used for mining activities.

The forest restoration drive is being done in phases -- phase 1 being the 60ha commenced within the mine area with the involvement of local-local contract; and phase 2 includes a developed reforestation plan for Kwekaru Forest Reserve for 257ha which starts from 2016. 

To add to its accolade of being eco-friendly, the Newmont Akyem Mine was adjudged Best Safe Mine Ghana for 2014. It beat competition from 18 other mining companies of the country in a survey undertaken by the Ghana Chamber of Mines and the Minerals Commission of Ghana.

The award acknowledges the leadership, systems and behaviour instituted to ensure safety compliance with the mine’s operations. 

The company’s comprehensive and impeccable safety consciousness is very evident in its visually-displayed cautions and safety guides sited in almost every part of the Akyem Mine to encourage good safety practices.   


Source: B&FT

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