Gold Fields claims unfair playing field in payment of Ghana taxes among miners

Gold Fields is unhappy with the Ghana governmengap between coal crusher hammer breaker blockt over what it describes as the unfair level grounds in the payment of taxes and royalties.

According to the Johannesburg-based miner, it pays more taxes and royalties than any of the major mining firms in Ghana. Gold Fields is complaining that beginning 2012, the Ghana government wants to raise the corporate tax on mining from 25% to 35% as well as introduce a windfall profit tax of 10% despite the company’s stability agreement with government. “There isn’t a level playing field on taxes and royalties. We are paying higher royalties than the other major producers in that country. That’s not sustainable,” Chief Executive Officer Nick Holland told to investors December 5, 2011, according to a Reuters report. “And we will be subject to these taxes despite the fact that we have had a stability agreement in draft form with the government for many years. So that’s also not sustainable. There has to be a...