Ghana says mining royalty hike has been applied
Wed May 26, 2010 8:22am EDT
ACCRA, May 26 (Reuters) - Gold-producing Ghana has followed through on plans to increase royalties payable to the government by its mining sector, a top official said on Wednesday.
Basic Materials
"The royalty is now five percent as of March 19 this year," Joyce Aryee, Chief Executive of the Ghana Chamber of Mines, told Reuters on the sidelines of a conferene in Accra. The levy earlier stood at three percent.
Aryee said the royalty hike does not immediately apply to AngloGold Ashanti (ANGJ.J) and U.S.-based Newmont (NEM.N). AngloGold said in in November that it had a stability agreement with the previous government, excusing it from any changes.
