Kinross Chirano Gold Mines Limited, a subsidiary of Kinross Gold Corporation in the Western Region, has declared its dividend for the fiscal year 2018 to its shareholders, following a strong 2018 operational performance.
The government of Ghana, which has a 10% carried interest in the company, was paid a $5 million dividend on December 23, 2019.
The payment of the dividend for 2018 was approved by the Board of Directors of Kinross Chirano, which includes a representative from the government of Ghana, based on financial criteria and operational performance.
The company says the dividend payment demonstrates its continued commitment to creating value for its shareholders, including the Government of Ghana.
Kinross says it is focused on extending mine life and investments in Chirano including resuming open pit mining, developing existing and new underground operations, and focusing on exploration, which has led to the discovery of additional gold reserves with the potential to extend the life of the mine beyond 2021.
In line with the mine’s core value of being an Outstanding Corporate Citizen, it has contributed over $2 billion dollars to the economy of Ghana since 2011, of which $400 million was paid in duties and other taxes, and $32 million paid in royalties.
Focusing on local investment, $280 million was spent in the local area and region, of which $140 million was on salaries, wages and benefits of its 99% Ghanaian workforce.
Chirano has prioritized local procurement, spending over $97 million utilizing the goods and services of Ghanaian contractors, with 83% of all purchases made in the country as at September 2019.
In addition, the mine has committed to the development of local communities through the provision of employment, health and educational infrastructure, sanitation services and potable water, benefiting more than 200,000 people.
Chirano Gold Mines says it will continue to be an outstanding partner in the development and advancement of Ghana.