Investment inflow in mining sector hit 770 million dollars last year

Investment inflow into the country’s mining sector hit 770 million dollars last year, up from the 2009 figure of 726 million dollars.

This brings the total money pumped into the sector within the last 10 years to approximately 6.4 billion dollars.

The investments came from companies that are engaged in gold production, exploration and support services.

Dr Toni Aubynn, Chief Executive Officer of the Ghana Chamber of Mines, who made this known at Etwebo in the Bibiani-Anhwiaso-Bekwai District of the Western Region, said during the period, the mining industry returned 68 per cent of its gross revenue into the economy.

It also paid 364 million dollars to the Ghana Revenue Authority, representing 23 per cent of the authority’s 2010 total collections, Dr Aubynn said at the National Mine Safety week celebration hosted by the Chirano Gold Mine.

He said corporate tax, withholding tax and levies stood at 0 million.

Dr Aubynn said to underline its commitment to society the industry contributed 17.6 million dollars to its host communities and the public in support of various social responsibility programmes.

This, he said, showed the enormous contribution of the mining industry to the growth of the economy.

The interest of the companies in their operation areas has expanded to include social investment projects.

These are implemented through collaboration with the beneficiaries in identifying and funding projects that yield both social and economic returns to the communities, he added.

GNA