JOHANNESBURG (miningweekly.com) – The share of revenues that the government of Tanzania has received from the Geita gold mine is “pretty generous” when compared with what shareholders have received, AngloGold Ashanti CEO Srinivasan Venkatakrishnan said on Monday when the company reported an adjusted headline loss of $93-million, which includes retrenchment provision of $47-million and a silicosis provision of $46-million.
Since 2000, the Tanzanian government has received 55% of the cash distributed compared with AngloGold’s 45%, with the Geita mine delivering more than $1-billion in royalties, corporate taxes and employees’ income tax since 1999. (Also watch attached Creamer Media video)
“It’s important that we actually get that information out to increase the awareness,” Venkatakrishnan said in response to media questions during a round table attended by Mining Weekly Online. When the time value of money is included, the government’s share is significantly higher. Continue Reading →