GOLD Fields has secured tax and royalty concessions in Ghana, which would have netted it savings of $33m at its two mines last year, and will feed into its deliberations about the future of its Damang mine.Gold Fields bore the brunt of upward tax revisions a number of years ago, with the bulk of mining companies operating in Ghana shielded by stability agreements. About three years ago, the JSE-listed gold miner started talks with the government to ease its tax burden.As of March 17, Gold Fields’ corporate tax was lowered to 32.5% from 35%, and it will pay royalties on a sliding rate, depending on the gold price in dollars, with a 3%-5% range, a change from the flat 5% charge on revenue.Based on the performance of its opencast Damang and Tarkwa mines in Ghana last year, this would have resulted in a $45/oz reduction in all-in costs, translating to a $33m saving.Gold Fields calculated there would be a 5% saving on all-in costs at Tarkwa over a 15-year life of mine, spokesman Sven Lun...
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