In a defining year for sustainable and responsible mining, Newmont Corporation has released its 2024 Taxes and Royalties Contribution Report, revealing a robust global economic impact totalling $16.0 billion. This includes $1.9 billion paid in taxes and royalties to governments in countries where Newmont operates. The report underscores the company’s commitment to fiscal transparency, sustainability, and long-term stakeholder value creation, especially following its landmark acquisition of Newcrest Mining.
A Transformative Year: Merging Growth with Governance
According to Newmont CEO Tom Palmer, 2024 was a transformative period, marked by major strategic milestones, including the integration of Newcrest and the divestment of six non-core assets. These efforts were designed to focus Newmont’s operations on long-life, low-cost assets that align with its purpose of creating value and improving lives through responsible mining.
“Our payments to governments support national development and drive economic growth,” Palmer said. “We contributed $1.9 billion in taxes and royalties, representing nearly 12% of our total economic value distributed in 2024.”
Economic Contributions: A Breakdown
Newmont’s $16.0 billion direct economic contribution in 2024 included:
- $5.99 billion in operating costs
- $2.51 billion in wages and employee benefits
- $2.68 billion in capital expenditures
- $2.87 billion to providers of capital (e.g., dividends)
- $1.90 billion in taxes and royalties
- $69 million in direct community investments
The company’s tax contributions surged by nearly 50% compared to 2023 ($1.27 billion), driven by higher realised gold prices and the timing of tax instalments.
Global Reach: Country-by-Country Highlights
Newmont operates across nine countries, including Australia, Ghana, the United States, Canada, Mexico, Argentina, Papua New Guinea, Peru, and Suriname. Here’s how the company’s tax footprint was distributed:
🇦🇺 Australia
- $809 million in total taxes
- $284M in corporate tax, $115M in royalties, $327M in stamp duties and other taxes
- Strong revenue of $4.86 billion from assets like Boddington, Cadia, and Tanami
Highlights for Australia
🇬🇭 Ghana
- $597 million total, with $418M in income tax and $162M in royalties
- Recognition in Ghana Club 100 for socioeconomic contributions
Highlights for Ghana
🇺🇸 United States
- Largest employee base with 22,197 workers
- $36 million in taxes due to exclusions from Nevada Gold Mines JV
Highlights for United States
🇲🇽 Mexico
- $50M in total tax, including $37M in social security and housing fund contributions
- Peñasquito mine delivered $2.32 billion in revenue
Highlights for Mexico
🇨🇦 Canada
- Despite a pre-tax loss of $171M, Newmont paid $95 million in taxes
- Operations include Brucejack and Red Chris, among others
Highlights for Canada
🇵🇬 Papua New Guinea
- $74 million in contributions
- 614,000 oz of gold produced from the Lihir mine
Highlights for Papua New Guinea
🇵🇪 Peru
- $66M in tax contributions from Yanacocha
- Major investment in water treatment infrastructure
Highlights for Peru
🇸🇷 Suriname
- $95M in contributions from Merian mine
- Joint ownership with Surinamese government (25%)
Highlights for Suriname
🇦🇷 Argentina
- $79M in tax contributions from Cerro Negro
- Revenue of $566 million and production of 238,000 oz of gold
Highlights for Argentina
Governance and Transparency
Newmont’s Tax Governance Framework is guided by core values: safety, integrity, sustainability, inclusion, and responsibility. The framework is overseen by the Board of Directors and executed by a global team of tax professionals under the CFO and Group Head of Tax.
The company emphasises:
- Full compliance with tax laws
- Ethical, arm’s-length related-party transactions
- Transparency through the Extractive Industries Transparency Initiative (EITI)
- Proactive risk identification and management via its Risk Management System (RMS)
Additionally, Newmont actively collaborates with tax authorities and policymakers to advance fair and clear legislation.
Stability and Strategic Planning
Newmont operates under tax stability agreements in countries like Ghana and Suriname, providing fiscal predictability for both governments and investors. The company also adheres to OECD guidelines for transfer pricing and reports on all related-party transactions.
Newmont’s alignment with the Pillar II global minimum tax framework (15%) is minimal in impact, as most of its operating jurisdictions exceed this rate.
Community Investment & Social Impact
Beyond taxes, Newmont invested $69 million in social and community projects, including:
- Infrastructure projects in PNG and Ghana
- Education and healthcare initiatives
- Environmental rehabilitation and water access programs
These efforts reinforce the company’s reputation for responsible mining and sustainable development.
Looking Forward
Newmont’s priorities for 2025 include:
- Enhanced safety protocols following a review after fatalities in 2024
- Productivity and cost efficiency
- Continued growth via projects like Tanami Expansion 2 and Ahafo North
With more than a century of mining leadership, Newmont’s latest report solidifies its position as a global ESG leader and a model for transparency and ethical operations in the resource sector.
Conclusion
The 2024 Taxes and Royalties Contribution Report is not just a financial document—it is a reflection of Newmont’s philosophy: that mining should generate long-term, shared value. From high-level fiscal strategies to local community investments, Newmont continues to set a global benchmark for sustainable, responsible, and impactful mining.
