Fin24

Gold Fields troubled by Ghana tax hike

2011-12-05 10:05

Johannesburg - Gold Fields [JSE:GFI] chief executive Nick Holland said on Monday he was concerned about Ghana’s move to increase corporate taxes on the mining sector to 35% from 25%.

“It is a source of deep concern to us,” Holland said in a presentation to analysts.

In 2010 about 20% of the group’s production of around 3.5 million ounces came from Ghana and that percentage is rising as it has since bought out minority stakes in its operations there.

Gold Fields is the world’s fourth largest gold producer.