*

Newmont ( NEM ) CEO warns of capital flight from unstable fiscal

regimes

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Ghana audits mining firms, plans legal reforms amid

commodity

boom

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Ahafo North mine to produce up to 325,000 ounces annually,

employ 1,000 workers

By Emmanuel Bruce

ACCRA, Oct 31 (Reuters) - Fiscal stability and fair tax

and royalty systems are vital if countries want to attract

mining investment, Newmont ( NEM ) CEO Tom Palmer told Reuters as the

company opened its $900 million Ahafo North mine in Ghana.

In Africa, Newmont ( NEM ) now only operates in Ghana, one of the

continent's most stable mining jurisdictions, offering stability

agreements for firms to lock in royalties for five to 15 years,

although the government plans tighter oversight of mining

companies.

Newmont's ( NEM ) investment decisions hinge on "very stable fiscal

regimes" and "robust, fair tax and royalty systems," Palmer said

in an interview with Reuters on Thursday following the

inauguration of the Ahafo North mine, its second mine in Ghana

after selling the Akyem mine to China's Zijin last year.

"It is important that we see a regime that is fair and

transparent... If not, capital will go elsewhere," he said.

Reuters reported this week that Ghana, Africa's top gold

producer, has ordered sweeping audits of mining firms, including

U.S.-based Newmont ( NEM ), AngloGold Ashanti ( AU ), Gold

Fields and China's Zijin.

Ghana is also preparing major legal reforms, as West African

states push for greater control over natural resources amid a

global commodity boom. Palmer said the investment climate was

still attractive.

"Ghana is a key place," he said. "We're in Australia,

Canada, the United States, Peru, Argentina, Mexico, Suriname,

all of those locations are very deliberately chosen and all of

those locations we choose to go there for the very long term

because we can be confident that we can build and maintain

lasting relationships."

Newmont ( NEM ) now operates two mines in Ghana - Ahafo South

and Ahafo North - which Palmer described as "cornerstones" of

the company's global portfolio.

"We've been here 30 years. I expect Newmont ( NEM ) will be here at

least another 30."

Ghana's Vice President Jane Naana Opoku-Agyemang said the

Ahafo North mine marks a new phase of inclusive growth for

Ghana's economy.

"This partnership must go beyond profit. It must deliver

lasting value to the people of Ghana, especially those in the

host communities," she said.

Ghana's regulatory environment is more stable than other

parts of Africa where military-led governments in Burkina Faso,

Mali, Niger and Guinea, also rich with gold, uranium, bauxite,

lithium and iron ore resources, are tightening fiscal regimes to

boost state revenues.

Spot gold prices hit a record above $4,380 a troy ounce on

October 20, boosting miners' revenue.

The Ahafo North mine, located 30 km (19 miles) from

Newmont's ( NEM ) Ahafo South operation, is expected to produce 50,000

ounces of gold this year, ramping up to 275,000-325,000 ounces

annually over its 13-year life.

The mine will employ about 1,000 permanent workers, Palmer

said. Newmont ( NEM ) produced around 800,000 ounces of gold in Ghana in

2024.