Wed Nov 18, 2009 1:44pm EST
The move could dent the profitability of mines in Africa's second biggest gold producer and adds to investor worries stirred earlier this year when the country announced reviews of two major deals involving U.S. oil major Exxon Mobil and UK-based mobile phone company Vodafone.
"In addition, government will engage all mining companies to address the issue of dividend payment, exemptions and the whole mining sector fiscal regime," he said. (Precis detta överhängande hot jag tog upp i tidigare diskussion rörande Semafo)
Ghana's vast mineral resources have attracted major international miners including South Africa's AngloGold Ashanti (ANGJ.J) and U.S.-based Newmont (NEM.N). [ID:LI180851]
A spokesman for AngloGold said the company had not been informed of a royalty hike and did not expect to have to pay up due to a "stability" agreement made with a previous regime. "We expect our prior agreement to be honored," he said.
A spokesman for Newmont, meanwhile, said a substantial increase to royalties in Ghana would "severely reduce returns on investment if it does not also take into account rising production costs."