Golden Star pays US$8m royalties gov`t in 2009

Golden Star Resources Ghana Limited announced on Thursday, November 12, this year, that during the third quarter of 2009, it paid US$3,127,398.42 in royalties to the Government of Ghana, out of production from the Bogoso/Prestea and Wassa Mines.

To date, Golden Star has paid aggregate royalties to the Government of Ghana, in the amount of US$8,381,540.42, and has paid US$27.9 million in royalties since January 2005.

The third quarter's payments were made up of US$1,591,443.18 from the company's Wassa Mine (up from US$1,423,935.86 in the second quarter), and US$1,535,955.24 from the Bogoso/Prestea Mine (up from US$1,275,250.79 in the second quarter of 2009).

When the payments are aggregated per mine basis, payments from the Wassa mine amount to US$4,472,964.35, while those from the Bogoso/Prestea Mine total US$3,908,576.08 for the three quarters for this year.

Commenting on these payments, the Vice-President (Operations) of GSR, Mr. Dan Owiredu, credited the hardwork, skill and commitment of Golden Star's dedicated employees, the support of the local communities, and support of the government.

The recent increase in the gold price has also been a factor.

“As the second mining company, with a Ghana Stock Exchange listing, we are delighted to be able to share the fruits of our endeavours, firstly, with the Ghana Government and inhabitants of our communities as key partners, and our creditors and shareholders, both here in Ghana and abroad,” he added.