How much tax is Newmont paying in LatAm?

Newmont, which has gold mining operations in Peru, Mexico, Suriname and Argentina, published its tax and royalty report, highlighting it contributed US$1.87bn globally to public coffers last year.

Tax payments represented 18.6% of Newmont's revenues, which reached US$10.1bn.

In Latin America, Newmont paid US$1.07bn and employed 5,400 direct workers.

ARGENTINA

Taxes and royalties totaled US$83mn. Newmont operates the Cerro Negro gold project, which generated revenues of US$480mn in 2021. According to the report, the contributions related to:

• US$35mn in export duties;
• US$22mn in government royalties (US$12mn in provincial royalties and US$10m in municipal ones);
• US$13mn in taxes linked to workers (payroll and benefits tax);
• $13mn in other taxes.

MEXICO

Payments reached US$670mn, the highest amount of all countries where Newmont has assets. Resources came from the Peñasquito mine, which generated US$2.63bn. The distribution was as follows:

• US$439mn in corporate income taxes;
• US$83mn in royalties from the special mining tax;
• US$34mn for the environmental tax (Zacatecas state);
• US$16mn in social security and housing funds for workers;
• US$8mn of extraordinary tax on gold and silver sales;
• US$11mn in other taxes.

PERU

Total taxation reached US$177mn, according to the report. Newmont operates the Yanacocha mine, which generated US$471mn, but losses accumulated as several stages of the mine have stopped production. The contributions were:

• US$158mn in income taxes and royalties;
• US$5mn in taxes on production;
• US$4mn in taxes linked to workers (payroll and benefits);
• US$10mn in other taxes and contributions to government entities.

SURINAME

Payments totaled US$137mn, all related to the Merian mine, which generated revenues of US$780mn. Taxes and royalties were distributed as follows:

• US$79mn in corporate income taxes;
• US$47mn in royalties;
• US$10mn in taxes linked to workers (payroll and benefits);
• US$1mn in tax withholding for service fees.