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<pdf2xml> <page number="1" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="0" size="14" family="Times" color="#000000"/> <fontspec id="1" size="27" family="Times" color="#000000"/> <fontspec id="2" size="15" family="Times" color="#000000"/> <fontspec id="3" size="14" family="Times" color="#000000"/> <fontspec id="4" size="18" family="Times" color="#000000"/> <fontspec id="5" size="11" family="Times" color="#000000"/> <fontspec id="6" size="14" family="Helvetica" color="#1021cc"/> <fontspec id="7" size="18" family="Times" color="#000000"/> <text top="162" left="92" width="5" height="16" font="0"> </text> <text top="203" left="117" width="647" height="28" font="1">MINISTRY OF FINANCE AND ECONOMIC PLANNING</text> <text top="204" left="117" width="647" height="28" font="1">MINISTRY OF FINANCE AND ECONOMIC PLANNING</text> <text top="204" left="117" width="647" height="28" font="1">MINISTRY OF FINANCE AND ECONOMIC PLANNING</text> <text top="203" left="117" width="647" height="28" font="1">MINISTRY OF FINANCE AND ECONOMIC PLANNING</text> <text top="239" left="155" width="504" height="17" font="2">(GHANA EXTRACTIVE INDUSTRIES TRANSPARENCY INITIATIVE</text> <text top="239" left="154" width="504" height="17" font="2">(GHANA EXTRACTIVE INDUSTRIES TRANSPARENCY INITIATIVE</text> <text top="239" left="155" width="504" height="17" font="2">(GHANA EXTRACTIVE INDUSTRIES TRANSPARENCY INITIATIVE</text> <text top="239" left="154" width="504" height="17" font="2">(GHANA EXTRACTIVE INDUSTRIES TRANSPARENCY INITIATIVE</text> <text top="261" left="210" width="5" height="16" font="3"> </text> <text top="298" left="210" width="5" height="16" font="3"> </text> <text top="664" left="120" width="641" height="20" font="4">AGGREGATION/RECONCILIATION OF MINING SECTOR PAYMENTS AND</text> <text top="665" left="120" width="641" height="20" font="4">AGGREGATION/RECONCILIATION OF MINING SECTOR PAYMENTS AND</text> <text top="665" left="120" width="641" height="20" font="4">AGGREGATION/RECONCILIATION OF MINING SECTOR PAYMENTS AND</text> <text top="664" left="120" width="641" height="20" font="4">AGGREGATION/RECONCILIATION OF MINING SECTOR PAYMENTS AND</text> <text top="803" left="92" width="3" height="13" font="5"> </text> <text top="823" left="92" width="3" height="13" font="5"> </text> <text top="843" left="92" width="90" height="13" font="5">PREPARED BY:</text> <text top="843" left="182" width="4" height="15" font="6"> </text> <text top="845" left="187" width="3" height="12" font="5"> </text> <text top="863" left="92" width="131" height="13" font="5">BOAS & ASSOCIATES </text> <text top="883" left="92" width="111" height="13" font="5">P.O. BOX AT 1367 </text> <text top="903" left="92" width="123" height="13" font="5">ACHIMOTA - ACCRA </text> <text top="923" left="92" width="52" height="13" font="5">GHANA. </text> <text top="943" left="92" width="168" height="13" font="5">MOBILE: +233 244 326838 </text> <text top="963" left="92" width="169" height="14" font="5">EMAIL: assoboas@yahoo.com</text> <text top="203" left="117" width="647" height="28" font="1">MINISTRY OF FINANCE AND ECONOMIC PLANNING</text> <text top="204" left="117" width="647" height="28" font="1">MINISTRY OF FINANCE AND ECONOMIC PLANNING</text> <text top="204" left="117" width="647" height="28" font="1">MINISTRY OF FINANCE AND ECONOMIC PLANNING</text> <text top="203" left="117" width="647" height="28" font="1">MINISTRY OF FINANCE AND ECONOMIC PLANNING</text> <text top="239" left="154" width="504" height="17" font="2">(GHANA EXTRACTIVE INDUSTRIES TRANSPARENCY INITIATIVE</text> <text top="239" left="154" width="504" height="17" font="2">(GHANA EXTRACTIVE INDUSTRIES TRANSPARENCY INITIATIVE</text> <text top="239" left="154" width="504" height="17" font="2">(GHANA EXTRACTIVE INDUSTRIES TRANSPARENCY INITIATIVE</text> <text top="239" left="154" width="504" height="17" font="2">(GHANA EXTRACTIVE INDUSTRIES TRANSPARENCY INITIATIVE</text> <text top="535" left="566" width="4" height="17" font="2"> </text> <text top="573" left="372" width="137" height="20" font="4">FINAL REPORT</text> <text top="574" left="372" width="137" height="20" font="4">FINAL REPORT</text> <text top="574" left="372" width="137" height="20" font="4">FINAL REPORT</text> <text top="573" left="372" width="143" height="21" font="4">FINAL REPORT </text> <text top="619" left="407" width="68" height="20" font="4">ON THE</text> <text top="619" left="406" width="68" height="20" font="4">ON THE</text> <text top="619" left="407" width="68" height="20" font="4">ON THE</text> <text top="619" left="406" width="72" height="21" font="4">ON THE </text> <text top="664" left="120" width="641" height="20" font="4">AGGREGATION/RECONCILIATION OF MINING SECTOR PAYMENTS AND</text> <text top="665" left="120" width="641" height="20" font="4">AGGREGATION/RECONCILIATION OF MINING SECTOR PAYMENTS AND</text> <text top="665" left="120" width="641" height="20" font="4">AGGREGATION/RECONCILIATION OF MINING SECTOR PAYMENTS AND</text> <text top="664" left="120" width="641" height="20" font="4">AGGREGATION/RECONCILIATION OF MINING SECTOR PAYMENTS AND</text> <text top="691" left="337" width="151" height="20" font="4">RECEIPTS: 2010</text> <text top="692" left="337" width="151" height="20" font="4">RECEIPTS: 2010</text> <text top="692" left="337" width="151" height="20" font="4">RECEIPTS: 2010</text> <text top="691" left="337" width="207" height="20" font="4">RECEIPTS: 2010----2011</text> <text top="692" left="495" width="49" height="20" font="4">2011</text> <text top="692" left="495" width="49" height="20" font="4">2011</text> <text top="691" left="495" width="54" height="20" font="4">2011 </text> <text top="718" left="440" width="4" height="17" font="2"> </text> <text top="760" left="354" width="113" height="20" font="4">((((FEBRUARY</text> <text top="760" left="363" width="104" height="20" font="4">FEBRUARY</text> <text top="760" left="364" width="104" height="20" font="4">FEBRUARY</text> <text top="760" left="363" width="164" height="20" font="4">FEBRUARY, 2013</text> <text top="760" left="467" width="59" height="20" font="4">, 2013</text> <text top="760" left="468" width="59" height="20" font="4">, 2013</text> <text top="760" left="467" width="64" height="21" font="4">, 2013 </text> <text top="203" left="117" width="647" height="28" font="1">MINISTRY OF FINANCE AND ECONOMIC PLANNING</text> <text top="204" left="117" width="647" height="28" font="1">MINISTRY OF FINANCE AND ECONOMIC PLANNING</text> <text top="204" left="117" width="647" height="28" font="1">MINISTRY OF FINANCE AND ECONOMIC PLANNING</text> <text top="203" left="117" width="654" height="28" font="1">MINISTRY OF FINANCE AND ECONOMIC PLANNING </text> <text top="239" left="155" width="504" height="17" font="2">(GHANA EXTRACTIVE INDUSTRIES TRANSPARENCY INITIATIVE</text> <text top="239" left="154" width="504" height="17" font="2">(GHANA EXTRACTIVE INDUSTRIES TRANSPARENCY INITIATIVE</text> <text top="239" left="155" width="504" height="17" font="2">(GHANA EXTRACTIVE INDUSTRIES TRANSPARENCY INITIATIVE</text> <text top="239" left="154" width="573" height="17" font="2">(GHANA EXTRACTIVE INDUSTRIES TRANSPARENCY INITIATIVE----GHEITI)</text> <text top="239" left="664" width="63" height="17" font="2">GHEITI)</text> <text top="239" left="664" width="63" height="17" font="2">GHEITI)</text> <text top="239" left="664" width="67" height="17" font="2">GHEITI) </text> <text top="335" left="788" width="216" height="16" font="3"> </text> <text top="664" left="120" width="641" height="20" font="4">AGGREGATION/RECONCILIATION OF MINING SECTOR PAYMENTS AND</text> <text top="665" left="120" width="641" height="20" font="4">AGGREGATION/RECONCILIATION OF MINING SECTOR PAYMENTS AND</text> <text top="665" left="120" width="641" height="20" font="4">AGGREGATION/RECONCILIATION OF MINING SECTOR PAYMENTS AND</text> <text top="664" left="120" width="647" height="20" font="4">AGGREGATION/RECONCILIATION OF MINING SECTOR PAYMENTS AND </text> </page> <page number="2" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="8" size="14" family="Times" color="#3232ff"/> <text top="197" left="92" width="4" height="14" font="8"> </text> <text top="220" left="92" width="4" height="14" font="3"> </text> <text top="257" left="92" width="4" height="14" font="3"> </text> <text top="294" left="92" width="4" height="14" font="3"> </text> <text top="332" left="92" width="4" height="14" font="3"> </text> <text top="369" left="92" width="4" height="14" font="3"> </text> <text top="406" left="92" width="4" height="14" font="3"> </text> <text top="443" left="92" width="4" height="14" font="3"> </text> <text top="480" left="92" width="4" height="14" font="3"> </text> <text top="517" left="145" width="4" height="14" font="3"> </text> <text top="554" left="92" width="4" height="14" font="3"> </text> </page> <page number="3" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="9" size="18" family="Times" color="#3232ff"/> <fontspec id="10" size="14" family="Times" color="#3232ff"/> <fontspec id="11" size="14" family="Times" color="#3232ff"/> <fontspec id="12" size="12" family="Times" color="#3232ff"/> <text top="184" left="92" width="203" height="20" font="9">TABLE OF CONTENTS </text> <text top="211" left="92" width="696" height="16" font="10">LIST OF ABBREVIATIONS/ACRONYMS……………………………………………………………………….………....i </text> <text top="241" left="92" width="697" height="16" font="10">EXECUTIVE SUMMARY…………………………………………………………………………………………………………ii </text> <text top="270" left="92" width="700" height="16" font="10">1.0 BACKGROUND ................................................................................................................ 1 </text> <text top="300" left="108" width="685" height="16" font="10">1.1 GHEITI and EITI reports: ............................................................................................. 1 </text> <text top="329" left="108" width="685" height="16" font="10">1.2 THE MINING INDUSTRY IN GHANA. .............................................................................. 1 </text> <text top="359" left="92" width="700" height="16" font="10">2.0 SCOPE OF WORK ............................................................................................................ 3 </text> <text top="388" left="108" width="685" height="16" font="10">2.1 Materiality ................................................................................................................... 3 </text> <text top="418" left="108" width="685" height="16" font="10">2.2 Reporting .................................................................................................................... 3 </text> <text top="448" left="108" width="685" height="16" font="10">2.3 BENEFIT STREAMS: ..................................................................................................... 3 </text> <text top="477" left="92" width="700" height="16" font="10">3.0: PARTICIPATING COMPANIES: . ....................................................................................... 8 </text> <text top="507" left="92" width="700" height="16" font="10">4.0 APPROACH AND METHODOLOGY: ...................................................................................10 </text> <text top="537" left="108" width="685" height="16" font="10">4.1 AGGREGATION/RECONCILIATION PHASE .....................................................................11 </text> <text top="566" left="92" width="677" height="16" font="10">5.0 RECONCILIATION……………………………………………………………………….……………………………….</text> <text top="567" left="769" width="8" height="14" font="12">1</text> <text top="566" left="777" width="13" height="16" font="10">3 </text> <text top="596" left="108" width="685" height="16" font="10">5.1 PRODUCTION/ROYALTY ANALYSIS/PRODUCTION COST. ...............................................13 </text> <text top="625" left="108" width="685" height="16" font="10">5.2 PRODUCTION/ ROYALTY ANALYSIS. ............................................................................16 </text> <text top="655" left="92" width="700" height="16" font="10">6.0 DISBURSEMENTS…………………………………………………………………………………………………….…..18 </text> <text top="684" left="92" width="700" height="16" font="10">7.0: JANUARY - DECEMBER 2010 ..........................................................................................19 </text> <text top="714" left="108" width="685" height="16" font="10">7.1 Results of reconciliation: ..............................................................................................19 </text> <text top="744" left="108" width="685" height="16" font="10">7.2: DISCREPANCIES ........................................................................................................22 </text> <text top="773" left="108" width="685" height="16" font="10">7.3 DISBURSEMENT. ........................................................................................................23 </text> <text top="803" left="92" width="700" height="16" font="10">8.0: JANUARY -DECEMBER 2011. ..........................................................................................29 </text> <text top="833" left="108" width="685" height="16" font="10">8.1: RESULTS OF RECONCILIATION ..................................................................................29 </text> <text top="862" left="108" width="685" height="16" font="10">8.2 DISCREPANCIES .........................................................................................................32 </text> <text top="892" left="92" width="700" height="16" font="10">9.0 CHALLENGES IN IMPLEMENTATION ................................................................................38 </text> <text top="921" left="92" width="700" height="16" font="10">10.0 OBSERVATIONS AND SIGNIFICANT FINDINGS. ..............................................................39 </text> <text top="951" left="108" width="685" height="16" font="10">10.1Reporting Currency in Reconciliation Exercise: ..............................................................39 </text> <text top="980" left="124" width="669" height="16" font="10">10.1.1Recommendation: ................................................................................................39 </text> <text top="1010" left="92" width="701" height="16" font="10">11.0 CONCLUSION ...............................................................................................................44 </text> <text top="1040" left="92" width="4" height="14" font="3"> </text> </page> <page number="4" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="13" size="14" family="Times" color="#3232ff"/> <fontspec id="14" size="14" family="Times" color="#000000"/> <text top="163" left="92" width="4" height="14" font="3"> </text> <text top="200" left="92" width="110" height="16" font="11">APPENDICES </text> <text top="236" left="92" width="5" height="16" font="11"> </text> <text top="273" left="92" width="242" height="16" font="10">Appendix 1: Terms Of Reference </text> <text top="273" left="355" width="5" height="16" font="10"> </text> <text top="273" left="407" width="5" height="16" font="10"> </text> <text top="273" left="460" width="5" height="16" font="10"> </text> <text top="273" left="513" width="5" height="16" font="10"> </text> <text top="273" left="565" width="5" height="16" font="10"> </text> <text top="273" left="618" width="5" height="16" font="10"> </text> <text top="273" left="670" width="5" height="16" font="10"> </text> <text top="273" left="723" width="23" height="16" font="10">48 </text> <text top="310" left="92" width="332" height="16" font="10">Appendix 2: Other Companies (OASL Returns) </text> <text top="310" left="460" width="5" height="16" font="10"> </text> <text top="310" left="513" width="5" height="16" font="10"> </text> <text top="310" left="565" width="5" height="16" font="10"> </text> <text top="310" left="618" width="5" height="16" font="10"> </text> <text top="310" left="670" width="5" height="16" font="10"> </text> <text top="310" left="723" width="23" height="16" font="10">50 </text> <text top="347" left="92" width="321" height="16" font="10">Appendix 3: Companies Reporting Template </text> <text top="347" left="460" width="5" height="16" font="10"> </text> <text top="347" left="513" width="5" height="16" font="10"> </text> <text top="347" left="565" width="5" height="16" font="10"> </text> <text top="347" left="618" width="5" height="16" font="10"> </text> <text top="347" left="670" width="5" height="16" font="10"> </text> <text top="347" left="723" width="23" height="16" font="10">53 </text> <text top="384" left="92" width="321" height="16" font="10">Appendix 3a(1): Ghana Manganese -2010 </text> <text top="384" left="460" width="5" height="16" font="10"> </text> <text top="384" left="513" width="5" height="16" font="10"> </text> <text top="384" left="565" width="5" height="16" font="10"> </text> <text top="384" left="618" width="5" height="16" font="10"> </text> <text top="384" left="670" width="5" height="16" font="10"> </text> <text top="384" left="723" width="23" height="16" font="10">59 </text> <text top="421" left="92" width="296" height="16" font="10">Appendix 3a(2): Ghana Manganese-2011 </text> <text top="421" left="407" width="5" height="16" font="10"> </text> <text top="421" left="460" width="5" height="16" font="10"> </text> <text top="421" left="513" width="5" height="16" font="10"> </text> <text top="421" left="565" width="5" height="16" font="10"> </text> <text top="421" left="618" width="5" height="16" font="10"> </text> <text top="421" left="670" width="5" height="16" font="10"> </text> <text top="421" left="723" width="23" height="16" font="10">60 </text> <text top="458" left="92" width="352" height="16" font="10">Appendix 3b(1): Anglogold Ashanti Obuasi-2010 </text> <text top="458" left="460" width="5" height="16" font="10"> </text> <text top="458" left="513" width="5" height="16" font="10"> </text> <text top="458" left="565" width="5" height="16" font="10"> </text> <text top="458" left="618" width="5" height="16" font="10"> </text> <text top="458" left="670" width="5" height="16" font="10"> </text> <text top="458" left="723" width="23" height="16" font="10">61 </text> <text top="495" left="92" width="352" height="16" font="10">Appendix 3b(2): Anglogold Ashanti Obuasi-2011 </text> <text top="495" left="460" width="5" height="16" font="10"> </text> <text top="495" left="513" width="5" height="16" font="10"> </text> <text top="495" left="565" width="5" height="16" font="10"> </text> <text top="495" left="618" width="5" height="16" font="10"> </text> <text top="495" left="670" width="5" height="16" font="10"> </text> <text top="495" left="723" width="23" height="16" font="10">62 </text> <text top="531" left="92" width="268" height="16" font="10">Appendix 4:Royalty/Production Data </text> <text top="531" left="407" width="5" height="16" font="10"> </text> <text top="531" left="460" width="5" height="16" font="10"> </text> <text top="531" left="513" width="5" height="16" font="10"> </text> <text top="531" left="565" width="5" height="16" font="10"> </text> <text top="531" left="618" width="5" height="16" font="10"> </text> <text top="531" left="670" width="5" height="16" font="10"> </text> <text top="531" left="723" width="23" height="16" font="10">63 </text> <text top="568" left="92" width="215" height="16" font="10">Appendix 5: Discrepancies </text> <text top="568" left="355" width="5" height="16" font="10"> </text> <text top="568" left="407" width="5" height="16" font="10"> </text> <text top="568" left="460" width="5" height="16" font="10"> </text> <text top="568" left="513" width="5" height="16" font="10"> </text> <text top="568" left="565" width="5" height="16" font="10"> </text> <text top="568" left="618" width="5" height="16" font="10"> </text> <text top="568" left="670" width="5" height="16" font="10"> </text> <text top="568" left="723" width="23" height="16" font="10">68 </text> <text top="605" left="92" width="215" height="16" font="10">Appendix 6: Disbursement </text> <text top="605" left="355" width="5" height="16" font="10"> </text> <text top="605" left="407" width="5" height="16" font="10"> </text> <text top="605" left="460" width="5" height="16" font="10"> </text> <text top="605" left="513" width="5" height="16" font="10"> </text> <text top="605" left="565" width="5" height="16" font="10"> </text> <text top="605" left="618" width="5" height="16" font="10"> </text> <text top="605" left="670" width="5" height="16" font="10"> </text> <text top="605" left="723" width="23" height="16" font="10">70 </text> <text top="642" left="92" width="297" height="16" font="10">Appendix 7: Minerals Development Fund </text> <text top="642" left="407" width="5" height="16" font="10"> </text> <text top="642" left="460" width="5" height="16" font="10"> </text> <text top="642" left="513" width="5" height="16" font="10"> </text> <text top="642" left="565" width="5" height="16" font="10"> </text> <text top="642" left="618" width="5" height="16" font="10"> </text> <text top="642" left="670" width="5" height="16" font="10"> </text> <text top="642" left="723" width="23" height="16" font="10">82 </text> <text top="679" left="92" width="426" height="16" font="10">Appendix 8a: Non-Tax Revenue (MoFEP) Dividends-2010 </text> <text top="679" left="565" width="5" height="16" font="10"> </text> <text top="679" left="618" width="5" height="16" font="10"> </text> <text top="679" left="670" width="5" height="16" font="10"> </text> <text top="679" left="723" width="23" height="16" font="10">89 </text> <text top="716" left="92" width="426" height="16" font="10">Appendix 8b : Non-Tax Revenu (MoFEP) Dividends -2011 </text> <text top="716" left="565" width="5" height="16" font="10"> </text> <text top="716" left="618" width="5" height="16" font="10"> </text> <text top="716" left="670" width="5" height="16" font="10"> </text> <text top="716" left="723" width="23" height="16" font="10">90 </text> <text top="753" left="92" width="434" height="16" font="10">Appendix 9a: GRA–Corporate Tax and Royalty Receipt 2010 </text> <text top="753" left="565" width="5" height="16" font="10"> </text> <text top="753" left="618" width="5" height="16" font="10"> </text> <text top="753" left="670" width="5" height="16" font="10"> </text> <text top="753" left="723" width="23" height="16" font="10">91 </text> <text top="790" left="92" width="434" height="16" font="10">Appendix 9b: GRA–Corporate Tax and Royalty Receipt 2011 </text> <text top="790" left="565" width="5" height="16" font="10"> </text> <text top="790" left="618" width="5" height="16" font="10"> </text> <text top="790" left="670" width="5" height="16" font="10"> </text> <text top="790" left="723" width="23" height="16" font="10">92 </text> <text top="827" left="92" width="4" height="15" font="13"> </text> <text top="864" left="92" width="4" height="15" font="14"> </text> </page> <page number="5" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="15" size="14" family="Times" color="#000000"/> <fontspec id="16" size="14" family="Times" color="#000000"/> <fontspec id="17" size="15" family="Times" color="#000000"/> <fontspec id="18" size="15" family="Times" color="#3232ff"/> <fontspec id="19" size="15" family="Times" color="#3232ff"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="785" width="7" height="14" font="3">i </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="312" height="16" font="11">LIST OF ABBREVIATIONS/ACRONYMS </text> <text top="199" left="92" width="4" height="14" font="3"> </text> <text top="236" left="92" width="31" height="17" font="18">DA </text> <text top="236" left="145" width="5" height="17" font="18"> </text> <text top="236" left="197" width="5" height="17" font="18"> </text> <text top="236" left="250" width="5" height="17" font="18"> </text> <text top="236" left="302" width="166" height="17" font="18"> District Assembly </text> <text top="273" left="92" width="5" height="17" font="18"> </text> <text top="309" left="92" width="35" height="17" font="18">EITI </text> <text top="309" left="145" width="5" height="17" font="18"> </text> <text top="309" left="197" width="5" height="17" font="18"> </text> <text top="309" left="250" width="5" height="17" font="18"> </text> <text top="309" left="302" width="357" height="17" font="18"> Extractive Industries Transparency Initiative </text> <text top="346" left="92" width="5" height="17" font="18"> </text> <text top="383" left="92" width="615" height="17" font="18">GHEITI Ghana Extractive Industries Transparency Initiative </text> <text top="420" left="92" width="5" height="17" font="18"> </text> <text top="457" left="92" width="433" height="17" font="18">GRA Ghana Revenue Authority </text> <text top="494" left="92" width="5" height="17" font="18"> </text> <text top="531" left="92" width="442" height="17" font="18">MDF Mineral Development Fund </text> <text top="568" left="92" width="5" height="17" font="18"> </text> <text top="604" left="92" width="541" height="17" font="18">MMDA Metropolitan, Municipal District Assembly </text> <text top="642" left="92" width="5" height="17" font="18"> </text> <text top="678" left="92" width="560" height="17" font="18">MoFEP Ministry of Finance and Economic Planning. </text> <text top="715" left="92" width="5" height="17" font="18"> </text> <text top="752" left="92" width="447" height="17" font="18">MUN/DIST ASMBL Municipal/District Assembly </text> <text top="789" left="92" width="5" height="17" font="18"> </text> <text top="826" left="92" width="421" height="17" font="18">NTRU Non - Tax Revenue Unit </text> <text top="863" left="92" width="5" height="17" font="18"> </text> <text top="900" left="92" width="552" height="17" font="18">OASL Office of the Administrator of Stool Lands. </text> <text top="937" left="92" width="5" height="17" font="19"> </text> <text top="974" left="92" width="4" height="14" font="8"> </text> </page> <page number="6" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="20" size="14" family="Symbol" color="#3232ff"/> <fontspec id="21" size="14" family="Helvetica" color="#3232ff"/> <fontspec id="22" size="15" family="Times" color="#4e81bd"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="781" width="11" height="14" font="3">ii </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="196" height="16" font="11">EXECUTIVE SUMMARY: </text> <text top="199" left="92" width="695" height="16" font="3">Ghana signed on to the Extractive Industries Transparency Initiative (EITI) in 2003 and has since </text> <text top="222" left="92" width="389" height="16" font="3">been implementing the initiative in the mining sector. </text> <text top="258" left="92" width="663" height="16" font="3">The Extractive Industries Transparency Initiative (EITI) is an International Initiative between </text> <text top="281" left="92" width="701" height="16" font="3">governments, companies and civil society groups to promote transparency in the flow of revenues </text> <text top="303" left="92" width="695" height="16" font="3">from extractive companies to host country governments based on a set of criteria for transparent </text> <text top="325" left="92" width="383" height="16" font="3">reporting on the revenue streams and other benefits. </text> <text top="362" left="92" width="699" height="16" font="3">Under the EITI rules, the Ghana Extractive Industries Transparency Initiative (GHEITI) is required </text> <text top="385" left="92" width="661" height="16" font="3">to produce annual reconciliation reports that reconcile the payments by the extractive sector </text> <text top="407" left="92" width="374" height="16" font="3">companies to receipts by the government of Ghana. </text> <text top="444" left="92" width="701" height="16" font="3">Messrs’ Boas and Associates was engaged by GHEITI to produce the 2010 and 2011 reconciliation </text> <text top="466" left="92" width="213" height="16" font="3">reports for the mining sector. </text> <text top="503" left="92" width="5" height="16" font="3"> </text> <text top="540" left="92" width="273" height="16" font="11">APPROACH AND METHODOLOGY: </text> <text top="577" left="92" width="562" height="16" font="3">The report was phased into two main areas: Inception and Reconciliation. </text> <text top="613" left="92" width="131" height="17" font="19">Inception Phase</text> <text top="613" left="223" width="6" height="16" font="10">:</text> <text top="613" left="229" width="565" height="16" font="3"> This is the preliminary information gathering stage. The Aggregator interacted </text> <text top="636" left="92" width="702" height="16" font="3">with Mining companies, Government Revenue Agencies and District Assemblies. An inception </text> <text top="658" left="92" width="250" height="16" font="3">report was issued after this phase. </text> <text top="694" left="92" width="176" height="17" font="19">Reconciliation Phase:</text> <text top="695" left="267" width="526" height="16" font="3"> This represented the main thrust of the assignment. Activities in this </text> <text top="717" left="92" width="213" height="16" font="3">phase included the following: </text> <text top="750" left="99" width="7" height="21" font="20">•</text> <text top="755" left="106" width="4" height="15" font="21"> </text> <text top="754" left="125" width="133" height="17" font="19">Data Collection: </text> <text top="787" left="99" width="7" height="21" font="20">•</text> <text top="792" left="106" width="4" height="15" font="21"> </text> <text top="791" left="125" width="181" height="17" font="19">Data reliability check:</text> <text top="791" left="306" width="10" height="17" font="22"> </text> <text top="791" left="315" width="476" height="16" font="3">Data collected from paticipating entities was scrutinised to ensure </text> <text top="830" left="125" width="553" height="16" font="3">that they fully meet the requirements set out for the completion of templates </text> <text top="880" left="99" width="7" height="21" font="20">•</text> <text top="884" left="106" width="4" height="15" font="21"> </text> <text top="883" left="125" width="82" height="17" font="19">Analysis: </text> <text top="920" left="125" width="617" height="16" font="0">-Ascertaining the correctness of computations and payments received by each of the </ text> <text top="943" left="125" width="406" height="16" font="3">agencies with respect to the revenue or benefit streams. </text> <text top="965" left="125" width="747" height="16" font="3">- Ascertaining the correctness of transfers of mineral royalty to District Assemblies and the </text> <text top="987" left="125" width="200" height="16" font="3">Mineral Development Fund. </text> <text top="1024" left="125" width="515" height="16" font="3">-Assessing the utilization of funds transferred to the District Assemblies. </text> <text top="1057" left="99" width="7" height="21" font="20">•</text> <text top="1062" left="106" width="4" height="15" font="21"> </text> <text top="1060" left="125" width="301" height="17" font="19">Data Aggregation and Reconciliation:</text> <text top="1061" left="426" width="361" height="16" font="3"> Templates completed for Government and Mining </text> <text top="1083" left="125" width="310" height="16" font="3">Companies were compared and reconciled. </text> </page> <page number="7" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="23" size="14" family="Symbol" color="#000000"/> <fontspec id="24" size="14" family="Helvetica" color="#000000"/> <fontspec id="25" size="14" family="Times" color="#ffffff"/> <fontspec id="26" size="14" family="Times" color="#ffffff"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="777" width="15" height="14" font="3">iii </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="159" left="92" width="7" height="21" font="20">•</text> <text top="163" left="99" width="4" height="15" font="21"> </text> <text top="162" left="118" width="185" height="17" font="19">Participating Entities: </text> <text top="182" left="118" width="5" height="16" font="0"> </text> <text top="201" left="92" width="315" height="16" font="11">Ministries, Departments and Agencies. </text> <text top="221" left="118" width="5" height="16" font="3"> </text> <text top="236" left="92" width="7" height="21" font="20">•</text> <text top="241" left="99" width="4" height="15" font="21"> </text> <text top="240" left="118" width="426" height="16" font="3">Ghana Revenue Authority (Domestic Tax Revenue Division) </text> <text top="256" left="92" width="7" height="21" font="23">•</text> <text top="260" left="99" width="4" height="15" font="24"> </text> <text top="260" left="118" width="324" height="16" font="3">Ghana Revenue Authority (Customs Division) </text> <text top="275" left="92" width="7" height="21" font="23">•</text> <text top="280" left="99" width="4" height="15" font="24"> </text> <text top="279" left="118" width="243" height="16" font="3">The Administrator of Stool Lands. </text> <text top="295" left="92" width="7" height="21" font="23">•</text> <text top="299" left="99" width="4" height="15" font="24"> </text> <text top="298" left="118" width="185" height="16" font="3">The Minerals Commission </text> <text top="314" left="92" width="7" height="21" font="23">•</text> <text top="319" left="99" width="4" height="15" font="24"> </text> <text top="318" left="118" width="675" height="16" font="3">The Municipal and District Assemblies within the area of operation of the mines covered under </text> <text top="337" left="118" width="118" height="16" font="3">the assignment. </text> <text top="353" left="92" width="7" height="21" font="23">•</text> <text top="358" left="99" width="4" height="15" font="24"> </text> <text top="357" left="118" width="327" height="16" font="3">The Ministry of Lands and Natural Resources. </text> <text top="372" left="92" width="7" height="21" font="23">•</text> <text top="377" left="99" width="4" height="15" font="24"> </text> <text top="376" left="118" width="511" height="16" font="3">Non Tax Revenue Agency (Ministry of Finance and Economic Planning). </text> <text top="392" left="92" width="7" height="21" font="23">•</text> <text top="396" left="99" width="4" height="15" font="24"> </text> <text top="396" left="118" width="142" height="16" font="3">District Assemblies. </text> <text top="415" left="92" width="5" height="16" font="0"> </text> <text top="434" left="92" width="275" height="17" font="19">Table A: Participating companies. </text> <text top="772" left="92" width="14" height="16" font="0"> </text> <text top="796" left="92" width="5" height="16" font="0"> </text> <text top="820" left="105" width="4" height="15" font="21"> </text> <text top="819" left="118" width="212" height="16" font="11">Benefit/Revenue streams </text> <text top="819" left="330" width="151" height="16" font="3">considered included: </text> <text top="842" left="92" width="5" height="16" font="3"> </text> <text top="862" left="118" width="7" height="21" font="20">•</text> <text top="866" left="126" width="4" height="15" font="21"> </text> <text top="865" left="145" width="162" height="17" font="18">Mineral Right Licences </text> <text top="891" left="118" width="7" height="21" font="20">•</text> <text top="895" left="126" width="4" height="15" font="21"> </text> <text top="894" left="145" width="95" height="17" font="18">Ground Rent </text> <text top="920" left="118" width="7" height="21" font="20">•</text> <text top="925" left="126" width="4" height="15" font="21"> </text> <text top="923" left="145" width="98" height="17" font="18">Property rate </text> <text top="949" left="118" width="7" height="21" font="20">•</text> <text top="954" left="126" width="4" height="15" font="21"> </text> <text top="952" left="145" width="114" height="17" font="18">Mineral Royalty </text> <text top="978" left="118" width="7" height="21" font="20">•</text> <text top="983" left="126" width="4" height="15" font="21"> </text> <text top="981" left="145" width="107" height="17" font="18">Corporate tax </text> <text top="1007" left="118" width="7" height="21" font="20">•</text> <text top="1012" left="126" width="4" height="15" font="21"> </text> <text top="1011" left="145" width="77" height="17" font="18">Dividend </text> <text top="463" left="87" width="128" height="16" font="25">Mine/Company </text> <text top="463" left="305" width="73" height="16" font="25">Location </text> <text top="463" left="581" width="119" height="16" font="25">Mineral Mined </text> <text top="483" left="87" width="159" height="16" font="26">Anglogold Ashanti Ltd </text> <text top="483" left="305" width="169" height="16" font="3">Obuasi, Ashanti Region </text> <text top="483" left="581" width="37" height="16" font="3">Gold </text> <text top="503" left="87" width="132" height="16" font="26">Anglogold Ashanti </text> <text top="522" left="87" width="117" height="16" font="26">(Iduapriem) Ltd </text> <text top="503" left="305" width="200" height="16" font="3">Iduapriem, Western Region </text> <text top="503" left="581" width="37" height="16" font="3">Gold </text> <text top="543" left="87" width="166" height="16" font="26">Adamus Resources Ltd </text> <text top="543" left="305" width="178" height="16" font="3">Nkroful, Western Region </text> <text top="543" left="581" width="37" height="16" font="3">Gold </text> <text top="563" left="87" width="115" height="16" font="26">GSR(Wassa)Ltd </text> <text top="563" left="305" width="201" height="16" font="3">Akyempim, Western Region </text> <text top="563" left="581" width="37" height="16" font="3">Gold </text> <text top="583" left="87" width="180" height="16" font="26">GSR(Prestea/Bogosu)Ltd </text> <text top="583" left="305" width="238" height="16" font="3">Prestea/Bogosu, Western Region </text> <text top="583" left="581" width="37" height="16" font="3">Gold </text> <text top="603" left="87" width="160" height="16" font="26">Gold Fields Ghana Ltd </text> <text top="603" left="305" width="179" height="16" font="3">Tarkwa, Western Region </text> <text top="603" left="581" width="37" height="16" font="3">Gold </text> <text top="623" left="87" width="157" height="16" font="26">Abosso Goldfields Ltd </text> <text top="623" left="305" width="181" height="16" font="3">Damang,Western Region </text> <text top="623" left="581" width="37" height="16" font="3">Gold </text> <text top="643" left="87" width="169" height="16" font="26">Chirano Gold Mines Ltd </text> <text top="643" left="305" width="181" height="16" font="3">Chirano, Western Region </text> <text top="643" left="581" width="37" height="16" font="3">Gold </text> <text top="672" left="87" width="188" height="16" font="26">Newmont Ghana Gold Ltd </text> <text top="672" left="305" width="156" height="16" font="3">Kenyase,Brong Ahafo </text> <text top="672" left="581" width="37" height="16" font="3">Gold </text> <text top="704" left="87" width="179" height="16" font="26">Ghana Bauxite Company </text> <text top="704" left="305" width="173" height="16" font="3">Awaso, Western Region </text> <text top="704" left="581" width="57" height="16" font="3">Bauxite </text> <text top="740" left="87" width="163" height="16" font="26">Ghana Manganese Ltd </text> <text top="740" left="305" width="158" height="16" font="26">Nsuta,Western Region</text> <text top="740" left="463" width="5" height="16" font="3"> </text> <text top="740" left="581" width="85" height="16" font="26">Manganese </text> </page> <page number="8" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="27" size="13" family="Times" color="#3232ff"/> <fontspec id="28" size="15" family="Helvetica" color="#3232ff"/> <fontspec id="29" size="16" family="Times" color="#3232ff"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="778" width="14" height="14" font="3">iv </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="163" left="92" width="4" height="14" font="3"> </text> <text top="200" left="92" width="281" height="16" font="11">RESULTS OF RECONCILIATION: </text> <text top="222" left="92" width="599" height="15" font="27">Table B: Company reported payments/Government reported receipts-2010/2011 </text> <text top="245" left="92" width="175" height="16" font="26">BENEFIT STREAM/YEAR </text> <text top="245" left="306" width="215" height="16" font="26">Company Reported Payments </text> <text top="245" left="552" width="226" height="16" font="26">Government Reported Receipts </text> <text top="282" left="92" width="5" height="16" font="3"> </text> <text top="282" left="306" width="40" height="16" font="3">2010 </text> <text top="282" left="424" width="40" height="16" font="3">2011 </text> <text top="282" left="552" width="40" height="16" font="3">2010 </text> <text top="282" left="675" width="40" height="16" font="3">2011 </text> <text top="307" left="92" width="156" height="16" font="3">Mineral Right Licence </text> <text top="307" left="306" width="11" height="16" font="3">- </text> <text top="307" left="424" width="11" height="16" font="3">- </text> <text top="307" left="552" width="11" height="16" font="3">- </text> <text top="307" left="675" width="11" height="16" font="3">- </text> <text top="331" left="92" width="95" height="16" font="3">Ground Rent </text> <text top="331" left="306" width="11" height="16" font="3">- </text> <text top="331" left="424" width="68" height="16" font="3">134,290 </text> <text top="331" left="552" width="11" height="16" font="3">- </text> <text top="331" left="675" width="11" height="16" font="3">- </text> <text top="354" left="92" width="102" height="16" font="3">Property Rate </text> <text top="354" left="306" width="96" height="16" font="3"> </text> <text top="374" left="306" width="68" height="16" font="3">608,311 </text> <text top="355" left="424" width="80" height="16" font="0"> </text> <text top="374" left="424" width="68" height="16" font="3">674,523 </text> <text top="354" left="552" width="111" height="16" font="3"> </text> <text top="374" left="552" width="73" height="16" font="3"> 830,051 </text> <text top="354" left="675" width="90" height="16" font="3"> </text> <text top="374" left="675" width="68" height="16" font="3">482,092 </text> <text top="393" left="675" width="5" height="16" font="3"> </text> <text top="417" left="92" width="114" height="16" font="26">Mineral Royalty </text> <text top="417" left="312" width="94" height="16" font="26">147,848,789 </text> <text top="417" left="424" width="94" height="16" font="26">211,708,024 </text> <text top="437" left="480" width="5" height="16" font="26"> </text> <text top="417" left="561" width="94" height="16" font="26">150,453,905 </text> <text top="417" left="729" width="30" height="16" font="26"> </text> <text top="437" left="684" width="99" height="16" font="26">218,151,362 </text> <text top="456" left="729" width="5" height="16" font="26"> </text> <text top="480" left="92" width="106" height="16" font="3">Corporate Tax </text> <text top="480" left="306" width="91" height="16" font="3"> </text> <text top="499" left="306" width="99" height="16" font="3">118,821,551 </text> <text top="480" left="424" width="55" height="16" font="3"> </text> <text top="499" left="424" width="99" height="16" font="3">425,833,002 </text> <text top="519" left="424" width="5" height="16" font="3"> </text> <text top="480" left="552" width="45" height="16" font="3"> </text> <text top="499" left="552" width="104" height="16" font="3"> 125,249,733 </text> <text top="519" left="552" width="5" height="16" font="3"> </text> <text top="480" left="675" width="61" height="16" font="3"> </text> <text top="499" left="675" width="99" height="16" font="3">499,825,765 </text> <text top="519" left="675" width="5" height="16" font="3"> </text> <text top="543" left="92" width="71" height="16" font="3">Dividend </text> <text top="543" left="306" width="86" height="16" font="3"> </text> <text top="562" left="306" width="81" height="16" font="3">3,746,830 </text> <text top="543" left="424" width="121" height="16" font="3"> </text> <text top="562" left="424" width="90" height="16" font="3">55,291,126 </text> <text top="543" left="552" width="28" height="16" font="0"> </text> <text top="562" left="552" width="90" height="16" font="3">22,440,212 </text> <text top="582" left="552" width="5" height="16" font="3"> </text> <text top="543" left="675" width="91" height="16" font="3"> </text> <text top="562" left="675" width="90" height="16" font="3">44,012,872 </text> <text top="582" left="675" width="5" height="16" font="3"> </text> <text top="606" left="92" width="41" height="16" font="26">Total </text> <text top="606" left="306" width="38" height="16" font="25"> </text> <text top="625" left="306" width="111" height="16" font="25">271,025,481 </text> <text top="606" left="424" width="52" height="16" font="25"> </text> <text top="625" left="424" width="111" height="16" font="25">693,640,965 </text> <text top="644" left="424" width="5" height="16" font="26"> </text> <text top="606" left="552" width="33" height="16" font="25"> </text> <text top="625" left="552" width="107" height="16" font="25">298,973,901 </text> <text top="644" left="552" width="5" height="16" font="26"> </text> <text top="606" left="675" width="38" height="16" font="25"> </text> <text top="625" left="675" width="111" height="16" font="25">762,472,091 </text> <text top="644" left="675" width="5" height="16" font="26"> </text> <text top="667" left="92" width="530" height="15" font="27">Source: Companies and Government Agencies templates/submissions </text> <text top="690" left="92" width="5" height="16" font="0"> </text> <text top="714" left="105" width="4" height="15" font="21"> </text> <text top="712" left="118" width="117" height="17" font="18">Discrepancies: </text> <text top="732" left="125" width="5" height="16" font="3"> </text> <text top="766" left="125" width="669" height="16" font="3">The reconciliation report for 2010 and 2011 produced some discrepancies that should be </text> <text top="786" left="125" width="669" height="16" font="3">investigated further. Absolute discrepancies for 2010 and 2011 were GHS 47,460,012 and </text> <text top="805" left="125" width="669" height="16" font="3">GHS 202,828,263 respectively. Unresolved discrepancies amounted to GHS -5,080,964 and </text> <text top="824" left="125" width="373" height="16" font="0">GHS 9,113,673 in 2010 and 2011 respectively. </text> <text top="860" left="106" width="5" height="16" font="28"> </text> <text top="858" left="118" width="472" height="18" font="29">Highlight: Corporate tax receipts exceeded royalty in 2011. </text> <text top="884" left="92" width="25" height="16" font="3"> </text> <text top="907" left="92" width="715" height="16" font="3"> This is very significant as it may mark the end of the initial investment recovery periods for </text> <text top="930" left="92" width="156" height="16" font="3"> major producers </text> <text top="954" left="118" width="5" height="16" font="11"> </text> <text top="993" left="106" width="5" height="16" font="28"> </text> <text top="991" left="118" width="294" height="18" font="29">Some significant Findings included: </text> <text top="1017" left="125" width="532" height="16" font="0">-Payment of royalty using hedged sales figures in the payment of royalty. </text> <text top="1040" left="125" width="425" height="16" font="3">-The inconsistent frequency in payment of mineral royalty </text> </page> <page number="9" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="781" width="11" height="14" font="3">v </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="164" left="125" width="393" height="16" font="3">-The unwillingness of companies to provide information</text> <text top="163" left="518" width="233" height="17" font="2"> beyond payments made to </text> <text top="188" left="125" width="68" height="17" font="2">governm</text> <text top="189" left="193" width="8" height="16" font="3">e</text> <text top="188" left="201" width="10" height="17" font="2">n</text> <text top="189" left="211" width="15" height="16" font="3">t. </text> <text top="213" left="125" width="455" height="16" font="3">-Payment of disbursed funds to district Assemblies in tranches. </text> <text top="236" left="92" width="5" height="16" font="11"> </text> <text top="277" left="105" width="4" height="15" font="21"> </text> <text top="274" left="118" width="134" height="18" font="29">Recommendation</text> <text top="275" left="253" width="5" height="17" font="2"> </text> <text top="300" left="92" width="689" height="16" font="3">The relevant Agencies including the GRA and the OASL as well as the Steering Committee of the </text> <text top="322" left="92" width="521" height="16" font="3">Ghana EITI have been advised to address the findings and discrepancies.</text> </page> <page number="10" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="30" size="14" family="Helvetica" color="#3232ff"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="780" width="12" height="14" font="3">1 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="151" height="16" font="25">1.0 BACKGROUND </text> <text top="199" left="92" width="695" height="16" font="3">Ghana signed on to the Extractive Industries Transparency Initiative (EITI) in 2003 and has since </text> <text top="222" left="92" width="389" height="16" font="3">been implementing the initiative in the mining sector. </text> <text top="258" left="92" width="663" height="16" font="3">The Extractive Industries Transparency Initiative (EITI) is an International Initiative between </text> <text top="281" left="92" width="701" height="16" font="3">governments, companies and civil society groups to promote transparency in the flow of revenues </text> <text top="303" left="92" width="695" height="16" font="3">from extractive companies to host country governments based on a set of criteria for transparent </text> <text top="325" left="92" width="383" height="16" font="3">reporting on the revenue streams and other benefits. </text> <text top="362" left="92" width="678" height="16" font="3">The purpose of the initiative is to encourage greater transparency in the extractive sector. This </text> <text top="385" left="92" width="669" height="16" font="3">would enable citizens to make informed demands for the fair and sustainable use of revenues </text> <text top="407" left="92" width="403" height="16" font="3">generated through the exploitation of natural resources. </text> <text top="444" left="92" width="691" height="16" font="3">Under the EITI rules, Ghana Extractive Industries Transparency Initiative (GHEITI) is required to </text> <text top="466" left="92" width="641" height="16" font="3">produce annual reconciliation reports that reconcile the payments by the extractive sector </text> <text top="488" left="92" width="374" height="16" font="3">companies to receipts by the government of Ghana. </text> <text top="525" left="92" width="668" height="16" font="3">Messrs’ Boas and Associates have been engaged to produce the 2010 and 2011 reconciliation </text> <text top="547" left="92" width="213" height="16" font="3">reports for the mining sector. </text> <text top="584" left="92" width="702" height="16" font="3">The assignment involves the collection, analysis and aggregation of payments made by mining </text> <text top="604" left="92" width="701" height="16" font="3">companies to the Government of Ghana and to ascertain the disbursements made by the </text> <text top="623" left="92" width="702" height="16" font="3">Government to the relevant mining communities and its utilization. This report is prepared for the </text> <text top="643" left="92" width="620" height="16" font="3">use of the Steering Committee of the EITI, and is not intended for any other purpose. </text> <text top="662" left="92" width="5" height="16" font="0"> </text> <text top="702" left="92" width="243" height="16" font="11">1.1 GHEITI and EITI reports: </text> <text top="725" left="92" width="5" height="16" font="3"> </text> <text top="762" left="92" width="418" height="16" font="3">GHEITI has issued reconciliation reports for 2004 to 2009. </text> <text top="802" left="92" width="4" height="15" font="30"> </text> <text top="838" left="92" width="332" height="16" font="11">1.2 THE MINING INDUSTRY IN GHANA. </text> <text top="862" left="92" width="5" height="16" font="3"> </text> <text top="899" left="92" width="569" height="16" font="3">The Mining industry in Ghana makes a significant contribution to the economy. </text> <text top="936" left="92" width="702" height="16" font="3">Under the Minerals and Mining Act, 2006, Act 703, every mineral in its natural state in, under or </text> <text top="958" left="92" width="701" height="16" font="3">upon any land in Ghana, rivers, streams, water courses throughout the country, the exclusive </text> <text top="980" left="92" width="701" height="16" font="3">economic zone and any area covered by territorial sea or continental shelf is the property of the </text> <text top="1003" left="92" width="588" height="16" font="3">Republic of Ghana and is vested in the President in trust for the people of Ghana. </text> <text top="1039" left="92" width="702" height="16" font="3">Gold mining remains the highest contributor in the sector, with large scale gold mining accounting </text> <text top="1062" left="92" width="701" height="16" font="3">for over 80% by value of the total income from the sector. The other important minerals are, </text> <text top="1084" left="92" width="250" height="16" font="3">diamond, bauxite and manganese. </text> </page> <page number="11" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="780" width="12" height="14" font="3">2 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="435" height="16" font="3">In 2009, the GRA received over GHS 96m as mineral royalty. </text> <text top="202" left="92" width="257" height="16" font="11">1.3 BRIEF ON EITI IN GHANA. </text> <text top="226" left="92" width="5" height="16" font="3"> </text> <text top="263" left="92" width="702" height="16" font="3">The EITI Steering Committee is the governing body of the EITI in Ghana. Various stakeholders in </text> <text top="285" left="92" width="416" height="16" font="3">the Extractive industry are represented on the committee. </text> <text top="322" left="92" width="701" height="16" font="3">The members of the committee comprise of representatives from the under listed agencies or </text> <text top="344" left="92" width="57" height="16" font="3">bodies: </text> <text top="381" left="92" width="307" height="16" font="3">Ministry of Finance and Economic Planning </text> <text top="418" left="92" width="283" height="16" font="3">Ministry of Land and Natural Resources </text> <text top="455" left="92" width="153" height="16" font="3">Minerals Commission </text> <text top="492" left="92" width="261" height="16" font="3">Ghana National Petroleum Company </text> <text top="529" left="92" width="451" height="16" font="3">Ghana Chamber of Mines (representing the mining companies) </text> <text top="566" left="92" width="298" height="16" font="3">Office of the Administrator of Stool Lands </text> <text top="603" left="92" width="183" height="16" font="3">Internal Revenue Service </text> <text top="639" left="92" width="312" height="16" font="3">Civil Society Organizations (led by ISODEC) </text> <text top="676" left="92" width="133" height="16" font="3">Ministry of Energy </text> <text top="713" left="92" width="702" height="16" font="3">The EITI also has an implementation Secretariat at the Ministry of Finance and Economic </text> <text top="736" left="92" width="70" height="16" font="3">Planning. </text> <text top="772" left="92" width="5" height="16" font="3"> </text> <text top="809" left="92" width="5" height="16" font="0"> </text> <text top="846" left="92" width="5" height="16" font="0"> </text> <text top="883" left="92" width="5" height="16" font="0"> </text> <text top="920" left="92" width="5" height="16" font="0"> </text> <text top="957" left="92" width="5" height="16" font="0"> </text> <text top="994" left="92" width="5" height="16" font="0"> </text> <text top="1031" left="92" width="5" height="16" font="0"> </text> <text top="1068" left="92" width="5" height="16" font="0"> </text> </page> <page number="12" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="31" size="15" family="Times" color="#ffffff"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="780" width="12" height="14" font="3">3 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="5" height="16" font="0"> </text> <text top="200" left="92" width="187" height="17" font="31">2.0 SCOPE OF WORK </text> <text top="241" left="92" width="148" height="16" font="11">2.1 MATERIALITY </text> <text top="265" left="92" width="5" height="16" font="3"> </text> <text top="302" left="92" width="702" height="16" font="3">The companies that participated in the reconciliation process have been chosen based on the </text> <text top="324" left="92" width="702" height="16" font="3">payment of royalty. All companies engaged in mineral production, which together contributed up </text> <text top="346" left="92" width="702" height="16" font="3">to 99% of royalty payment for the years under consideration (i.e. 2010 and 2011) participated in </text> <text top="368" left="92" width="349" height="16" font="3">the reconciliation exercise.(See Appendix 2A-2K) </text> <text top="409" left="92" width="133" height="16" font="11">2.2 REPORTING </text> <text top="432" left="92" width="5" height="16" font="0"> </text> <text top="468" left="92" width="259" height="17" font="18">2.2 .1 Basis of Reporting/ Currency: </text> <text top="506" left="92" width="5" height="16" font="3"> </text> <text top="525" left="92" width="702" height="16" font="3">The basis of reporting is cash or actual. Thus only payments/revenues actually made and </text> <text top="545" left="92" width="702" height="16" font="3">received in the period under consideration shall be reconciled. The reporting currency is the local </text> <text top="564" left="92" width="187" height="16" font="3">currency i.e. Ghana cedi. </text> <text top="583" left="92" width="5" height="16" font="3"> </text> <text top="602" left="92" width="115" height="17" font="18">2.2.2 Auditing: </text> <text top="640" left="92" width="5" height="16" font="0"> </text> <text top="659" left="92" width="702" height="16" font="3">All the entities have their financial statements audited by Independent Auditors for 2010 and </text> <text top="678" left="92" width="702" height="16" font="3">2011. None of the Auditors’ statements was qualified. The Auditor General of Ghana had </text> <text top="698" left="92" width="587" height="16" font="3">completed the audit of all participating government Agencies for 2010 and 2011. </text> <text top="735" left="92" width="192" height="16" font="11">2.3 BENEFIT STREAMS: </text> <text top="759" left="92" width="651" height="16" font="3">Revenue streams for the reconciliation assignment are stated in the Terms of Reference. (See </text> <text top="782" left="92" width="78" height="14" font="3">Appendix 1)</text> <text top="781" left="170" width="5" height="16" font="0"> </text> <text top="819" left="92" width="27" height="16" font="10">2.3.</text> <text top="819" left="119" width="151" height="17" font="18">1 MINERAL RIGHTS: </text> <text top="856" left="92" width="686" height="16" font="3">Mineral rights are vested in the state and granted by the Ministry of Lands, Mines and Forestry. </text> <text top="893" left="92" width="702" height="16" font="3">The licences considered here are those that allow the holder the right to enter the land and </text> <text top="915" left="92" width="164" height="16" font="3">perform specific tasks. </text> <text top="952" left="92" width="701" height="16" font="3">There are three sequential categories entitling the holder to conduct reconnaissance of, prospect </text> <text top="974" left="92" width="206" height="16" font="3">for or mine certain minerals. </text> <text top="1010" left="92" width="234" height="17" font="18">2.3.1.1 Reconnaissance Licence. </text> <text top="1031" left="92" width="5" height="16" font="0"> </text> <text top="1050" left="92" width="702" height="16" font="3">A reconnaissance licence which covers the first stage in mining operation entitles the holder to </text> <text top="1069" left="92" width="582" height="16" font="3">search for specified minerals by geological, geophysical and geochemical means. </text> <text top="1089" left="92" width="5" height="16" font="3"> </text> </page> <page number="13" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="32" size="15" family="Times" color="#000000"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="780" width="12" height="14" font="3">4 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="702" height="16" font="3">In general, reconnaissance licences do not permit drilling, excavation, or other physical activities </text> <text top="182" left="92" width="572" height="16" font="3">on the land, except where such activity is specifically mentioned by the licence. </text> <text top="201" left="92" width="5" height="16" font="3"> </text> <text top="221" left="92" width="702" height="16" font="3">Reconnaissance licence is granted for an initial period of not more than twelve months with a </text> <text top="240" left="92" width="702" height="16" font="3">renewable option for another twelve months for land area ranging between one block and five </text> <text top="259" left="92" width="306" height="16" font="3">thousand blocks. (A block is 21 hectares). </text> <text top="279" left="92" width="5" height="16" font="0"> </text> <text top="297" left="92" width="199" height="17" font="18">2.3.1.2 Prospecting Licence </text> <text top="317" left="92" width="5" height="16" font="3"> </text> <text top="354" left="92" width="702" height="16" font="3">Prospecting licence which covers the second stage of mining operations entitles the holder to </text> <text top="377" left="92" width="579" height="16" font="3">search for stipulated minerals and to determine their extent and economic value. </text> <text top="413" left="92" width="702" height="16" font="3">This licence is granted for an initial period of three years for a land area not exceeding 750 </text> <text top="436" left="92" width="701" height="16" font="3">contiguous blocks. The prospecting licence may be extended for a period not exceeding three </text> <text top="458" left="92" width="541" height="16" font="3">years in respect of all or for any number of blocks subject for prospecting. </text> <text top="494" left="92" width="157" height="17" font="18">2.3.1.3 Mining Lease </text> <text top="532" left="92" width="701" height="16" font="3">When a holder of a reconnaissance licence or a prospecting licence has established that the </text> <text top="551" left="92" width="702" height="16" font="3">mineral(s) indicated in the licence is/are present in commercial quantities, an application for a </text> <text top="570" left="92" width="545" height="16" font="3">mining lease may be applied for before the expiration of the current licence. </text> <text top="590" left="92" width="5" height="16" font="3"> </text> <text top="610" left="92" width="702" height="16" font="3">The mining lease is granted for an initial period of thirty (30) years or less as may be agreed </text> <text top="629" left="92" width="650" height="16" font="3">upon with the applicant and may be renewed for an additional period of thirty (30) years. </text> <text top="648" left="92" width="5" height="16" font="3"> </text> <text top="668" left="92" width="701" height="16" font="3">For the purposes of aggregation under the Extractive Industries Transparency Initiative (EITI) </text> <text top="687" left="92" width="276" height="16" font="3">only the licensing fees are considered. </text> <text top="706" left="92" width="5" height="16" font="0"> </text> <text top="743" left="92" width="189" height="17" font="18">2.3.2 MINERAL ROYALTY: </text> <text top="780" left="92" width="702" height="16" font="3">It is a production based tax which is levied on the basis of Section 25 of the Minerals and Mining </text> <text top="800" left="92" width="702" height="16" font="3">Act, 2006; ACT 703 which states that ‘A holder of a mining lease, restricted mining lease or small </text> <text top="819" left="92" width="701" height="16" font="3">scale mining licence shall pay royalty that may be prescribed in respect of minerals obtained from </text> <text top="838" left="92" width="702" height="16" font="3">its mining operations to the Republic, except that the rate of royalty shall not be more than 6% </text> <text top="858" left="92" width="523" height="16" font="3">or less than 3% of the total revenue of minerals obtained by the holder.” </text> <text top="877" left="92" width="5" height="16" font="3"> </text> <text top="896" left="92" width="702" height="16" font="3">An amendment to section 25 of ACT 703; passed in March 2010, provided royalty payment at 5% </text> <text top="916" left="92" width="276" height="16" font="3">of the gross revenue of mineral mined.</text> <text top="915" left="368" width="5" height="17" font="32"> </text> <text top="935" left="92" width="5" height="16" font="3"> </text> <text top="955" left="92" width="702" height="16" font="3">Mining Companies are liable to pay royalties immediately they commence mineral production in </text> <text top="974" left="92" width="91" height="16" font="3">the country. </text> <text top="993" left="92" width="5" height="16" font="3"> </text> <text top="1013" left="92" width="517" height="16" font="3">Payment of mineral royalties is made quarterly by all Mining Companies. </text> <text top="1049" left="92" width="5" height="17" font="18"> </text> <text top="1086" left="92" width="5" height="17" font="18"> </text> </page> <page number="14" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="33" size="14" family="Times" color="#0000ff"/> <fontspec id="34" size="14" family="Times" color="#538dd4"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="780" width="12" height="14" font="3">5 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="174" height="17" font="18">2.3.3 CORPORATE TAX </text> <text top="199" left="92" width="702" height="16" font="3">Corporate tax is currently fixed at 25% of Net Profit. All the mining companies under </text> <text top="219" left="92" width="277" height="16" font="3">consideration are on self-assessment. </text> <text top="238" left="92" width="5" height="16" font="3"> </text> <text top="257" left="92" width="613" height="16" font="3">Self-assessment companies are allowed to forecast their profits for the year and pay </text> <text top="277" left="92" width="339" height="16" font="3">some deposits based on their own assessment. </text> <text top="296" left="92" width="5" height="16" font="3"> </text> <text top="315" left="92" width="635" height="16" font="3">Companies on self-assessment are however required to submit their yearly returns four </text> <text top="335" left="92" width="329" height="16" font="3">months after the end of the accounting year. </text> <text top="354" left="92" width="5" height="16" font="3"> </text> <text top="374" left="92" width="5" height="16" font="3"> </text> <text top="393" left="92" width="701" height="16" font="3">In 2012, the country amended the capital allowance rules for the mining sector. Under the new </text> <text top="415" left="92" width="515" height="16" font="3">regulations capital allowance is 20% per annum on a straight line basis. </text> <text top="452" left="92" width="702" height="16" font="3">For the purposes of computing capital allowances for mining entities, the following are considered </text> <text top="472" left="92" width="75" height="16" font="3">as Assets. </text> <text top="491" left="92" width="5" height="16" font="3"> </text> <text top="511" left="92" width="200" height="16" font="33">i) Mineral Exploration rights </text> <text top="530" left="92" width="5" height="16" font="34"> </text> <text top="549" left="92" width="702" height="16" font="3">ii) Building, structures and works of a permanent nature which are likely to be of little or no value </text> <text top="569" left="92" width="608" height="16" font="3">when the rights are exhausted or the prospecting, exploration, or development ends. </text> <text top="588" left="92" width="5" height="16" font="3"> </text> <text top="607" left="92" width="365" height="16" font="3">iii) Plant and machinery used in mining operations. </text> <text top="627" left="92" width="5" height="16" font="3"> </text> <text top="646" left="92" width="702" height="16" font="3">iv) Costs incurred in respect of mineral prospecting, exploration and development (are treated as </text> <text top="665" left="92" width="420" height="16" font="3">if they were incurred in securing the acquisition of assets). </text> <text top="685" left="92" width="5" height="16" font="3"> </text> <text top="700" left="92" width="7" height="21" font="20">•</text> <text top="705" left="99" width="4" height="15" font="21"> </text> <text top="704" left="118" width="173" height="16" font="10">Carry forward of losses. </text> <text top="724" left="92" width="5" height="16" font="3"> </text> <text top="743" left="92" width="702" height="16" font="3">Mining companies are allowed to carry forward losses arising in any year to the next year for </text> <text top="763" left="92" width="176" height="16" font="3">offset against the profit. </text> <text top="782" left="92" width="5" height="16" font="3"> </text> <text top="801" left="92" width="678" height="16" font="3">The loss must however be deducted within five years following that in which the loss occurred. </text> <text top="821" left="92" width="5" height="16" font="3"> </text> <text top="839" left="92" width="160" height="17" font="18">2.3.4 GROUND RENT: </text> <text top="859" left="92" width="5" height="16" font="0"> </text> <text top="879" left="92" width="701" height="16" font="3">This is the annual payment made by mining companies and other companies to the owners of the </text> <text top="898" left="92" width="40" height="16" font="3">land. </text> <text top="918" left="92" width="5" height="16" font="3"> </text> <text top="937" left="92" width="702" height="16" font="3">The participating mining companies operate on stool lands and therefore pay their ground rent to </text> <text top="956" left="92" width="331" height="16" font="3">the Office of the Administrator of Stool Lands. </text> <text top="976" left="92" width="5" height="16" font="3"> </text> <text top="995" left="92" width="545" height="16" font="3">The amount payable as ground rent depends on the size of the concession. </text> <text top="1031" left="92" width="172" height="17" font="18">2.3.5 PROPERTY RATE: </text> <text top="1069" left="92" width="702" height="16" font="3">Property rates as the name indicates are levies that are imposed on buildings, and plants that are </text> <text top="1088" left="92" width="146" height="16" font="3">fixed to the ground. </text> </page> <page number="15" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="35" size="12" family="Times" color="#000000"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="780" width="12" height="14" font="3">6 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="5" height="16" font="3"> </text> <text top="182" left="92" width="702" height="16" font="3">Property rates are determined by the District Assemblies after applying a formula (Rate impost) to </text> <text top="201" left="92" width="127" height="16" font="3">valuation figures. </text> <text top="221" left="92" width="5" height="16" font="3"> </text> <text top="240" left="92" width="702" height="16" font="3">The valuation figures for properties are determined by the District Valuation Board with approval </text> <text top="259" left="92" width="259" height="16" font="3">from the Regional Valuation Board. </text> <text top="279" left="92" width="5" height="16" font="3"> </text> <text top="298" left="92" width="584" height="16" font="3">The District Assemblies collect property rates directly from the mining companies. </text> <text top="317" left="92" width="684" height="16" font="3">Some mining companies divide the amount payable into four parts and pay in four installments. </text> <text top="337" left="92" width="5" height="16" font="3"> </text> <text top="356" left="92" width="672" height="16" font="3">District Assemblies apply property rates from mining companies as internally generated funds. </text> <text top="376" left="92" width="259" height="16" font="3">It is used for recurrent expenditure. </text> <text top="395" left="92" width="5" height="16" font="0"> </text> <text top="431" left="92" width="131" height="17" font="18">2.3.6 DIVIDEND: </text> <text top="469" left="92" width="702" height="16" font="3">The Republic of Ghana retains a 10% non-contributing shareholding in every mining lease holder. </text> <text top="491" left="92" width="701" height="16" font="3">The government’s percentage holding (10%) may be altered in circumstances where special </text> <text top="513" left="92" width="136" height="16" font="3">agreements exist. </text> <text top="550" left="92" width="702" height="16" font="3">The Government’s share of dividends when declared by the companies is collected by the Non </text> <text top="572" left="92" width="489" height="16" font="3">Tax Revenue Unit of the Ministry of Finance and Economic Planning. </text> <text top="612" left="92" width="341" height="16" font="11">2.4 GOVERNMENT REPORTING ENTITIES: </text> <text top="636" left="92" width="5" height="16" font="3"> </text> <text top="656" left="92" width="702" height="16" font="3">The Ministries’ Agencies’ and entities which provided data and information for this assignment </text> <text top="675" left="92" width="70" height="16" font="3">included: </text> <text top="694" left="92" width="5" height="16" font="3"> </text> <text top="710" left="92" width="7" height="21" font="23">•</text> <text top="715" left="99" width="4" height="15" font="24"> </text> <text top="714" left="118" width="426" height="16" font="3">Ghana Revenue Authority (Domestic Tax Revenue Division) </text> <text top="729" left="92" width="7" height="21" font="23">•</text> <text top="734" left="99" width="4" height="15" font="24"> </text> <text top="733" left="118" width="324" height="16" font="3">Ghana Revenue Authority (Customs Division) </text> <text top="749" left="92" width="7" height="21" font="23">•</text> <text top="754" left="99" width="4" height="15" font="24"> </text> <text top="753" left="118" width="243" height="16" font="3">The Administrator of Stool Lands. </text> <text top="768" left="92" width="7" height="21" font="23">•</text> <text top="773" left="99" width="4" height="15" font="24"> </text> <text top="772" left="118" width="185" height="16" font="3">The Minerals Commission </text> <text top="788" left="92" width="7" height="21" font="23">•</text> <text top="792" left="99" width="4" height="15" font="24"> </text> <text top="792" left="118" width="675" height="16" font="3">The Municipal and District Assemblies within the area of operation of the mines covered under </text> <text top="811" left="118" width="118" height="16" font="3">the assignment. </text> <text top="827" left="92" width="7" height="21" font="23">•</text> <text top="831" left="99" width="4" height="15" font="24"> </text> <text top="831" left="118" width="327" height="16" font="3">The Ministry of Lands and Natural Resources. </text> <text top="846" left="92" width="7" height="21" font="23">•</text> <text top="851" left="99" width="4" height="15" font="24"> </text> <text top="850" left="118" width="511" height="16" font="3">Non Tax Revenue Agency (Ministry of Finance and Economic Planning). </text> <text top="869" left="92" width="4" height="14" font="35"> </text> <text top="890" left="92" width="4" height="14" font="35"> </text> <text top="911" left="92" width="4" height="14" font="35"> </text> <text top="932" left="92" width="4" height="14" font="35"> </text> <text top="954" left="92" width="4" height="14" font="35"> </text> <text top="975" left="92" width="4" height="14" font="35"> </text> <text top="996" left="92" width="4" height="14" font="35"> </text> <text top="1017" left="92" width="4" height="14" font="35"> </text> <text top="1038" left="92" width="4" height="14" font="35"> </text> <text top="1059" left="92" width="4" height="14" font="35"> </text> <text top="1080" left="92" width="4" height="14" font="35"> </text> </page> <page number="16" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="36" size="13" family="Times" color="#3232ff"/> <fontspec id="37" size="12" family="Times" color="#000000"/> <fontspec id="38" size="12" family="Helvetica" color="#000000"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="780" width="12" height="14" font="3">7 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="4" height="14" font="35"> </text> <text top="183" left="92" width="4" height="14" font="35"> </text> <text top="203" left="92" width="426" height="15" font="36">Table 2.1: Government Agencies and provision of relevant data. </text> <text top="227" left="92" width="160" height="16" font="26">Name of Organization </text> <text top="226" left="307" width="80" height="16" font="26">Data to be </text> <text top="250" left="307" width="148" height="16" font="26">provided/Purpose of </text> <text top="273" left="307" width="87" height="16" font="26">Interaction. </text> <text top="227" left="523" width="75" height="16" font="26">REMARKS </text> <text top="312" left="92" width="153" height="16" font="3">Minerals Commission </text> <text top="312" left="324" width="4" height="13" font="38"> </text> <text top="311" left="339" width="89" height="14" font="37">Mineral Right </text> <text top="332" left="339" width="171" height="14" font="37">Licences(Reconnaissance; </text> <text top="354" left="339" width="131" height="14" font="37">Prospecting: Mining </text> <text top="375" left="339" width="47" height="14" font="37">Lease) </text> <text top="397" left="324" width="4" height="13" font="38"> </text> <text top="396" left="339" width="140" height="14" font="37">Production and other </text> <text top="417" left="339" width="101" height="14" font="37">costs details of </text> <text top="438" left="339" width="73" height="14" font="37">companies </text> <text top="312" left="523" width="5" height="16" font="3"> </text> <text top="460" left="92" width="137" height="16" font="3">District Assemblies </text> <text top="461" left="324" width="4" height="13" font="38"> </text> <text top="460" left="339" width="83" height="14" font="37">Property tax </text> <text top="482" left="324" width="4" height="13" font="38"> </text> <text top="481" left="339" width="100" height="14" font="37">Mineral royalty </text> <text top="502" left="339" width="114" height="14" font="37">received/utilized. </text> <text top="524" left="307" width="5" height="14" font="37"> </text> <text top="460" left="523" width="5" height="16" font="3"> </text> <text top="560" left="92" width="160" height="16" font="3">Administrator of Stool </text> <text top="583" left="92" width="47" height="16" font="3">Lands-</text> <text top="585" left="139" width="139" height="14" font="37">Head office/Relevant </text> <text top="607" left="92" width="108" height="14" font="37">Regional Offices.</text> <text top="605" left="200" width="5" height="16" font="3"> </text> <text top="561" left="324" width="4" height="13" font="38"> </text> <text top="560" left="339" width="86" height="14" font="37">Ground Rent </text> <text top="582" left="324" width="4" height="13" font="38"> </text> <text top="581" left="339" width="123" height="14" font="37">Amount of Mineral </text> <text top="602" left="339" width="146" height="14" font="37">Royalties disbursed to </text> <text top="623" left="339" width="130" height="14" font="37">District Assemblies; </text> <text top="644" left="339" width="146" height="14" font="37">Traditional Authorities </text> <text top="666" left="339" width="76" height="14" font="37">and Stools. </text> <text top="560" left="523" width="5" height="16" font="3"> </text> <text top="688" left="92" width="186" height="16" font="3">Ghana Revenue Authority </text> <text top="711" left="92" width="53" height="16" font="3">(GRA). </text> <text top="688" left="324" width="4" height="13" font="38"> </text> <text top="688" left="339" width="103" height="14" font="37">Mineral Royalty </text> <text top="710" left="324" width="4" height="13" font="38"> </text> <text top="709" left="339" width="96" height="14" font="37">Corporate Tax </text> <text top="688" left="523" width="5" height="16" font="3"> </text> <text top="781" left="92" width="165" height="16" font="3">Non-Tax Revenue Unit </text> <text top="819" left="92" width="176" height="16" font="3">(Ministry of Finance and </text> <text top="842" left="92" width="144" height="16" font="3">Economic Planning) </text> <text top="782" left="319" width="4" height="13" font="38"> </text> <text top="781" left="334" width="67" height="14" font="37">Dividends </text> <text top="781" left="523" width="5" height="16" font="3"> </text> <text top="881" left="92" width="150" height="16" font="3">Ministry of Land and </text> <text top="904" left="92" width="138" height="16" font="3">Natural Resources. </text> <text top="881" left="319" width="4" height="13" font="38"> </text> <text top="881" left="334" width="141" height="14" font="37">Mineral Development </text> <text top="902" left="334" width="41" height="14" font="37">Fund. </text> <text top="881" left="523" width="170" height="14" font="37">The Mineral Development </text> <text top="902" left="523" width="151" height="14" font="37">Fund is 10% of royalty </text> <text top="925" left="523" width="146" height="14" font="37">paid by Mining Entities</text> <text top="923" left="669" width="10" height="16" font="3">. </text> <text top="962" left="92" width="5" height="16" font="0"> </text> <text top="999" left="92" width="5" height="16" font="0"> </text> <text top="1036" left="92" width="4" height="14" font="3"> </text> <text top="1073" left="92" width="5" height="16" font="0"> </text> </page> <page number="17" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="39" size="11" family="Times" color="#3232ff"/> <fontspec id="40" size="11" family="Times" color="#3232ff"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="780" width="12" height="14" font="3">8 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="282" height="16" font="25">3.0: PARTICIPATING COMPANIES </text> <text top="199" left="92" width="569" height="16" font="3">The companies that participated in the reconciliation exercise are shown below. </text> <text top="238" left="92" width="54" height="14" font="39">Table 3.1</text> <text top="235" left="146" width="16" height="17" font="18">: </text> <text top="238" left="162" width="438" height="14" font="39">List of participating companies in the 2010/2011 Aggregation/Reconciliation</text> <text top="235" left="600" width="5" height="17" font="19"> </text> <text top="592" left="92" width="23" height="16" font="0"> </text> <text top="628" left="92" width="201" height="16" font="11">3.1 OTHER COMPANIES: </text> <text top="652" left="79" width="685" height="16" font="3">Other companies that were engaged in the extraction of minerals in 2010 and 2011, but did not </text> <text top="674" left="79" width="292" height="16" font="3">participate in the reconciliation included: </text> <text top="711" left="79" width="689" height="16" font="3">Mryco Salt industries, Mansco Quarry Ltd, Med Mining, Cedar Quarry Ltd, Shenying Salt Industry </text> <text top="734" left="79" width="505" height="16" font="3">Ltd, CP Concrete Products and Panbros Salt Ltd (see Appendix 2A-2P). </text> <text top="774" left="92" width="9" height="16" font="0"> </text> <text top="810" left="92" width="5" height="16" font="0"> </text> <text top="834" left="92" width="4" height="14" font="3"> </text> <text top="872" left="92" width="4" height="14" font="3"> </text> <text top="909" left="92" width="4" height="14" font="3"> </text> <text top="949" left="92" width="5" height="16" font="0"> </text> <text top="972" left="92" width="4" height="14" font="3"> </text> <text top="1010" left="92" width="4" height="14" font="3"> </text> <text top="1047" left="92" width="4" height="14" font="3"> </text> <text top="265" left="87" width="124" height="16" font="25">Mine/Company</text> <text top="265" left="210" width="5" height="16" font="0"> </text> <text top="265" left="305" width="69" height="16" font="25">Location</text> <text top="265" left="374" width="5" height="16" font="0"> </text> <text top="265" left="581" width="61" height="16" font="25">Mineral</text> <text top="265" left="641" width="5" height="16" font="0"> </text> <text top="265" left="646" width="49" height="16" font="25">Mined</text> <text top="265" left="695" width="5" height="16" font="0"> </text> <text top="285" left="87" width="159" height="16" font="3">Anglogold Ashanti Ltd </text> <text top="285" left="305" width="169" height="16" font="3">Obuasi, Ashanti Region </text> <text top="285" left="581" width="37" height="16" font="3">Gold </text> <text top="305" left="87" width="75" height="16" font="3">Anglogold </text> <text top="324" left="87" width="169" height="16" font="3">Ashanti(Iduapriem) Ltd </text> <text top="305" left="305" width="200" height="16" font="3">Iduapriem, Western Region </text> <text top="305" left="581" width="37" height="16" font="3">Gold </text> <text top="344" left="87" width="166" height="16" font="3">Adamus Resources Ltd </text> <text top="344" left="305" width="178" height="16" font="3">Nkroful, Western Region </text> <text top="344" left="581" width="37" height="16" font="3">Gold </text> <text top="364" left="87" width="115" height="16" font="3">GSR(Wassa)Ltd </text> <text top="364" left="305" width="201" height="16" font="3">Akyempim, Western Region </text> <text top="364" left="581" width="37" height="16" font="3">Gold </text> <text top="385" left="87" width="180" height="16" font="3">GSR(Prestea/Bogosu)Ltd </text> <text top="385" left="305" width="238" height="16" font="3">Prestea/Bogosu, Western Region </text> <text top="385" left="581" width="37" height="16" font="3">Gold </text> <text top="405" left="87" width="160" height="16" font="3">Gold Fields Ghana Ltd </text> <text top="405" left="305" width="179" height="16" font="3">Tarkwa, Western Region </text> <text top="405" left="581" width="37" height="16" font="3">Gold </text> <text top="425" left="87" width="157" height="16" font="3">Abosso Goldfields Ltd </text> <text top="425" left="305" width="181" height="16" font="3">Damang,Western Region </text> <text top="425" left="581" width="37" height="16" font="3">Gold </text> <text top="445" left="87" width="169" height="16" font="3">Chirano Gold Mines Ltd </text> <text top="445" left="305" width="181" height="16" font="3">Chirano, Western Region </text> <text top="445" left="581" width="37" height="16" font="3">Gold </text> <text top="473" left="87" width="188" height="16" font="3">Newmont Ghana Gold Ltd </text> <text top="473" left="305" width="156" height="16" font="3">Kenyase,Brong Ahafo </text> <text top="473" left="581" width="37" height="16" font="3">Gold </text> <text top="506" left="87" width="179" height="16" font="3">Ghana Bauxite Company </text> <text top="506" left="305" width="173" height="16" font="3">Awaso, Western Region </text> <text top="506" left="581" width="57" height="16" font="3">Bauxite </text> <text top="541" left="87" width="163" height="16" font="3">Ghana Manganese Ltd </text> <text top="541" left="305" width="163" height="16" font="3">Nsuta,Western Region </text> <text top="541" left="581" width="85" height="16" font="3">Manganese </text> </page> <page number="18" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="41" size="19" family="Times" color="#3232ff"/> <fontspec id="42" size="9" family="Times" color="#000000"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="780" width="12" height="14" font="3">9 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="233" height="16" font="11">3.2 DISTRICT ASSEMBLIES: </text> <text top="186" left="92" width="641" height="16" font="3">The District Assemblies that participated in the reconciliation exercise are shown in Table </text> <text top="225" left="92" width="655" height="15" font="27">Table 3.2 District Assemblies of selected Mining Companies for 2010/2011 Reconciliation</text> <text top="223" left="747" width="5" height="17" font="18">.</text> <text top="220" left="752" width="6" height="21" font="41"> </text> <text top="247" left="92" width="5" height="16" font="26"> </text> <text top="268" left="92" width="31" height="16" font="26">No. </text> <text top="247" left="146" width="5" height="16" font="26"> </text> <text top="268" left="146" width="139" height="16" font="26"> Mining Company </text> <text top="247" left="339" width="5" height="16" font="26"> </text> <text top="268" left="339" width="77" height="16" font="26">District(s) </text> <text top="288" left="339" width="91" height="16" font="26">Assemblies. </text> <text top="247" left="505" width="5" height="16" font="26"> </text> <text top="268" left="505" width="132" height="16" font="26">Municipal/District </text> <text top="288" left="505" width="56" height="16" font="26">Capital </text> <text top="247" left="651" width="5" height="16" font="26"> </text> <text top="268" left="651" width="56" height="16" font="26">Region </text> <text top="309" left="92" width="14" height="16" font="3">1 </text> <text top="309" left="146" width="138" height="16" font="3">Anglogold Ashanti </text> <text top="309" left="339" width="136" height="16" font="26">Obuasi Municipal: </text> <text top="329" left="339" width="113" height="16" font="26">Adansi South; </text> <text top="349" left="339" width="106" height="16" font="26">Adansi North </text> <text top="370" left="339" width="131" height="16" font="26">Amansie Central </text> <text top="390" left="339" width="5" height="16" font="26"> </text> <text top="309" left="505" width="56" height="16" font="3">Obuasi </text> <text top="329" left="505" width="109" height="16" font="3">New Edubiase </text> <text top="349" left="505" width="64" height="16" font="3">Fomena </text> <text top="370" left="505" width="62" height="16" font="3">Jacobu. </text> <text top="309" left="651" width="60" height="16" font="3">Ashanti </text> <text top="329" left="651" width="12" height="16" font="3">‘’ </text> <text top="349" left="651" width="12" height="16" font="3">‘’ </text> <text top="370" left="651" width="12" height="16" font="3">‘’ </text> <text top="390" left="651" width="5" height="16" font="3"> </text> <text top="411" left="92" width="19" height="16" font="3">2. </text> <text top="411" left="146" width="138" height="16" font="3">Anglogold Ashanti </text> <text top="431" left="146" width="81" height="16" font="3">Iduapriem </text> <text top="451" left="146" width="5" height="16" font="3"> </text> <text top="411" left="339" width="130" height="16" font="26">Tarkwa Nsuaem </text> <text top="411" left="505" width="60" height="16" font="3">Tarkwa </text> <text top="411" left="651" width="67" height="16" font="3">Western </text> <text top="472" left="92" width="14" height="16" font="3">3 </text> <text top="472" left="146" width="168" height="16" font="3">Adamus Resources Ltd</text> <text top="469" left="314" width="3" height="11" font="42">i</text> <text top="472" left="316" width="5" height="16" font="3"> </text> <text top="472" left="339" width="85" height="16" font="26">Ellembelle </text> <text top="493" left="339" width="5" height="16" font="26"> </text> <text top="472" left="505" width="59" height="16" font="3">Nkroful </text> <text top="472" left="651" width="67" height="16" font="3">Western </text> <text top="514" left="92" width="19" height="16" font="3">4. </text> <text top="514" left="146" width="164" height="16" font="3">Abosso Goldfields Ltd </text> <text top="534" left="146" width="5" height="16" font="3"> </text> <text top="514" left="339" width="148" height="16" font="26">Prestea Huni Valley </text> <text top="514" left="505" width="60" height="16" font="3">Tarkwa </text> <text top="514" left="651" width="67" height="16" font="3">Western </text> <text top="555" left="92" width="19" height="16" font="3">5. </text> <text top="555" left="146" width="158" height="16" font="3">Gold Fields (Tarkwa) </text> <text top="555" left="339" width="124" height="16" font="26">Tarkwa Nsuaem </text> <text top="555" left="505" width="60" height="16" font="3">Tarkwa </text> <text top="575" left="505" width="5" height="16" font="3"> </text> <text top="555" left="651" width="67" height="16" font="3">Western </text> <text top="575" left="651" width="5" height="16" font="3"> </text> <text top="596" left="92" width="14" height="16" font="3">6 </text> <text top="617" left="92" width="5" height="16" font="3"> </text> <text top="596" left="146" width="89" height="16" font="3">GSR Wassa </text> <text top="617" left="146" width="97" height="16" font="3">Ltd/Wexford </text> <text top="596" left="339" width="151" height="16" font="26">Mpohor Wassa East </text> <text top="617" left="339" width="5" height="16" font="26"> </text> <text top="637" left="339" width="5" height="16" font="26"> </text> <text top="596" left="505" width="69" height="16" font="3">Daboase </text> <text top="596" left="651" width="67" height="16" font="3">Western </text> <text top="658" left="92" width="19" height="16" font="3">7. </text> <text top="658" left="146" width="157" height="16" font="3">GSR Prestea/Bogosu </text> <text top="658" left="339" width="148" height="16" font="26">Prestea Huni Valley </text> <text top="658" left="505" width="60" height="16" font="3">Tarkwa </text> <text top="658" left="651" width="67" height="16" font="3">Western </text> <text top="678" left="651" width="5" height="16" font="3"> </text> <text top="699" left="92" width="19" height="16" font="3">8. </text> <text top="699" left="146" width="171" height="16" font="3">Ghana Bauxite Co. Ltd </text> <text top="699" left="339" width="121" height="16" font="26">Bibiani Ahwiaso </text> <text top="719" left="339" width="5" height="16" font="26"> </text> <text top="699" left="505" width="54" height="16" font="3">Bibiani </text> <text top="699" left="651" width="67" height="16" font="3">Western </text> <text top="740" left="92" width="14" height="16" font="3">9 </text> <text top="740" left="146" width="173" height="16" font="3">Newmont Ghana Gold </text> <text top="761" left="146" width="28" height="16" font="3">Ltd </text> <text top="740" left="339" width="51" height="16" font="26">Asutifi </text> <text top="740" left="505" width="67" height="16" font="3">Kenyase </text> <text top="740" left="651" width="97" height="16" font="3">Brong Ahafo </text> <text top="782" left="92" width="5" height="16" font="3"> </text> <text top="802" left="92" width="24" height="16" font="3">10 </text> <text top="782" left="146" width="166" height="16" font="3">Ghana Manganese Co </text> <text top="802" left="146" width="28" height="16" font="3">Ltd </text> <text top="782" left="339" width="124" height="16" font="26">Tarkwa Nsuaem </text> <text top="782" left="505" width="60" height="16" font="3">Tarkwa </text> <text top="782" left="651" width="67" height="16" font="3">Western </text> <text top="802" left="651" width="5" height="16" font="3"> </text> <text top="823" left="92" width="24" height="16" font="26">11 </text> <text top="823" left="146" width="326" height="16" font="26">Chirano Gold Mines Ltd Bibiani/Ahwiaso; </text> <text top="843" left="339" width="102" height="16" font="26">Sefwi District </text> <text top="863" left="339" width="75" height="16" font="26">Assembly </text> <text top="823" left="505" width="54" height="16" font="26">Bibiani </text> <text top="843" left="505" width="107" height="16" font="26">Sefwi Wiawso </text> <text top="823" left="651" width="67" height="16" font="26">Western </text> <text top="885" left="92" width="12" height="20" font="7"> </text> <text top="928" left="92" width="6" height="20" font="4"> </text> <text top="971" left="92" width="6" height="20" font="4"> </text> <text top="1014" left="92" width="6" height="20" font="4"> </text> <text top="1057" left="92" width="6" height="20" font="4"> </text> </page> <page number="19" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">10 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="5" height="16" font="0"> </text> <text top="199" left="92" width="303" height="16" font="25">4.0 APPROACH AND METHODOLOGY: </text> <text top="236" left="92" width="399" height="16" font="3">The Assignment was categorised into two main phases. </text> <text top="273" left="92" width="419" height="16" font="3">These are i) Inception, ii) Aggregation and Reconciliation </text> <text top="311" left="105" width="4" height="15" font="21"> </text> <text top="310" left="118" width="135" height="16" font="11">Inception phase </text> <text top="329" left="92" width="5" height="16" font="3"> </text> <text top="366" left="92" width="702" height="16" font="3">This is the preliminary information gathering stage. The Aggregator interacted with Mining </text> <text top="388" left="92" width="702" height="16" font="3">companies, Government Revenue Agencies and District Assemblies. An inception report was </text> <text top="411" left="92" width="169" height="16" font="3">issued after this phase. </text> <text top="448" left="92" width="5" height="16" font="3"> </text> <text top="485" left="105" width="4" height="15" font="21"> </text> <text top="485" left="118" width="275" height="16" font="11">Aggregated/Reconciliation Phase </text> <text top="504" left="92" width="5" height="16" font="3"> </text> <text top="541" left="92" width="702" height="16" font="3">This represented the main thrust of the assignment. It involved the collection and analysis of </text> <text top="563" left="92" width="41" height="16" font="3">data. </text> <text top="600" left="92" width="333" height="16" font="3">It also included financial and processing audit. </text> <text top="637" left="92" width="701" height="16" font="3">In executing the assignment we considered a design methodology which was used to request for </text> <text top="659" left="92" width="702" height="16" font="3">historical data on mining benefits received by Government. In line with this questionnaires were </text> <text top="682" left="92" width="701" height="16" font="3">designed right from the Inception phase to elicit responses from Government Agencies, Mining </text> <text top="704" left="92" width="256" height="16" font="3">Companies and District Assemblies. </text> <text top="741" left="92" width="632" height="16" font="3">A combination of desk and field work was employed in the execution of this assignment. </text> <text top="778" left="92" width="701" height="16" font="3">The desktop analysis involved the use of electronic data base management, computer </text> <text top="800" left="92" width="313" height="16" font="3">spreadsheets and other software packages. </text> <text top="837" left="92" width="701" height="16" font="3">In order to enable the effective execution of the tasks on schedule, a number of activities were </text> <text top="859" left="92" width="176" height="16" font="3">executed concurrently. </text> <text top="895" left="99" width="7" height="21" font="20">•</text> <text top="900" left="106" width="4" height="15" font="21"> </text> <text top="899" left="125" width="151" height="16" font="11">Document Review </text> <text top="923" left="92" width="4" height="14" font="3"> </text> <text top="960" left="92" width="702" height="16" font="3">Available documentation was critically reviewed to gain a deeper understanding of the </text> <text top="982" left="92" width="90" height="16" font="3">assignment. </text> <text top="1019" left="92" width="455" height="16" font="3">Documents identified that were studied included the following: </text> <text top="1056" left="118" width="13" height="16" font="3">a.</text> <text top="1057" left="132" width="4" height="15" font="24"> </text> <text top="1056" left="145" width="157" height="16" font="3">Reporting Templates </text> <text top="1075" left="118" width="14" height="16" font="3">b.</text> <text top="1076" left="132" width="4" height="15" font="24"> </text> <text top="1075" left="145" width="212" height="16" font="3">Mineral and Mining Act, 2006 </text> </page> <page number="20" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="43" size="14" family="Times" color="#000000"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">11 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="118" width="12" height="16" font="3">c.</text> <text top="163" left="130" width="4" height="15" font="24"> </text> <text top="162" left="145" width="302" height="16" font="3">Ghana Chamber of Mines Annual Reports. </text> <text top="182" left="118" width="14" height="16" font="3">d.</text> <text top="183" left="132" width="4" height="15" font="24"> </text> <text top="182" left="145" width="376" height="16" font="3">Feasibility Studies of participating Mining Companies </text> <text top="201" left="118" width="13" height="16" font="3">e.</text> <text top="202" left="132" width="4" height="15" font="24"> </text> <text top="201" left="145" width="353" height="16" font="3">Annual reports of participating mining companies </text> <text top="221" left="118" width="10" height="16" font="3">f.</text> <text top="221" left="128" width="4" height="15" font="24"> </text> <text top="221" left="145" width="442" height="16" font="3">Financial statements of mining companies for 2010 and 2011. </text> <text top="240" left="118" width="5" height="16" font="3"> </text> <text top="259" left="118" width="625" height="16" font="3">The document review was undertaken throughout the entire length of the assignment. </text> <text top="296" left="92" width="5" height="16" font="0"> </text> <text top="333" left="92" width="370" height="16" font="11">4.1 AGGREGATION/RECONCILIATION PHASE </text> <text top="357" left="92" width="5" height="16" font="0"> </text> <text top="393" left="92" width="158" height="17" font="18">4.1.2 Data Collection: </text> <text top="431" left="92" width="702" height="16" font="3">Data requested from the Departments and Agencies, selected Mining Companies and the relevant </text> <text top="453" left="92" width="333" height="16" font="3">District Assemblies was collated and analyzed. </text> <text top="490" left="92" width="702" height="16" font="3">The data collected included amounts paid by participating companies and receipts by the </text> <text top="512" left="92" width="163" height="16" font="3">government Agencies. </text> <text top="549" left="92" width="635" height="16" font="3">In addition to data on payments/receipts the reconciler also requested from participating </text> <text top="571" left="92" width="667" height="16" font="3">companies, information on capital allowances, production costs and preproduction costs. This </text> <text top="593" left="92" width="558" height="16" font="3">information is not provided in detail in the financial statements of companies. </text> <text top="631" left="92" width="4" height="14" font="43"> </text> <text top="667" left="92" width="117" height="17" font="18">4.1.2.1 Analysis </text> <text top="690" left="92" width="10" height="16" font="3"> </text> <text top="727" left="92" width="320" height="16" font="3">Activities undertaken at this stage included: </text> <text top="760" left="123" width="7" height="21" font="23">•</text> <text top="765" left="130" width="4" height="15" font="24"> </text> <text top="764" left="149" width="576" height="16" font="3">the reconciliation of details from Mining sector Agencies and Revenue Agencies, </text> <text top="783" left="123" width="5" height="16" font="3"> </text> <text top="816" left="123" width="7" height="21" font="23">•</text> <text top="821" left="130" width="4" height="15" font="24"> </text> <text top="820" left="149" width="645" height="16" font="3">Ascertaining the correctness of computations and payments received by each of the </text> <text top="840" left="149" width="645" height="16" font="3">agencies with respect to mineral right licence; ground rent; royalty; corporate tax and </text> <text top="859" left="149" width="77" height="16" font="3">dividends. </text> <text top="878" left="92" width="5" height="16" font="3"> </text> <text top="911" left="123" width="7" height="21" font="23">•</text> <text top="916" left="130" width="4" height="15" font="24"> </text> <text top="915" left="149" width="602" height="16" font="3"> Comparing payments by Mining Companies to that recorded by Revenue Agencies. </text> <text top="935" left="92" width="5" height="16" font="3"> </text> <text top="968" left="123" width="7" height="21" font="23">•</text> <text top="972" left="130" width="4" height="15" font="24"> </text> <text top="972" left="149" width="645" height="16" font="3">The reconciliation of payments made by the Head Office of the Administrator of Stool </text> <text top="991" left="149" width="327" height="16" font="3">Lands with that of its various regional offices. </text> <text top="1010" left="92" width="5" height="16" font="3"> </text> <text top="1044" left="123" width="7" height="21" font="23">•</text> <text top="1048" left="130" width="4" height="15" font="24"> </text> <text top="1047" left="149" width="645" height="16" font="3">The reconciliation of technical data from Mining Companies with that of the Mineral </text> <text top="1067" left="149" width="95" height="16" font="3">Commission. </text> <text top="1086" left="92" width="5" height="16" font="3"> </text> </page> <page number="21" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="44" size="15" family="Symbol" color="#000000"/> <fontspec id="45" size="15" family="Helvetica" color="#000000"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">12 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="159" left="118" width="8" height="23" font="44">•</text> <text top="164" left="126" width="5" height="16" font="45"> </text> <text top="163" left="145" width="649" height="17" font="2">Data collected from the District Assemblies, was reconciled with that of the Office </text> <text top="184" left="145" width="292" height="17" font="2">of the Administrator of Stool Lands. </text> <text top="205" left="92" width="15" height="16" font="3"> </text> <text top="238" left="118" width="8" height="23" font="44">•</text> <text top="243" left="126" width="5" height="16" font="45"> </text> <text top="242" left="145" width="649" height="17" font="2">Reviewed the accounts of the District Assemblies in respect of mineral royalty, </text> <text top="263" left="145" width="649" height="17" font="2">property rates and ground rent. The main objective is to ensure that payments </text> <text top="284" left="145" width="589" height="17" font="2">made by the Government to District Assemblies are properly accounted for. </text> <text top="323" left="145" width="649" height="17" font="2">The analysis included reviewing receipts on mineral royalties, Bank Accounts, Cash </text> <text top="344" left="145" width="491" height="17" font="2">Books and disbursements made from Mineral royalty accounts. </text> <text top="379" left="118" width="8" height="23" font="44">•</text> <text top="384" left="126" width="5" height="16" font="45"> </text> <text top="383" left="145" width="649" height="17" font="2">Disbursements were then matched against various projects made by the District </text> <text top="404" left="145" width="367" height="17" font="2">Assemblies from the mineral royalty accounts. </text> <text top="439" left="92" width="212" height="17" font="18">4.1.2.2 Data reliability check </text> <text top="479" left="92" width="676" height="17" font="2">Data collected from paticipating entities was scrutinised to ensure that they fully meet </text> <text top="500" left="92" width="670" height="17" font="2">the requirements set out for the completion of templates. Data reliability was checked </text> <text top="521" left="92" width="231" height="17" font="2">against the following criteria: </text> <text top="557" left="118" width="16" height="17" font="2">a)</text> <text top="557" left="134" width="5" height="16" font="45"> </text> <text top="557" left="145" width="621" height="17" font="2">Certification:- Templates were checked to ensure that they have been properly </text> <text top="581" left="145" width="634" height="17" font="2">endorsed by completing officers with appropriate signatories and official stamps. </text> <text top="605" left="145" width="5" height="17" font="2"> </text> <text top="630" left="118" width="16" height="17" font="2">b)</text> <text top="631" left="135" width="5" height="16" font="45"> </text> <text top="630" left="145" width="638" height="17" font="2">Completeness:- Templates submitted by participating candidates were checked to </text> <text top="654" left="145" width="541" height="17" font="2">ensure that all requisite responses have been thoroughly completed. </text> <text top="678" left="145" width="5" height="17" font="2"> </text> <text top="700" left="145" width="5" height="17" font="2"> </text> <text top="724" left="118" width="15" height="17" font="2">c)</text> <text top="725" left="133" width="5" height="16" font="45"> </text> <text top="724" left="145" width="585" height="17" font="2">Relevance:- Attached documentations such as receipts and schedules were </text> <text top="748" left="145" width="603" height="17" font="2">checked for their relevance to figures and periods provided on the templates. </text> <text top="773" left="145" width="5" height="17" font="2"> </text> <text top="797" left="118" width="16" height="17" font="2">d)</text> <text top="798" left="135" width="5" height="16" font="45"> </text> <text top="797" left="145" width="585" height="17" font="2">Correctness/accuracy:- Figures provided in the templates were checked for </text> <text top="821" left="145" width="598" height="17" font="2">correctness against receipts or other documentions provided. Also figures on </text> <text top="845" left="145" width="608" height="17" font="2">receipts were summed up to ensure they tally with the figures provided in the </text> <text top="870" left="145" width="97" height="17" font="2">templates. </text> <text top="907" left="92" width="304" height="17" font="18">4.1.3 Data Aggregation and Reconciliation </text> <text top="945" left="92" width="642" height="16" font="3">Templates were completed for Government and Mining Companies. The process involved: </text> <text top="982" left="92" width="5" height="16" font="3"> </text> <text top="1021" left="96" width="9" height="14" font="3">i)</text> <text top="1020" left="105" width="4" height="15" font="24"> </text> <text top="1019" left="149" width="645" height="16" font="3">Developing a composite template for Mining Companies by adding similar benefits from </text> <text top="1042" left="149" width="645" height="16" font="3">individual Mining Company templates e.g. royalty and dividend paid. This will be shown </text> <text top="1065" left="149" width="228" height="16" font="3">on company by company basis. </text> <text top="1089" left="149" width="5" height="16" font="3"> </text> </page> <page number="22" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">13 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="164" left="96" width="12" height="14" font="3">ii)</text> <text top="163" left="109" width="4" height="15" font="24"> </text> <text top="162" left="149" width="645" height="16" font="3">Providing disaggregated formats of payments and revenues by company, government </text> <text top="186" left="149" width="207" height="16" font="3">agency and revenue stream. </text> <text top="209" left="145" width="5" height="17" font="2"> </text> <text top="232" left="96" width="16" height="14" font="3">iii)</text> <text top="231" left="112" width="4" height="15" font="24"> </text> <text top="230" left="149" width="595" height="16" font="3">Indicating in detail the discrepancies produced by companies for a revenue stream. </text> <text top="253" left="96" width="5" height="16" font="3"> </text> <text top="293" left="96" width="16" height="14" font="3">iv)</text> <text top="292" left="112" width="4" height="15" font="24"> </text> <text top="291" left="149" width="645" height="16" font="3">Comparing consolidated Mining company template (i.e. Composite Mining template) with </text> <text top="314" left="149" width="164" height="16" font="3">Government template. </text> <text top="338" left="92" width="5" height="16" font="3"> </text> <text top="378" left="96" width="12" height="14" font="3">v)</text> <text top="376" left="109" width="4" height="15" font="24"> </text> <text top="376" left="149" width="645" height="16" font="3">Detailing all discrepancies including those that have been resolved and any unresolved </text> <text top="399" left="149" width="104" height="16" font="3">discrepancies. </text> <text top="422" left="92" width="5" height="16" font="3"> </text> <text top="462" left="96" width="16" height="14" font="3">vi)</text> <text top="461" left="112" width="4" height="15" font="24"> </text> <text top="460" left="149" width="588" height="16" font="3">Making adequate disclosures to enable users of the information undertake their </text> <text top="483" left="96" width="322" height="16" font="3"> own investigation of any discrepancy. </text> <text top="520" left="92" width="5" height="16" font="0"> </text> <text top="557" left="92" width="185" height="16" font="25">5.0 RECONCILIATION </text> <text top="594" left="92" width="701" height="16" font="3">All the participating companies and District Assemblies submitted data. Reported government </text> <text top="616" left="92" width="642" height="16" font="3">receipts exceeded company payments for 2010 and 2011. (See Tables 7.1; 7.2; 8.1; 8.2). </text> <text top="653" left="92" width="516" height="16" font="3">Details of reconciliation results have been shown in sections 7.0 and 8.0 </text> <text top="690" left="92" width="5" height="16" font="3"> </text> <text top="730" left="92" width="492" height="16" font="11">5.1 PRODUCTION/ROYALTY ANALYSIS/PRODUCTION COST. </text> <text top="767" left="92" width="508" height="16" font="3">Production of gold, bauxite and manganese maintained steady growth. </text> <text top="800" left="92" width="597" height="16" font="3">However some mines such as Anglogold Ashanti Obuasi and Golden Star Resources </text> <text top="823" left="92" width="700" height="16" font="3">Prestea/Bogoso recorded slowed production in the range of 18% and 26% respectively. Relatively </text> <text top="845" left="92" width="693" height="16" font="3">new mines such as Newmont Ghana Gold Ltd and Chirano Gold Mines Ltd maintained the growth </text> <text top="867" left="92" width="66" height="16" font="3">pattern. </text> <text top="905" left="92" width="4" height="16" font="17"> </text> <text top="943" left="92" width="4" height="16" font="17"> </text> <text top="980" left="92" width="4" height="16" font="17"> </text> <text top="1018" left="92" width="4" height="16" font="17"> </text> <text top="1056" left="92" width="4" height="16" font="17"> </text> </page> <page number="23" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="46" size="11" family="Times" color="#ffffff"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">14 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="163" left="92" width="4" height="16" font="17"> </text> <text top="201" left="92" width="593" height="17" font="2">Table 5.1 shows production movements of the major gold mining companies</text> <text top="202" left="685" width="10" height="16" font="3">. </text> <text top="239" left="92" width="287" height="14" font="8">Table 5.1: Mineral Production in 2010/2011 </text> <text top="261" left="100" width="33" height="18" font="46">MINE</text> <text top="262" left="100" width="33" height="18" font="46">MINE</text> <text top="262" left="100" width="33" height="18" font="46">MINE</text> <text top="261" left="100" width="37" height="18" font="46">MINE </text> <text top="261" left="423" width="29" height="18" font="46">2011</text> <text top="262" left="422" width="29" height="18" font="46">2011</text> <text top="262" left="423" width="29" height="18" font="46">2011</text> <text top="261" left="422" width="33" height="18" font="46">2011 </text> <text top="261" left="496" width="29" height="18" font="46">2010</text> <text top="262" left="495" width="29" height="18" font="46">2010</text> <text top="262" left="496" width="29" height="18" font="46">2010</text> <text top="261" left="495" width="33" height="18" font="46">2010 </text> <text top="261" left="580" width="62" height="18" font="46">% Change</text> <text top="262" left="580" width="62" height="18" font="46">% Change</text> <text top="262" left="580" width="62" height="18" font="46">% Change</text> <text top="261" left="580" width="65" height="18" font="46">% Change </text> <text top="308" left="100" width="110" height="18" font="5">Anglogold Ashanti </text> <text top="308" left="100" width="110" height="18" font="5">Anglogold Ashanti </text> <text top="308" left="100" width="110" height="18" font="5">Anglogold Ashanti </text> <text top="308" left="100" width="152" height="18" font="5">Anglogold Ashanti Obuasi</text> <text top="308" left="209" width="42" height="18" font="5">Obuasi</text> <text top="308" left="210" width="42" height="18" font="5">Obuasi</text> <text top="308" left="209" width="49" height="18" font="5">Obuasi </text> <text top="285" left="366" width="48" height="18" font="5"> </text> <text top="285" left="365" width="48" height="18" font="5"> </text> <text top="285" left="366" width="48" height="18" font="5"> </text> <text top="285" left="365" width="48" height="18" font="5"> </text> <text top="308" left="366" width="51" height="18" font="5">312,595 </text> <text top="308" left="365" width="51" height="18" font="5">312,595 </text> <text top="308" left="366" width="51" height="18" font="5">312,595 </text> <text top="308" left="365" width="55" height="18" font="5">312,595 </text> <text top="285" left="510" width="48" height="18" font="5"> </text> <text top="285" left="510" width="48" height="18" font="5"> </text> <text top="285" left="510" width="48" height="18" font="5"> </text> <text top="285" left="510" width="48" height="18" font="5"> </text> <text top="308" left="486" width="51" height="18" font="5">380,490 </text> <text top="308" left="486" width="51" height="18" font="5">380,490 </text> <text top="308" left="486" width="51" height="18" font="5">380,490 </text> <text top="308" left="486" width="55" height="18" font="5">380,490 </text> <text top="285" left="569" width="59" height="18" font="5"> </text> <text top="285" left="568" width="59" height="18" font="5"> </text> <text top="285" left="569" width="59" height="18" font="5"> </text> <text top="285" left="568" width="59" height="18" font="5"> </text> <text top="308" left="569" width="42" height="18" font="5">(17.84)</text> <text top="308" left="568" width="42" height="18" font="5">(17.84)</text> <text top="308" left="569" width="42" height="18" font="5">(17.84)</text> <text top="308" left="568" width="46" height="18" font="5">(17.84) </text> <text top="354" left="100" width="110" height="18" font="46">Anglogold Ashanti </text> <text top="355" left="100" width="110" height="18" font="46">Anglogold Ashanti </text> <text top="355" left="100" width="110" height="18" font="46">Anglogold Ashanti </text> <text top="354" left="100" width="169" height="18" font="46">Anglogold Ashanti Iduapriem</text> <text top="355" left="209" width="58" height="18" font="46">Iduapriem</text> <text top="355" left="210" width="58" height="18" font="46">Iduapriem</text> <text top="354" left="209" width="62" height="18" font="46">Iduapriem </text> <text top="332" left="366" width="48" height="18" font="46"> </text> <text top="332" left="365" width="48" height="18" font="46"> </text> <text top="332" left="366" width="48" height="18" font="46"> </text> <text top="332" left="365" width="48" height="18" font="46"> </text> <text top="354" left="366" width="51" height="18" font="46">195,650 </text> <text top="355" left="365" width="51" height="18" font="46">195,650 </text> <text top="355" left="366" width="51" height="18" font="46">195,650 </text> <text top="354" left="365" width="55" height="18" font="46">195,650 </text> <text top="332" left="510" width="48" height="18" font="46"> </text> <text top="332" left="510" width="48" height="18" font="46"> </text> <text top="332" left="510" width="48" height="18" font="46"> </text> <text top="332" left="510" width="48" height="18" font="46"> </text> <text top="354" left="486" width="51" height="18" font="46">190,442 </text> <text top="355" left="486" width="51" height="18" font="46">190,442 </text> <text top="355" left="486" width="51" height="18" font="46">190,442 </text> <text top="354" left="486" width="55" height="18" font="46">190,442 </text> <text top="332" left="569" width="73" height="18" font="46"> </text> <text top="332" left="568" width="73" height="18" font="46"> </text> <text top="332" left="569" width="73" height="18" font="46"> </text> <text top="332" left="568" width="73" height="18" font="46"> </text> <text top="354" left="569" width="29" height="18" font="46">2.73 </text> <text top="355" left="568" width="29" height="18" font="46">2.73 </text> <text top="355" left="569" width="29" height="18" font="46">2.73 </text> <text top="354" left="568" width="33" height="18" font="46">2.73 </text> <text top="401" left="100" width="28" height="18" font="5">Gold</text> <text top="401" left="100" width="28" height="18" font="5">Gold</text> <text top="401" left="100" width="28" height="18" font="5">Gold</text> <text top="401" left="100" width="71" height="18" font="5">Gold FFFFields </text> <text top="401" left="139" width="31" height="18" font="5">ields </text> <text top="401" left="139" width="31" height="18" font="5">ields </text> <text top="401" left="139" width="74" height="18" font="5">ields Tarkwa</text> <text top="401" left="170" width="43" height="18" font="5">Tarkwa</text> <text top="401" left="170" width="43" height="18" font="5">Tarkwa</text> <text top="401" left="170" width="47" height="18" font="5">Tarkwa </text> <text top="378" left="366" width="48" height="18" font="5"> </text> <text top="378" left="365" width="48" height="18" font="5"> </text> <text top="378" left="366" width="48" height="18" font="5"> </text> <text top="378" left="365" width="48" height="18" font="5"> </text> <text top="401" left="366" width="51" height="18" font="5">718,617 </text> <text top="401" left="365" width="51" height="18" font="5">718,617 </text> <text top="401" left="366" width="51" height="18" font="5">718,617 </text> <text top="401" left="365" width="55" height="18" font="5">718,617 </text> <text top="378" left="510" width="48" height="18" font="5"> </text> <text top="378" left="510" width="48" height="18" font="5"> </text> <text top="378" left="510" width="48" height="18" font="5"> </text> <text top="378" left="510" width="48" height="18" font="5"> </text> <text top="401" left="486" width="51" height="18" font="5">664,515 </text> <text top="401" left="486" width="51" height="18" font="5">664,515 </text> <text top="401" left="486" width="51" height="18" font="5">664,515 </text> <text top="401" left="486" width="55" height="18" font="5">664,515 </text> <text top="378" left="569" width="73" height="18" font="5"> </text> <text top="378" left="568" width="73" height="18" font="5"> </text> <text top="378" left="569" width="73" height="18" font="5"> </text> <text top="378" left="568" width="73" height="18" font="5"> </text> <text top="401" left="569" width="29" height="18" font="5">8.14 </text> <text top="401" left="568" width="29" height="18" font="5">8.14 </text> <text top="401" left="569" width="29" height="18" font="5">8.14 </text> <text top="401" left="568" width="33" height="18" font="5">8.14 </text> <text top="448" left="100" width="16" height="18" font="46">Ab</text> <text top="448" left="100" width="16" height="18" font="46">Ab</text> <text top="448" left="100" width="16" height="18" font="46">Ab</text> <text top="448" left="100" width="30" height="18" font="46">Abos</text> <text top="448" left="116" width="14" height="18" font="46">os</text> <text top="448" left="116" width="14" height="18" font="46">os</text> <text top="448" left="116" width="90" height="18" font="46">osssssoooo Goldfields</text> <text top="448" left="147" width="58" height="18" font="46">Goldfields</text> <text top="448" left="148" width="58" height="18" font="46">Goldfields</text> <text top="448" left="147" width="62" height="18" font="46">Goldfields </text> <text top="425" left="366" width="48" height="18" font="46"> </text> <text top="425" left="365" width="48" height="18" font="46"> </text> <text top="425" left="366" width="48" height="18" font="46"> </text> <text top="425" left="365" width="48" height="18" font="46"> </text> <text top="448" left="366" width="51" height="18" font="46">217,718 </text> <text top="448" left="365" width="51" height="18" font="46">217,718 </text> <text top="448" left="366" width="51" height="18" font="46">217,718 </text> <text top="448" left="365" width="55" height="18" font="46">217,718 </text> <text top="425" left="510" width="48" height="18" font="46"> </text> <text top="425" left="510" width="48" height="18" font="46"> </text> <text top="425" left="510" width="48" height="18" font="46"> </text> <text top="425" left="510" width="48" height="18" font="46"> </text> <text top="448" left="486" width="51" height="18" font="46">202,505 </text> <text top="448" left="486" width="51" height="18" font="46">202,505 </text> <text top="448" left="486" width="51" height="18" font="46">202,505 </text> <text top="448" left="486" width="55" height="18" font="46">202,505 </text> <text top="425" left="569" width="73" height="18" font="46"> </text> <text top="425" left="568" width="73" height="18" font="46"> </text> <text top="425" left="569" width="73" height="18" font="46"> </text> <text top="425" left="568" width="73" height="18" font="46"> </text> <text top="448" left="569" width="29" height="18" font="46">7.51 </text> <text top="448" left="568" width="29" height="18" font="46">7.51 </text> <text top="448" left="569" width="29" height="18" font="46">7.51 </text> <text top="448" left="568" width="33" height="18" font="46">7.51 </text> <text top="494" left="100" width="140" height="18" font="5">Golden Star Resources </text> <text top="494" left="100" width="140" height="18" font="5">Golden Star Resources </text> <text top="494" left="100" width="140" height="18" font="5">Golden Star Resources </text> <text top="494" left="100" width="185" height="18" font="5">Golden Star Resources Bogosu</text> <text top="494" left="240" width="45" height="18" font="5">Bogosu</text> <text top="494" left="240" width="45" height="18" font="5">Bogosu</text> <text top="494" left="240" width="94" height="18" font="5">Bogosu/Prestea</text> <text top="494" left="285" width="49" height="18" font="5">/Prestea</text> <text top="494" left="285" width="49" height="18" font="5">/Prestea</text> <text top="494" left="285" width="53" height="18" font="5">/Prestea </text> <text top="471" left="366" width="48" height="18" font="5"> </text> <text top="471" left="365" width="48" height="18" font="5"> </text> <text top="471" left="366" width="48" height="18" font="5"> </text> <text top="471" left="365" width="48" height="18" font="5"> </text> <text top="494" left="366" width="51" height="18" font="5">139,533 </text> <text top="494" left="365" width="51" height="18" font="5">139,533 </text> <text top="494" left="366" width="51" height="18" font="5">139,533 </text> <text top="494" left="365" width="55" height="18" font="5">139,533 </text> <text top="471" left="510" width="48" height="18" font="5"> </text> <text top="471" left="510" width="48" height="18" font="5"> </text> <text top="471" left="510" width="48" height="18" font="5"> </text> <text top="471" left="510" width="48" height="18" font="5"> </text> <text top="494" left="486" width="51" height="18" font="5">189,055 </text> <text top="494" left="486" width="51" height="18" font="5">189,055 </text> <text top="494" left="486" width="51" height="18" font="5">189,055 </text> <text top="494" left="486" width="55" height="18" font="5">189,055 </text> <text top="471" left="569" width="59" height="18" font="5"> </text> <text top="471" left="568" width="59" height="18" font="5"> </text> <text top="471" left="569" width="59" height="18" font="5"> </text> <text top="471" left="568" width="59" height="18" font="5"> </text> <text top="494" left="569" width="42" height="18" font="5">(26.19)</text> <text top="494" left="568" width="42" height="18" font="5">(26.19)</text> <text top="494" left="569" width="42" height="18" font="5">(26.19)</text> <text top="494" left="568" width="46" height="18" font="5">(26.19) </text> <text top="541" left="100" width="140" height="18" font="46">Golden Star Resources </text> <text top="541" left="100" width="140" height="18" font="46">Golden Star Resources </text> <text top="541" left="100" width="140" height="18" font="46">Golden Star Resources </text> <text top="541" left="100" width="181" height="18" font="46">Golden Star Resources Wassa</text> <text top="541" left="240" width="40" height="18" font="46">Wassa</text> <text top="541" left="240" width="40" height="18" font="46">Wassa</text> <text top="541" left="240" width="44" height="18" font="46">Wassa </text> <text top="518" left="366" width="48" height="18" font="46"> </text> <text top="518" left="365" width="48" height="18" font="46"> </text> <text top="518" left="366" width="48" height="18" font="46"> </text> <text top="518" left="365" width="48" height="18" font="46"> </text> <text top="541" left="366" width="51" height="18" font="46">160,616 </text> <text top="541" left="365" width="51" height="18" font="46">160,616 </text> <text top="541" left="366" width="51" height="18" font="46">160,616 </text> <text top="541" left="365" width="55" height="18" font="46">160,616 </text> <text top="518" left="510" width="48" height="18" font="46"> </text> <text top="518" left="510" width="48" height="18" font="46"> </text> <text top="518" left="510" width="48" height="18" font="46"> </text> <text top="518" left="510" width="48" height="18" font="46"> </text> <text top="541" left="486" width="51" height="18" font="46">219,138 </text> <text top="541" left="486" width="51" height="18" font="46">219,138 </text> <text top="541" left="486" width="51" height="18" font="46">219,138 </text> <text top="541" left="486" width="55" height="18" font="46">219,138 </text> <text top="518" left="569" width="59" height="18" font="46"> </text> <text top="518" left="568" width="59" height="18" font="46"> </text> <text top="518" left="569" width="59" height="18" font="46"> </text> <text top="518" left="568" width="59" height="18" font="46"> </text> <text top="541" left="569" width="42" height="18" font="46">(26.71)</text> <text top="541" left="568" width="42" height="18" font="46">(26.71)</text> <text top="541" left="569" width="42" height="18" font="46">(26.71)</text> <text top="541" left="568" width="46" height="18" font="46">(26.71) </text> <text top="587" left="100" width="56" height="18" font="5">Newmont</text> <text top="587" left="100" width="56" height="18" font="5">Newmont</text> <text top="587" left="100" width="56" height="18" font="5">Newmont</text> <text top="587" left="100" width="99" height="18" font="5">Newmont Ghana</text> <text top="587" left="159" width="40" height="18" font="5">Ghana</text> <text top="587" left="159" width="40" height="18" font="5">Ghana</text> <text top="587" left="159" width="71" height="18" font="5">Ghana Gold</text> <text top="587" left="202" width="28" height="18" font="5">Gold</text> <text top="587" left="202" width="28" height="18" font="5">Gold</text> <text top="587" left="202" width="50" height="18" font="5">Gold Ltd</text> <text top="587" left="233" width="18" height="18" font="5">Ltd</text> <text top="587" left="234" width="18" height="18" font="5">Ltd</text> <text top="587" left="233" width="22" height="18" font="5">Ltd </text> <text top="564" left="366" width="48" height="18" font="5"> </text> <text top="564" left="365" width="48" height="18" font="5"> </text> <text top="564" left="366" width="48" height="18" font="5"> </text> <text top="564" left="365" width="48" height="18" font="5"> </text> <text top="587" left="366" width="51" height="18" font="5">566,285 </text> <text top="587" left="365" width="51" height="18" font="5">566,285 </text> <text top="587" left="366" width="51" height="18" font="5">566,285 </text> <text top="587" left="365" width="55" height="18" font="5">566,285 </text> <text top="564" left="510" width="48" height="18" font="5"> </text> <text top="564" left="510" width="48" height="18" font="5"> </text> <text top="564" left="510" width="48" height="18" font="5"> </text> <text top="564" left="510" width="48" height="18" font="5"> </text> <text top="587" left="486" width="51" height="18" font="5">532,595 </text> <text top="587" left="486" width="51" height="18" font="5">532,595 </text> <text top="587" left="486" width="51" height="18" font="5">532,595 </text> <text top="587" left="486" width="55" height="18" font="5">532,595 </text> <text top="564" left="569" width="73" height="18" font="5"> </text> <text top="564" left="568" width="73" height="18" font="5"> </text> <text top="564" left="569" width="73" height="18" font="5"> </text> <text top="564" left="568" width="73" height="18" font="5"> </text> <text top="587" left="569" width="29" height="18" font="5">6.33 </text> <text top="587" left="568" width="29" height="18" font="5">6.33 </text> <text top="587" left="569" width="29" height="18" font="5">6.33 </text> <text top="587" left="568" width="33" height="18" font="5">6.33 </text> <text top="634" left="100" width="46" height="18" font="46">Chirano</text> <text top="634" left="100" width="46" height="18" font="46">Chirano</text> <text top="634" left="100" width="46" height="18" font="46">Chirano</text> <text top="634" left="100" width="117" height="18" font="46">Chirano Gold Mines</text> <text top="634" left="149" width="67" height="18" font="46">Gold Mines</text> <text top="634" left="150" width="67" height="18" font="46">Gold Mines</text> <text top="634" left="149" width="89" height="18" font="46">Gold Mines Ltd</text> <text top="634" left="220" width="18" height="18" font="46">Ltd</text> <text top="634" left="220" width="18" height="18" font="46">Ltd</text> <text top="634" left="220" width="22" height="18" font="46">Ltd </text> <text top="611" left="366" width="48" height="18" font="46"> </text> <text top="611" left="365" width="48" height="18" font="46"> </text> <text top="611" left="366" width="48" height="18" font="46"> </text> <text top="611" left="365" width="48" height="18" font="46"> </text> <text top="634" left="366" width="51" height="18" font="46">261,903 </text> <text top="634" left="365" width="51" height="18" font="46">261,903 </text> <text top="634" left="366" width="51" height="18" font="46">261,903 </text> <text top="634" left="365" width="55" height="18" font="46">261,903 </text> <text top="611" left="510" width="48" height="18" font="46"> </text> <text top="611" left="510" width="48" height="18" font="46"> </text> <text top="611" left="510" width="48" height="18" font="46"> </text> <text top="611" left="510" width="48" height="18" font="46"> </text> <text top="634" left="486" width="51" height="18" font="46">177,816 </text> <text top="634" left="486" width="51" height="18" font="46">177,816 </text> <text top="634" left="486" width="51" height="18" font="46">177,816 </text> <text top="634" left="486" width="55" height="18" font="46">177,816 </text> <text top="611" left="569" width="62" height="18" font="46"> </text> <text top="611" left="568" width="62" height="18" font="46"> </text> <text top="611" left="569" width="62" height="18" font="46"> </text> <text top="611" left="568" width="62" height="18" font="46"> </text> <text top="634" left="569" width="37" height="18" font="46">47.29 </text> <text top="634" left="568" width="37" height="18" font="46">47.29 </text> <text top="634" left="569" width="37" height="18" font="46">47.29 </text> <text top="634" left="568" width="41" height="18" font="46">47.29 </text> <text top="680" left="100" width="52" height="18" font="5">Adamus </text> <text top="680" left="100" width="52" height="18" font="5">Adamus </text> <text top="680" left="100" width="52" height="18" font="5">Adamus </text> <text top="680" left="100" width="115" height="18" font="5">Adamus Resources</text> <text top="680" left="152" width="63" height="18" font="5">Resources</text> <text top="680" left="152" width="63" height="18" font="5">Resources</text> <text top="680" left="152" width="67" height="18" font="5">Resources </text> <text top="657" left="366" width="55" height="18" font="5"> </text> <text top="657" left="365" width="55" height="18" font="5"> </text> <text top="657" left="366" width="55" height="18" font="5"> </text> <text top="657" left="365" width="55" height="18" font="5"> </text> <text top="680" left="366" width="44" height="18" font="5">90,026 </text> <text top="680" left="365" width="44" height="18" font="5">90,026 </text> <text top="680" left="366" width="44" height="18" font="5">90,026 </text> <text top="680" left="365" width="48" height="18" font="5">90,026 </text> <text top="657" left="510" width="88" height="18" font="5"> </text> <text top="657" left="510" width="88" height="18" font="5"> </text> <text top="657" left="510" width="88" height="18" font="5"> </text> <text top="657" left="510" width="88" height="18" font="5"> </text> <text top="680" left="508" width="15" height="18" font="5">---- </text> <text top="680" left="512" width="11" height="18" font="5"> </text> <text top="680" left="512" width="11" height="18" font="5"> </text> <text top="680" left="512" width="15" height="18" font="5"> </text> <text top="657" left="569" width="88" height="18" font="5"> </text> <text top="657" left="568" width="88" height="18" font="5"> </text> <text top="657" left="569" width="88" height="18" font="5"> </text> <text top="657" left="568" width="88" height="18" font="5"> </text> <text top="680" left="569" width="15" height="18" font="5">---- </text> <text top="680" left="573" width="11" height="18" font="5"> </text> <text top="680" left="573" width="11" height="18" font="5"> </text> <text top="680" left="573" width="15" height="18" font="5"> </text> <text top="727" left="92" width="230" height="14" font="8">SOURCE: MINERALS COMMISSION. </text> <text top="764" left="92" width="4" height="14" font="3"> </text> </page> <page number="24" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="47" size="12" family="Times" color="#3232ff"/> <fontspec id="48" size="12" family="Times" color="#3232ff"/> <fontspec id="49" size="24" family="Times" color="#3232ff"/> <text top="107" left="92" width="669" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011</text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="1142" left="92" width="4" height="14" font="3"> </text> <text top="546" left="92" width="4" height="14" font="3"> </text> <text top="583" left="92" width="4" height="14" font="3"> </text> <text top="620" left="92" width="46" height="14" font="3">Fig 5.1 </text> <text top="378" left="179" width="4" height="13" font="12">-</text> <text top="360" left="142" width="51" height="13" font="12">100,000 </text> <text top="341" left="142" width="51" height="13" font="12">200,000 </text> <text top="323" left="142" width="51" height="13" font="12">300,000 </text> <text top="305" left="142" width="51" height="13" font="12">400,000 </text> <text top="287" left="142" width="51" height="13" font="12">500,000 </text> <text top="268" left="142" width="51" height="13" font="12">600,000 </text> <text top="250" left="142" width="51" height="13" font="12">700,000 </text> <text top="232" left="142" width="51" height="13" font="12">800,000 </text> <text top="347" left="124" width="0" height="13" font="47">P</text> <text top="340" left="124" width="0" height="13" font="47">ro</text> <text top="326" left="124" width="0" height="13" font="47">d</text> <text top="318" left="124" width="0" height="13" font="47">u</text> <text top="311" left="124" width="0" height="13" font="47">ct</text> <text top="299" left="124" width="0" height="13" font="47">io</text> <text top="288" left="124" width="0" height="13" font="47">n</text> <text top="280" left="124" width="0" height="13" font="47"> (</text> <text top="273" left="124" width="0" height="13" font="47">o</text> <text top="265" left="124" width="0" height="13" font="47">z)</text> <text top="181" left="226" width="364" height="15" font="11">Fig 5: Analysis of Gold Production by Mines 2010/2011</text> <text top="1014" left="279" width="96" height="13" font="48">Bogoso/Prestea</text> <text top="1031" left="305" width="51" height="13" font="48">139,533 </text> <text top="969" left="208" width="39" height="13" font="48">Wassa</text> <text top="987" left="205" width="51" height="13" font="48">160,616 </text> <text top="1005" left="219" width="18" height="13" font="48">6%</text> <text top="850" left="197" width="64" height="13" font="48">Newmont </text> <text top="868" left="205" width="51" height="13" font="48">566,285 </text> <text top="885" left="215" width="25" height="13" font="48">21%</text> <text top="707" left="301" width="47" height="13" font="48">Chirano</text> <text top="725" left="302" width="51" height="13" font="48">261,903 </text> <text top="743" left="312" width="25" height="13" font="48">10%</text> <text top="662" left="264" width="408" height="24" font="49">Gold Production(oz) by mines in 2011</text> <text top="107" left="184" width="577" height="15" font="15">Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011</text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="487" left="388" width="31" height="13" font="48">Mine</text> <text top="181" left="226" width="364" height="15" font="11">Fig 5: Analysis of Gold Production by Mines 2010/2011</text> <text top="676" left="482" width="42" height="13" font="48">Obuasi</text> <text top="694" left="480" width="51" height="13" font="48">312,595 </text> <text top="712" left="490" width="25" height="13" font="48">12%</text> <text top="717" left="609" width="63" height="13" font="48">Iduapriem</text> <text top="735" left="618" width="51" height="13" font="48">195,650 </text> <text top="811" left="624" width="45" height="13" font="48">Tarkwa</text> <text top="829" left="624" width="51" height="13" font="48">718,617 </text> <text top="1027" left="397" width="50" height="13" font="48">Damang</text> <text top="1045" left="400" width="51" height="13" font="48">217,718 </text> <text top="1063" left="413" width="18" height="13" font="48">8%</text> <text top="1014" left="279" width="96" height="13" font="48">Bogoso/Prestea</text> <text top="1031" left="305" width="51" height="13" font="48">139,533 </text> <text top="1049" left="319" width="18" height="13" font="48">5%</text> <text top="707" left="301" width="47" height="13" font="48">Chirano</text> <text top="725" left="302" width="51" height="13" font="48">261,903 </text> <text top="743" left="312" width="25" height="13" font="48">10%</text> <text top="670" left="363" width="53" height="13" font="48">Adamus </text> <text top="688" left="368" width="44" height="13" font="48">90,026 </text> <text top="706" left="378" width="18" height="13" font="48">4%</text> <text top="678" left="467" width="4" height="13" font="48">-</text> <text top="695" left="458" width="18" height="13" font="48">0%</text> <text top="662" left="264" width="408" height="24" font="49">Gold Production(oz) by mines in 2011</text> <text top="107" left="184" width="581" height="15" font="15">Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="1122" left="772" width="20" height="14" font="3">15 </text> <text top="513" left="679" width="4" height="14" font="3"> </text> <text top="1068" left="775" width="4" height="14" font="3"> </text> <text top="354" left="635" width="30" height="13" font="12">2011</text> <text top="380" left="635" width="30" height="13" font="12">2010</text> <text top="717" left="609" width="63" height="13" font="48">Iduapriem</text> <text top="735" left="618" width="51" height="13" font="48">195,650 </text> <text top="753" left="631" width="18" height="13" font="48">7%</text> <text top="811" left="624" width="45" height="13" font="48">Tarkwa</text> <text top="829" left="624" width="51" height="13" font="48">718,617 </text> <text top="846" left="633" width="25" height="13" font="48">27%</text> <text top="662" left="264" width="408" height="24" font="49">Gold Production(oz) by mines in 2011</text> </page> <page number="25" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="50" size="8" family="Times" color="#000000"/> <fontspec id="51" size="15" family="Times" color="#ffffff"/> <fontspec id="52" size="15" family="Times" color="#3232ff"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">16 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="684" height="16" font="3">Gold Fields Tarkwa continues to capture the largest production share in Ghana, closely followed </text> <text top="185" left="92" width="214" height="16" font="3">by Newmont Ghana Gold Ltd. </text> <text top="225" left="92" width="328" height="16" font="11">5.2 PRODUCTION/ ROYALTY ANALYSIS. </text> <text top="261" left="92" width="590" height="16" font="3">The analyses of production and royalty payments have been shown in Appendix 4. </text> <text top="298" left="92" width="669" height="16" font="3">The production figures used are those that correspond to the quarterly payments of royalties. </text> <text top="336" left="92" width="302" height="17" font="19">5.3 OPERATING COSTS ANALYSIS </text> <text top="374" left="92" width="492" height="16" font="3">Mining companies had not submitted their returns for operating costs</text> <text top="371" left="584" width="5" height="10" font="50">ii</text> <text top="374" left="588" width="114" height="16" font="3"> and cash costs </text> <text top="396" left="92" width="690" height="16" font="3">determination at the time of finalizing this report. As a result the Reconciler largely depended on </text> <text top="419" left="92" width="329" height="16" font="3">Mineral Commission’s uncorroborated report. </text> <text top="454" left="92" width="442" height="15" font="27"> Table 5.2 Revenue vrs Operating/Cash costs guide (2010) </text> <text top="476" left="100" width="33" height="18" font="46">MINE</text> <text top="476" left="100" width="33" height="18" font="46">MINE</text> <text top="476" left="100" width="33" height="18" font="46">MINE</text> <text top="476" left="100" width="37" height="18" font="46">MINE </text> <text top="476" left="366" width="75" height="18" font="46">Cash cost($)</text> <text top="476" left="365" width="75" height="18" font="46">Cash cost($)</text> <text top="476" left="366" width="75" height="18" font="46">Cash cost($)</text> <text top="476" left="365" width="79" height="18" font="46">Cash cost($) </text> <text top="476" left="473" width="95" height="18" font="46">Operating Costs</text> <text top="476" left="472" width="95" height="18" font="46">Operating Costs</text> <text top="476" left="473" width="95" height="18" font="46">Operating Costs</text> <text top="476" left="472" width="99" height="18" font="46">Operating Costs </text> <text top="476" left="608" width="61" height="18" font="46">Revenue (</text> <text top="476" left="607" width="61" height="18" font="46">Revenue (</text> <text top="476" left="608" width="61" height="18" font="46">Revenue (</text> <text top="476" left="607" width="73" height="18" font="46">Revenue ($)</text> <text top="476" left="668" width="12" height="18" font="46">$)</text> <text top="476" left="668" width="12" height="18" font="46">$)</text> <text top="476" left="668" width="16" height="18" font="46">$) </text> <text top="520" left="100" width="109" height="16" font="17">Ghana Bauxite </text> <text top="500" left="365" width="44" height="16" font="17"> </text> <text top="520" left="365" width="79" height="16" font="17">1,528,471 </text> <text top="520" left="520" width="18" height="16" font="17"> </text> <text top="500" left="589" width="31" height="16" font="17"> </text> <text top="520" left="589" width="109" height="16" font="17">15,330,258.67 </text> <text top="562" left="100" width="177" height="16" font="51">Chirano Gold Mines Ltd </text> <text top="541" left="365" width="31" height="16" font="51"> </text> <text top="562" left="365" width="88" height="16" font="51">15,201,800 </text> <text top="562" left="520" width="18" height="16" font="51"> </text> <text top="541" left="589" width="18" height="16" font="51"> </text> <text top="562" left="589" width="118" height="16" font="51">324,915,700.00 </text> <text top="603" left="100" width="215" height="16" font="17">Anglogold Ashanti Iduapriem </text> <text top="582" left="365" width="31" height="16" font="17"> </text> <text top="603" left="365" width="88" height="16" font="17">13,914,995 </text> <text top="603" left="520" width="18" height="16" font="17"> </text> <text top="582" left="589" width="18" hei ght="16" font="17"> </text> <text top="603" left="589" width="118" height="16" font="17">304,254,333.33 </text> <text top="644" left="100" width="195" height="16" font="51">Gold Fields Ghana Tarkwa </text> <text top="623" left="365" width="31" height="16" font="51"> </text> <text top="644" left="365" width="88" height="16" font="51">35,567,980 </text> <text top="644" left="520" width="18" height="16" font="51"> </text> <text top="623" left="589" width="18" height="16" font="51"> </text> <text top="644" left="589" width="118" height="16" font="51">803,106,678.00 </text> <text top="685" left="100" width="134" height="16" font="17">Ghana Manganese </text> <text top="685" left="365" width="18" height="16" font="17"> </text> <text top="664" left="520" width="66" height="16" font="17"> </text> <text top="685" left="485" width="79" height="16" font="17">6,703,428 </text> <text top="664" left="589" width="18" height="16" font="17"> </text> <text top="685" left="589" width="118" height="16" font="17">148,568,283.33 </text> <text top="726" left="100" width="63" height="16" font="51">Adamus </text> <text top="706" left="365" width="44" height="16" font="51"> </text> <text top="726" left="365" width="79" height="16" font="51">5,049,113 </text> <text top="726" left="520" width="18" height="16" font="51"> </text> <text top="706" left="589" width="18" height="16" font="51"> </text> <text top="726" left="589" width="118" height="16" font="51">149,553,968.67 </text> <text top="767" left="100" width="89" height="16" font="17">GSR Wassa </text> <text top="767" left="365" width="18" height="16" font="17"> </text> <text top="747" left="520" width="57" height="16" font="17"> </text> <text top="767" left="481" width="88" height="16" font="17">12,783,182 </text> <text top="747" left="589" width="18" height="16" font="17"> </text> <text top="767" left="589" width="118" height="16" font="17">330,501,993.33 </text> <text top="808" left="100" width="196" height="16" font="51">Newmont Ghana Gold Ltd </text> <text top="808" left="365" width="18" height="16" font="51"> </text> <text top="808" left="520" width="18" height="16" font="51"> </text> <text top="788" left="589" width="18" height="16" font="51"> </text> <text top="808" left="589" width="118" height="16" font="51">912,415,110.67 </text> <text top="849" left="100" width="140" height="16" font="17">Abosso Goldfields </text> <text top="849" left="365" width="18" height="16" font="17"> </text> <text top="828" left="520" width="57" height="16" font="17"> </text> <text top="849" left="481" width="88" height="16" font="17">12,257,990 </text> <text top="828" left="589" width="18" height="16" font="17"> </text> <text top="849" left="589" width="118" height="16" font="17">235,875,968.00 </text> <text top="870" left="92" width="466" height="16" font="52">Source: Minerals Commission/Boas and Associates compilations. </text> <text top="907" left="92" width="4" height="16" font="17"> </text> <text top="945" left="92" width="4" height="16" font="17"> </text> <text top="983" left="92" width="4" height="16" font="17"> </text> <text top="1021" left="92" width="4" height="16" font="17"> </text> <text top="1058" left="92" width="4" height="16" font="17"> </text> </page> <page number="26" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">17 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="161" left="92" width="438" height="15" font="27">Table 5.3 Revenue vrs Operating/Cash costs guide (2011) </text> <text top="182" left="100" width="33" height="18" font="46">MINE</text> <text top="183" left="100" width="33" height="18" font="46">MINE</text> <text top="183" left="100" width="33" height="18" font="46">MINE</text> <text top="182" left="100" width="37" height="18" font="46">MINE </text> <text top="182" left="366" width="75" height="18" font="46">Cash cost($)</text> <text top="183" left="365" width="75" height="18" font="46">Cash cost($)</text> <text top="183" left="366" width="75" height="18" font="46">Cash cost($)</text> <text top="182" left="365" width="79" height="18" font="46">Cash cost($) </text> <text top="182" left="471" width="62" height="18" font="46">Operating </text> <text top="183" left="471" width="62" height="18" font="46">Operating </text> <text top="183" left="471" width="62" height="18" font="46">Operating </text> <text top="182" left="471" width="99" height="18" font="46">Operating Costs</text> <text top="183" left="536" width="34" height="18" font="46">Costs</text> <text top="183" left="536" width="34" height="18" font="46">Costs</text> <text top="182" left="536" width="37" height="18" font="46">Costs </text> <text top="182" left="604" width="61" height="18" font="46">Revenue (</text> <text top="183" left="604" width="61" height="18" font="46">Revenue (</text> <text top="183" left="604" width="61" height="18" font="46">Revenue (</text> <text top="182" left="604" width="73" height="18" font="46">Revenue ($)</text> <text top="183" left="665" width="12" height="18" font="46">$)</text> <text top="183" left="665" width="12" height="18" font="46">$)</text> <text top="182" left="665" width="16" height="18" font="46">$) </text> <text top="227" left="100" width="109" height="16" font="17">Ghana Bauxite </text> <text top="227" left="365" width="48" height="16" font="17"> </text> <text top="227" left="503" width="83" height="16" font="17">1,528,471 </text> <text top="207" left="589" width="35" height="16" font="17"> </text> <text top="227" left="621" width="75" height="16" font="17">7,261,702 </text> <text top="268" left="100" width="177" height="16" font="51">Chirano Gold Mines Ltd </text> <text top="248" left="452" width="18" height="16" font="51"> </text> <text top="268" left="373" width="96" height="16" font="51">19,600,588 </text> <text top="268" left="520" width="18" height="16" font="51"> </text> <text top="248" left="691" width="22" height="16" font="51"> </text> <text top="268" left="604" width="92" height="16" font="51">201,365,978 </text> <text top="309" left="100" width="215" height="16" font="17">Anglogold Ashanti Iduapriem </text> <text top="309" left="365" width="39" height="16" font="17"> </text> <text top="309" left="494" width="92" height="16" font="17">19,506,021 </text> <text top="289" left="691" width="22" height="16" font="17"> </text> <text top="309" left="604" width="92" height="16" font="17">240,200,789 </text> <text top="350" left="100" width="203" height="16" font="51"> Gold Fields Ghana Tarkwa </text> <text top="330" left="452" width="31" height="16" font="51"> </text> <text top="350" left="373" width="83" height="16" font="51">35,567,980 </text> <text top="350" left="520" width="13" height="16" font="51"> </text> <text top="330" left="691" width="18" height="16" font="51"> </text> <text top="350" left="604" width="92" height="16" font="51">607,297,183 </text> <text top="373" left="100" width="134" height="16" font="17">Ghana Manganese </text> <text top="373" left="365" width="18" height="16" font="17"> </text> <text top="373" left="503" width="140" height="16" font="17">6,703,428 </text> <text top="373" left="589" width="105" height="16" font="17"> 70,374,457 </text> <text top="414" left="100" width="63" height="16" font="51">Adamus </text> <text top="394" left="452" width="48" height="16" font="51"> </text> <text top="414" left="382" width="74" height="16" font="51">5,508,123 </text> <text top="414" left="520" width="18" height="16" font="51"> </text> <text top="414" left="589" width="105" height="16" font="51"> 70,841,361 </text> <text top="455" left="100" width="89" height="16" font="17">GSR Wassa </text> <text top="455" left="365" width="18" height="16" font="17"> </text> <text top="455" left="494" width="136" height="16" font="17">12,783,182 </text> <text top="435" left="691" width="18" height="16" font="17"> </text> <text top="455" left="604" width="92" height="16" font="17">156,553,591 </text> <text top="478" left="365" width="18" height="16" font="51"> </text> <text top="478" left="520" width="18" height="16" font="51"> </text> <text top="478" left="589" width="22" height="16" font="51"> </text> <text top="519" left="100" width="140" height="16" font="17">Abosso Goldfields </text> <text top="519" left="365" width="18" height="16" font="17"> </text> <text top="519" left="494" width="136" height="16" font="17">12,257,990 </text> <text top="499" left="691" width="22" height="16" font="17"> </text> <text top="519" left="604" width="92" height="16" font="17">195,866,811 </text> <text top="540" left="92" width="218" height="16" font="52">Source: Minerals Commission </text> <text top="577" left="92" width="5" height="16" font="0"> </text> <text top="614" left="92" width="4" height="14" font="3"> </text> <text top="651" left="92" width="4" height="14" font="3"> </text> <text top="688" left="92" width="4" height="14" font="3"> </text> <text top="726" left="92" width="4" height="14" font="3"> </text> <text top="763" left="92" width="4" height="14" font="3"> </text> <text top="800" left="92" width="4" height="14" font="3"> </text> <text top="837" left="92" width="4" height="14" font="3"> </text> <text top="874" left="92" width="4" height="14" font="3"> </text> <text top="911" left="92" width="4" height="14" font="3"> </text> <text top="948" left="92" width="4" height="14" font="3"> </text> <text top="985" left="92" width="4" height="14" font="3"> </text> <text top="1023" left="92" width="4" height="14" font="3"> </text> <text top="1060" left="92" width="4" height="14" font="3"> </text> </page> <page number="27" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="53" size="14" family="Times" color="#ffffff"/> <fontspec id="54" size="14" family="Times" color="#ffffff"/> <fontspec id="55" size="14" family="Symbol" color="#ffffff"/> <fontspec id="56" size="14" family="Helvetica" color="#ffffff"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">18 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="176" height="16" font="25">6.0 DISBURSEMENTS </text> <text top="199" left="92" width="702" height="16" font="3">The allocation of mineral royalty paid by mining companies is according to the formula indicated </text> <text top="222" left="92" width="47" height="16" font="3">below:</text> <text top="222" left="139" width="301" height="14" font="53"> Table 6.1: Disbursement of Mineral Royalties</text> <text top="222" left="441" width="5" height="16" font="3"> </text> <text top="259" left="755" width="44" height="14" font="3"> </text> <text top="282" left="755" width="4" height="14" font="3"> </text> <text top="305" left="755" width="4" height="14" font="3"> </text> <text top="327" left="755" width="4" height="14" font="3"> </text> <text top="350" left="755" width="4" height="14" font="3"> </text> <text top="372" left="755" width="4" height="14" font="3"> </text> <text top="395" left="755" width="4" height="14" font="3"> </text> <text top="417" left="755" width="4" height="14" font="3"> </text> <text top="440" left="755" width="4" height="14" font="3"> </text> <text top="462" left="755" width="4" height="14" font="3"> </text> <text top="485" left="755" width="4" height="14" font="3"> </text> <text top="507" left="755" width="4" height="14" font="3"> </text> <text top="530" left="755" width="4" height="14" font="3"> </text> <text top="552" left="755" width="4" height="14" font="3"> </text> <text top="575" left="755" width="4" height="15" font="0"> </text> <text top="597" left="755" width="4" height="15" font="0"> </text> <text top="620" left="92" width="400" height="15" font="13">Source: Administrative fiat of 1999(letter no.AB.85/156/01) </text> <text top="643" left="92" width="5" height="16" font="3"> </text> <text top="680" left="92" width="702" height="16" font="3">Thus District Assemblies, Traditional Authorities and Stools within the operational areas of mining </text> <text top="702" left="92" width="693" height="16" font="3">companies receive 4.95%, 1.80% and 2.25% respectively of royalties paid by mining companies. </text> <text top="740" left="92" width="6" height="20" font="7"> </text> <text top="783" left="92" width="6" height="20" font="7"> </text> <text top="826" left="92" width="6" height="20" font="7"> </text> <text top="869" left="92" width="6" height="20" font="7"> </text> <text top="911" left="92" width="4" height="14" font="3"> </text> <text top="948" left="92" width="4" height="14" font="3"> </text> <text top="985" left="92" width="4" height="14" font="3"> </text> <text top="1022" left="92" width="4" height="14" font="3"> </text> <text top="1059" left="92" width="4" height="14" font="3"> </text> <text top="271" left="102" width="76" height="14" font="3">Beneficiary </text> <text top="271" left="548" width="180" height="14" font="3">Share (%) of Total Amount. </text> <text top="293" left="102" width="236" height="15" font="25">Government in Consolidated Fund </text> <text top="293" left="705" width="32" height="15" font="25">80% </text> <text top="314" left="102" width="191" height="15" font="0">Minerals Development fund </text> <text top="314" left="705" width="32" height="15" font="0">10% </text> <text top="336" left="102" width="281" height="15" font="25">Office of the Administrator of Stool Lands </text> <text top="336" left="443" width="93" height="14" font="26">10% 0f Total </text> <text top="355" left="443" width="57" height="14" font="26">Amount </text> <text top="336" left="548" width="4" height="15" font="25"> </text> <text top="373" left="102" width="8" height="23" font="44">•</text> <text top="378" left="111" width="5" height="16" font="45"> </text> <text top="379" left="129" width="303" height="15" font="0">The Administrator of stool Lands takes 10% </text> <text top="398" left="129" width="17" height="15" font="0">of </text> <text top="398" left="163" width="26" height="15" font="0">the </text> <text top="398" left="206" width="56" height="15" font="0">amount </text> <text top="398" left="279" width="61" height="15" font="0">received </text> <text top="398" left="356" width="18" height="15" font="0">to </text> <text top="398" left="391" width="40" height="15" font="0">cover </text> <text top="418" left="129" width="170" height="15" font="0">administrative expenses. </text> <text top="437" left="159" width="272" height="15" font="0">The remaining 90% is distributed as </text> <text top="457" left="159" width="57" height="15" font="0">follows. </text> <text top="376" left="443" width="4" height="14" font="3"> </text> <text top="376" left="713" width="23" height="15" font="0">1% </text> <text top="474" left="181" width="7" height="21" font="55">•</text> <text top="479" left="189" width="4" height="15" font="56"> </text> <text top="479" left="208" width="130" height="15" font="25">District Assemblies </text> <text top="478" left="505" width="31" height="14" font="26">55% </text> <text top="478" left="693" width="44" height="15" font="25">4.95% </text> <text top="511" left="181" width="7" height="21" font="23">•</text> <text top="516" left="189" width="4" height="15" font="24"> </text> <text top="516" left="208" width="45" height="15" font="0">Stools </text> <text top="515" left="505" width="31" height="14" font="3">25% </text> <text top="515" left="693" width="44" height="15" font="0">2.25% </text> <text top="539" left="181" width="7" height="21" font="55">•</text> <text top="544" left="189" width="4" height="15" font="56"> </text> <text top="544" left="208" width="135" height="15" font="25">Traditional Councils </text> <text top="543" left="505" width="31" height="14" font="26">20% </text> <text top="543" left="693" width="44" height="15" font="25">1.80% </text> <text top="579" left="102" width="87" height="15" font="0"> TOTAL </text> <text top="599" left="102" width="4" height="15" font="0"> </text> <text top="579" left="443" width="4" height="15" font="0"> </text> <text top="579" left="697" width="40" height="15" font="0">100% </text> </page> <page number="28" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="57" size="10" family="Times" color="#0000ff"/> <fontspec id="58" size="10" family="Times" color="#0000ff"/> <fontspec id="59" size="10" family="Times" color="#000000"/> <fontspec id="60" size="10" family="Times" color="#ffffff"/> <fontspec id="61" size="10" family="Times" color="#000000"/> <fontspec id="62" size="7" family="Helvetica" color="#000000"/> <fontspec id="63" size="8" family="Helvetica" color="#0000ff"/> <fontspec id="64" size="8" family="Helvetica" color="#0000ff"/> <fontspec id="65" size="8" family="Times" color="#000000"/> <fontspec id="66" size="8" family="Times" color="#ffffff"/> <fontspec id="67" size="8" family="Helvetica" color="#ffffff"/> <fontspec id="68" size="8" family="Helvetica" color="#000000"/> <fontspec id="69" size="8" family="Helvetica" color="#000000"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">19 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="163" left="92" width="6" height="20" font="7"> </text> <text top="205" left="92" width="269" height="16" font="25">7.0: JANUARY - DECEMBER 2010 </text> <text top="245" left="92" width="235" height="16" font="11">7.1 Results of reconciliation: </text> <text top="623" left="92" width="239" height="14" font="39">Source: Companies’ Reporting Templates</text> <text top="623" left="331" width="4" height="13" font="5"> </text> <text top="1013" left="788" width="5" height="16" font="0"> </text> <text top="1031" left="92" width="302" height="14" font="39">Source: Government Agencies’ Reporting Templates</text> <text top="1031" left="394" width="4" height="13" font="5"> </text> <text top="1064" left="131" width="5" height="17" font="18"> </text> <text top="269" left="94" width="37" height="13" font="57">Table 7.1 </text> <text top="269" left="348" width="143" height="13" font="58">2010 RECONCILIATION REPORT</text> <text top="286" left="348" width="183" height="13" font="58">PERIOD: JANUARY 2010-DECEMBER 2010</text> <text top="303" left="94" width="100" height="13" font="58">COMPANY PAYMENTS</text> <text top="303" left="348" width="146" height="13" font="58">ALL AMOUNTS IN GHANA CEDIS</text> <text top="337" left="348" width="2" height="11" font="59"> </text> <text top="354" left="94" width="56" height="13" font="60">COMPANIES</text> <text top="354" left="224" width="226" height="13" font="60">LICENCE PROPERTY RATE GROUND RENT </text> <text top="354" left="435" width="345" height="13" font="60"> MINERAL ROYALTY CORPORATE TAX DIVIDEND TOTAL</text> <text top="404" left="94" width="97" height="13" font="61">Anglogold Ashanti-Obuasi</text> <text top="404" left="310" width="31" height="13" font="61">422,801</text> <text top="404" left="271" width="41" height="13" font="61"> </text> <text top="404" left="482" width="43" height="13" font="61">15,499,943</text> <text top="404" left="438" width="45" height="13" font="61"> </text> <text top="404" left="740" width="43" height="13" font="61">15,922,744</text> <text top="404" left="706" width="35" height="13" font="61"> </text> <text top="421" left="94" width="111" height="13" font="61">Anglogold Ashanti -Iduapriem</text> <text top="421" left="315" width="26" height="13" font="61">35,908</text> <text top="421" left="271" width="45" height="13" font="61"> </text> <text top="421" left="487" width="39" height="13" font="61">9,070,786</text> <text top="421" left="438" width="51" height="13" font="61"> </text> <text top="421" left="744" width="39" height="13" font="61">9,106,694</text> <text top="421" left="706" width="39" height="13" font="61"> </text> <text top="438" left="94" width="10" height="13" font="61">**</text> <text top="438" left="657" width="39" height="13" font="61">2,914,288</text> <text top="438" left="627" width="31" height="13" font="61"> </text> <text top="438" left="744" width="39" height="13" font="61">2,914,288</text> <text top="438" left="706" width="39" height="13" font="61"> </text> <text top="455" left="94" width="83" height="13" font="61">GSR(Prestea/Bogosu)</text> <text top="455" left="315" width="26" height="13" font="61">20,967</text> <text top="455" left="271" width="45" height="13" font="61"> </text> <text top="455" left="487" width="39" height="13" font="61">6,874,814</text> <text top="455" left="438" width="51" height="13" font="61"> </text> <text top="455" left="744" width="39" height="13" font="61">6,895,781</text> <text top="455" left="706" width="39" height="13" font="61"> </text> <text top="472" left="94" width="68" height="13" font="61">Ghana Bauxite Co.</text> <text top="472" left="315" width="26" height="13" font="61">11,576</text> <text top="472" left="271" width="45" height="13" font="61"> </text> <text top="472" left="487" width="39" height="13" font="59">1,033,823</text> <text top="472" left="438" width="51" height="13" font="59"> </text> <text top="472" left="744" width="39" height="13" font="61">1,045,399</text> <text top="472" left="706" width="39" height="13" font="61"> </text> <text top="488" left="94" width="77" height="13" font="61">Ghana Manganse Co.</text> <text top="488" left="315" width="26" height="13" font="59">31,698</text> <text top="488" left="271" width="45" height="13" font="59"> </text> <text top="488" left="487" width="39" height="13" font="61">3,764,674</text> <text top="488" left="438" width="51" height="13" font="61"> </text> <text top="488" left="579" width="39" height="13" font="61">7,560,048</text> <text top="488" left="536" width="45" height="13" font="61"> </text> <text top="490" left="666" width="30" height="9" font="62">832,542</text> <text top="490" left="627" width="41" height="9" font="62"> </text> <text top="488" left="740" width="43" height="13" font="61">12,188,962</text> <text top="488" left="706" width="35" height="13" font="61"> </text> <text top="505" left="94" width="76" height="13" font="61">Gold Fields -Tarkwa</text> <text top="505" left="482" width="43" height="13" font="61">36,139,824</text> <text top="505" left="438" width="45" height="13" font="61"> </text> <text top="505" left="574" width="43" height="13" font="61">78,650,353</text> <text top="505" left="536" width="39" height="13" font="61"> </text> <text top="505" left="735" width="48" height="13" font="61">114,790,177</text> <text top="505" left="706" width="31" height="13" font="61"> </text> <text top="522" left="94" width="83" height="13" font="61">Abosso Goldfields Ltd</text> <text top="522" left="482" width="43" height="13" font="61">15,619,076</text> <text top="522" left="438" width="45" height="13" font="61"> </text> <text top="522" left="574" width="43" height="13" font="61">32,611,150</text> <text top="522" left="536" width="39" height="13" font="61"> </text> <text top="522" left="740" width="43" height="13" font="61">48,230,226</text> <text top="522" left="706" width="35" height="13" font="61"> </text> <text top="539" left="94" width="44" height="13" font="61">GSR-Wassa</text> <text top="539" left="315" width="26" height="13" font="61">27,869</text> <text top="539" left="271" width="45" height="13" font="61"> </text> <text top="539" left="482" width="43" height="13" font="61">11,584,285</text> <text top="539" left="438" width="45" height="13" font="61"> </text> <text top="539" left="740" width="43" height="13" font="61">11,612,154</text> <text top="539" left="706" width="35" height="13" font="61"> </text> <text top="556" left="94" width="90" height="13" font="61">Chirano Gold Mines Ltd</text> <text top="556" left="315" width="26" height="13" font="59">57,492</text> <text top="556" left="271" width="45" height="13" font="59"> </text> <text top="556" left="482" width="43" height="13" font="61">21,637,098</text> <text top="556" left="438" width="45" height="13" font="61"> </text> <text top="556" left="740" width="43" height="13" font="61">21,694,590</text> <text top="556" left="706" width="35" height="13" font="61"> </text> <text top="573" left="94" width="98" height="13" font="61">Newmont Gold Ghana Ltd</text> <text top="573" left="482" width="43" height="13" font="61">26,624,466</text> <text top="573" left="438" width="45" height="13" font="61"> </text> <text top="573" left="604" width="3" height="13" font="61">-</text> <text top="573" left="536" width="70" height="13" font="61"> </text> <text top="573" left="740" width="43" height="13" font="61">26,624,466</text> <text top="573" left="706" width="35" height="13" font="61"> </text> <text top="590" left="770" width="3" height="13" font="61">-</text> <text top="590" left="706" width="65" height="13" font="61"> </text> <text top="607" left="94" width="30" height="13" font="59">TOTAL</text> <text top="607" left="248" width="4" height="13" font="59">-</text> <text top="607" left="228" width="23" height="13" font="59"> </text> <text top="607" left="310" width="31" height="13" font="59">608,311</text> <text top="607" left="271" width="41" height="13" font="59"> </text> <text top="607" left="415" width="4" height="13" font="59">-</text> <text top="607" left="351" width="65" height="13" font="59"> </text> <text top="607" left="478" width="48" height="13" font="59">147,848,789</text> <text top="607" left="438" width="41" height="13" font="59"> </text> <text top="607" left="569" width="48" height="13" font="59">118,821,551</text> <text top="607" left="536" width="35" height="13" font="59"> </text> <text top="607" left="657" width="39" height="13" font="59">3,746,830</text> <text top="607" left="627" width="31" height="13" font="59"> </text> <text top="607" left="735" width="48" height="13" font="59">271,025,481</text> <text top="607" left="706" width="31" height="13" font="59"> </text> <text top="659" left="94" width="41" height="9" font="63">Table 7.2</text> <text top="659" left="303" width="168" height="9" font="64">PERIOD: JANUARY-DECEMBER 2010.</text> <text top="675" left="303" width="143" height="9" font="64">ALL AMOUNTS IN GHANA CEDIS</text> <text top="692" left="94" width="118" height="9" font="64">GOVERNMENT RECEIPTS::</text> <text top="726" left="94" width="68" height="10" font="65">GOVT AGENCY</text> <text top="726" left="234" width="54" height="10" font="65">MIN.COMM</text> <text top="726" left="303" width="120" height="10" font="65">MUN/DIST ASMBL OASL</text> <text top="726" left="468" width="17" height="10" font="65">IRS</text> <text top="726" left="565" width="17" height="10" font="65">IRS</text> <text top="726" left="651" width="27" height="10" font="65">NTRU</text> <text top="760" left="94" width="51" height="9" font="66">COMPANY</text> <text top="760" left="234" width="40" height="9" font="67">LICENCE</text> <text top="760" left="303" width="78" height="9" font="67">PROPERTY RATE</text> <text top="760" left="397" width="305" height="9" font="67">GROUND RENT MINERAL ROYALTIES CORPORATE TAX DIVIDEND</text> <text top="760" left="721" width="31" height="9" font="67">TOTAL</text> <text top="810" left="94" width="130" height="11" font="61">Anglogold Ashanti-Obuasi</text> <text top="810" left="351" width="38" height="11" font="61">424,600</text> <text top="810" left="307" width="46" height="11" font="61"> </text> <text top="810" left="506" width="52" height="10" font="68">17,360,307</text> <text top="810" left="471" width="35" height="10" font="68"> </text> <text top="810" left="733" width="50" height="9" font="68">17,784,907</text> <text top="810" left="724" width="10" height="9" font="68"> </text> <text top="826" left="94" width="150" height="11" font="61">Anglogold Ashanti -Iduapriem</text> <text top="826" left="365" width="28" height="10" font="50">65,000</text> <text top="826" left="511" width="46" height="10" font="68">9,070,786</text> <text top="826" left="471" width="42" height="10" font="68"> </text> <text top="827" left="599" width="44" height="9" font="68">8,557,346</text> <text top="827" left="568" width="32" height="9" font="68"> </text> <text top="827" left="733" width="50" height="9" font="68">17,693,132</text> <text top="827" left="724" width="10" height="9" font="68"> </text> <text top="843" left="94" width="17" height="11" font="61">***</text> <text top="844" left="669" width="44" height="9" font="68">2,976,370</text> <text top="844" left="654" width="17" height="9" font="68"> </text> <text top="844" left="738" width="44" height="9" font="68">2,976,370</text> <text top="844" left="724" width="15" height="9" font="68"> </text> <text top="860" left="94" width="103" height="11" font="61">GSR-Prestea/Bogosu</text> <text top="860" left="511" width="46" height="10" font="68">9,366,302</text> <text top="860" left="471" width="42" height="10" font="68"> </text> <text top="861" left="629" width="3" height="9" font="68">-</text> <text top="861" left="568" width="64" height="9" font="68"> </text> <text top="861" left="738" width="44" height="9" font="68">9,366,302</text> <text top="861" left="724" width="15" height="9" font="68"> </text> <text top="877" left="94" width="92" height="11" font="61">Ghana Bauxite CO.</text> <text top="878" left="513" width="44" height="10" font="50">1,033,823</text> <text top="878" left="471" width="44" height="10" font="50"> </text> <text top="878" left="629" width="3" height="9" font="68">-</text> <text top="878" left="568" width="64" height="9" font="68"> </text> <text top="878" left="738" width="44" height="9" font="68">1,033,823</text> <text top="878" left="724" width="15" height="9" font="68"> </text> <text top="894" left="94" width="103" height="11" font="61">Ghana Manganse Co.</text> <text top="895" left="358" width="31" height="9" font="68">31,697</text> <text top="895" left="307" width="54" height="9" font="68"> < /text> <text top="895" left="513" width="44" height="10" font="50">3,764,675</text> <text top="895" left="471" width="44" height="10" font="50"> </text> <text top="895" left="599" width="44" height="9" font="68">7,554,049</text> <text top="895" left="568" width="32" height="9" font="68"> </text> <text top="895" left="678" width="36" height="9" font="68">832,542</text> <text top="895" left="654" width="25" height="9" font="68"> </text> <text top="895" left="733" width="50" height="9" font="68">12,182,963</text> <text top="895" left="724" width="10" height="9" font="68"> </text> <text top="911" left="94" width="94" height="11" font="61">Goldfields -Tarkwa</text> <text top="911" left="360" width="33" height="10" font="50">308,754</text> <text top="912" left="507" width="50" height="10" font="50">43,747,093</text> <text top="912" left="471" width="39" height="10" font="50"> </text> <text top="912" left="593" width="50" height="9" font="68">78,650,353</text> <text top="912" left="568" width="27" height="9" font="68"> </text> <text top="912" left="664" width="50" height="9" font="68">14,342,500</text> <text top="912" left="654" width="12" height="9" font="68"> </text> <text top="912" left="727" width="56" height="9" font="68">137,048,700</text> <text top="912" left="724" width="5" height="9" font="68"> </text> <text top="928" left="94" width="112" height="11" font="61">Abosso Gold Fields Ltd</text> <text top="929" left="507" width="50" height="10" font="50">12,638,871</text> <text top="929" left="471" width="39" height="10" font="50"> </text> <text top="929" left="593" width="50" height="9" font="68">30,472,900</text> <text top="929" left="568" width="27" height="9" font="68"> </text> <text top="929" left="669" width="44" height="9" font="68">4,288,800</text> <text top="929" left="654" width="17" height="9" font="68"> </text> <text top="929" left="733" width="50" height="9" font="68">47,400,571</text> <text top="929" left="724" width="10" height="9" font="68"> </text> <text top="945" left="94" width="74" height="11" font="61">GSR(Wassa)Ltd</text> <text top="946" left="513" width="44" height="10" font="50">9,600,151</text> <text top="946" left="471" width="44" height="10" font="50"> </text> <text top="945" left="629" width="3" height="9" font="68">-</text> <text top="945" left="568" width="64" height="9" font="68"> </text> <text top="945" left="738" width="44" height="9" font="68">9,600,151</text> <text top="945" left="724" width="15" height="9" font="68"> </text> <text top="962" left="94" width="116" height="11" font="61">Chirano Gold Mines Ltd</text> <text top="961" left="506" width="52" height="10" font="68">17,247,431</text> <text top="961" left="471" width="35" height="10" font="68"> </text> <text top="962" left="613" width="30" height="9" font="68">15,085</text> <text top="962" left="568" width="46" height="9" font="68"> </text> <text top="962" left="733" width="50" height="9" font="68">17,262,516</text> <text top="962" left="724" width="10" height="9" font="68"> </text> <text top="978" left="94" width="128" height="11" font="61">Newmont Gold Ghana Ltd</text> <text top="978" left="506" width="52" height="10" font="68">26,624,466</text> <text top="978" left="471" width="35" height="10" font="68"> </text> <text top="979" left="629" width="3" height="9" font="68">-</text> <text top="979" left="568" width="64" height="9" font="68"> </text> <text top="979" left="733" width="50" height="9" font="68">26,624,466</text> <text top="979" left="724" width="10" height="9" font="68"> </text> <text top="996" left="768" width="3" height="9" font="68">-</text> <text top="996" left="724" width="46" height="9" font="68"> </text> <text top="1012" left="94" width="32" height="11" font="59">TOTAL</text> <text top="1013" left="282" width="3" height="9" font="69">-</text> <text top="1013" left="237" width="46" height="9" font="69"> </text> <text top="1013" left="353" width="36" height="9" font="69">830,051</text> <text top="1013" left="307" width="49" height="9" font="69"> </text> <text top="1013" left="446" width="3" height="9" font="69">-</text> <text top="1013" left="400" width="49" height="9" font="69"> </text> <text top="1013" left="502" width="56" height="9" font="69">150,453,905</text> <text top="1013" left="471" width="32" height="9" font="69"> </text> <text top="1013" left="588" width="56" height="9" font="69">125,249,733</text> <text top="1013" left="568" width="22" height="9" font="69"> </text> <text top="1013" left="664" width="50" height="9" font="69">22,440,212</text> <text top="1013" left="654" width="12" height="9" font="69"> </text> <text top="1013" left="727" width="56" height="9" font="69">298,973,901</text> <text top="1013" left="724" width="5" height="9" font="69"> </text> </page> <page number="29" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="70" size="15" family="Symbol" color="#3232ff"/> <fontspec id="71" size="11" family="Times" color="#000000"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">20 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="159" left="105" width="7" height="21" font="20">•</text> <text top="163" left="112" width="4" height="15" font="21"> </text> <text top="162" left="131" width="161" height="17" font="18">Mineral Right Licence: </text> <text top="199" left="92" width="623" height="16" font="0"> No company reported mineral right licence payment for concessions under production. </text> <text top="233" left="105" width="8" height="23" font="70">•</text> <text top="238" left="113" width="5" height="16" font="28"> </text> <text top="236" left="131" width="109" height="18" font="29">Ground Rent. </text> <text top="257" left="92" width="288" height="16" font="3"> No ground rent payment was reported. </text> <text top="288" left="105" width="8" height="23" font="70">•</text> <text top="293" left="113" width="5" height="16" font="28"> </text> <text top="291" left="131" width="124" height="18" font="29">Mineral Royalty </text> <text top="313" left="92" width="592" height="17" font="3"> Mineral royalty payment reported by companies amounted to GHS 147,848,789. </text> <text top="350" left="92" width="436" height="16" font="3">However reported Government receipts was GHS150,453,905</text> <text top="352" left="528" width="12" height="13" font="71">. </text> <text top="350" left="540" width="250" height="16" font="3">Reported payments and receipts </text> <text top="372" left="92" width="497" height="16" font="3">based on templates submitted by participating companies are shown. </text> <text top="373" left="589" width="7" height="14" font="35">(</text> <text top="372" left="596" width="173" height="16" font="3">See Tables 7.1, 7.2 & </text> <text top="394" left="92" width="35" height="16" font="3">Fig 7</text> <text top="395" left="127" width="6" height="14" font="37">)</text> <text top="394" left="132" width="5" height="16" font="3"> </text> <text top="427" left="112" width="8" height="23" font="70">•</text> <text top="433" left="120" width="5" height="16" font="28"> </text> <text top="431" left="138" width="117" height="18" font="29">Corporate tax: </text> <text top="452" left="92" width="10" height="16" font="3"> </text> <text top="489" left="92" width="696" height="16" font="3">Four companies reported corporate tax payments in the year 2010.These were Anglogold Ashanti </text> <text top="511" left="92" width="630" height="16" font="3">Iduapriem, Ghana Manganese Company Ltd, Gold Fields Ghana Ltd, Tarkwa and Abosso </text> <text top="534" left="92" width="678" height="16" font="3">Goldfields Ltd (see Table 7.1). Although Anglogold Iduapriem did not report of corporate tax in </text> <text top="556" left="92" width="660" height="16" font="3">the initial template, during the resolution of discrepancies, it reported the payment of GHS8, </text> <text top="578" left="92" width="204" height="16" font="3">567,348. (See Appendix 5A) </text> <text top="615" left="92" width="672" height="16" font="3">The reasons why the following companies did not pay corporate taxes included the following: </text> <text top="652" left="92" width="677" height="16" font="3">Golden Star Resources –Wassa Ltd had enough capital allowances and allowable deductions to </text> <text top="674" left="92" width="171" height="16" font="3">cover assessable profit. </text> <text top="711" left="92" width="652" height="16" font="3">Anglogold Ashanti Obuasi also had enough capital allowances to cover its assessable profit. </text> <text top="734" left="92" width="668" height="16" font="3">Anglogold Ashanti had Capital allowance carried forward of US$585,323,279 at the end 2010. </text> <text top="770" left="92" width="671" height="16" font="3">Chirano Gold Mines had capital allowances together with other deductions of US$130,809,019 </text> <text top="793" left="92" width="343" height="16" font="3">enough to set off against the assessable profit. </text> <text top="830" left="92" width="694" height="16" font="3"> Newmont Ghana Gold Ltd set off capital allowance of US$358,492,201 against assessable profits </text> <text top="852" left="92" width="147" height="16" font="3">of same magnitude. </text> <text top="889" left="92" width="674" height="16" font="3">Golden Star Resources (Prestea/Bogosu) set off US$20,736,783 of capital allowance and other </text> <text top="911" left="92" width="678" height="16" font="3">deductible allowances against its assessable income resulting in non-payment of corporate tax. </text> <text top="933" left="92" width="692" height="16" font="3">There was an unutilized capital allowance of US$396,939,651 for GSR Prestea Bogosu at the end </text> <text top="956" left="92" width="64" height="16" font="3">of 2010. </text> <text top="993" left="92" width="670" height="16" font="3">Ghana Bauxite did not pay corporate tax because it had a negative assessable income. Ghana </text> <text top="1015" left="92" width="643" height="16" font="3">Bauxite Ltd had capital allowance carried forward of US$10.029, 331 at the end of 2010. </text> <text top="1052" left="92" width="5" height="16" font="3"> </text> <text top="1089" left="92" width="5" height="16" font="3"> </text> </page> <page number="30" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="72" size="12" family="Times" color="#ffffff"/> <fontspec id="73" size="7" family="Times" color="#000000"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">21 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="159" left="118" width="8" height="23" font="70">•</text> <text top="164" left="126" width="5" height="16" font="28"> </text> <text top="162" left="145" width="87" height="18" font="29">Dividends: </text> <text top="201" left="92" width="590" height="16" font="3"> Government of Ghana shareholding in the participating companies is listed below: </text> <text top="238" left="92" width="642" height="16" font="3">Four companies including Anglogold Ashanti International paid dividends in 2010. In 2010 </text> <text top="260" left="92" width="697" height="16" font="3">Anglogold Ashanti International operated two mines (Anglogold Ashanti-Iduapriem and Anglogold </text> <text top="282" left="92" width="669" height="16" font="3">Ashanti-Obuasi) in Ghana. The other companies were Ghana Manganese Co. Ltd; Gold Fields </text> <text top="305" left="92" width="332" height="16" font="3">Ghana Ltd, Tarkwa and Abosso Goldfields Ltd. </text> <text top="341" left="92" width="466" height="15" font="36">Table 7.3: Government shareholding in participating companies in 2010 </text> <text top="362" left="100" width="69" height="14" font="72">Company </text> <text top="362" left="316" width="99" height="14" font="72">GoG Shares % </text> <text top="398" left="100" width="129" height="14" font="37">Goldfields (Abosso) </text> <text top="398" left="316" width="20" height="14" font="37">10 </text> <text top="434" left="100" width="157" height="14" font="37">GSR ( Prestea/Bogosu) </text> <text top="434" left="316" width="20" height="14" font="37">10 </text> <text top="469" left="100" width="284" height="14" font="37">Gold Fields Ghana (Tarkwa) </text> <text top="469" left="316" width="20" height="14" font="37">10 </text> <text top="505" left="100" width="98" height="14" font="37">Ghana Bauxite </text> <text top="505" left="316" width="20" height="14" font="37">20 </text> <text top="541" left="100" width="123" height="14" font="37">Ghana Manganese </text> <text top="541" left="316" width="20" height="14" font="37">10 </text> <text top="576" left="100" width="120" height="14" font="37">Anglogold Ashanti </text> <text top="596" left="100" width="98" height="14" font="37">(International) </text> <text top="576" left="316" width="28" height="14" font="37">2.95</text> <text top="573" left="345" width="6" height="9" font="73">iii</text> <text top="576" left="351" width="5" height="14" font="37"> </text> <text top="632" left="100" width="84" height="14" font="37">GSR(Wassa) </text> <text top="632" left="316" width="20" height="14" font="37">10 </text> <text top="668" left="100" width="154" height="14" font="37">Chirano Gold Mines Ltd </text> <text top="668" left="316" width="20" height="14" font="37">10 </text> <text top="703" left="100" width="151" height="14" font="37">Adamus Resources Ltd </text> <text top="703" left="316" width="20" height="14" font="37">10 </text> <text top="739" left="100" width="171" height="14" font="72">Newmont Ghana Gold Ltd </text> <text top="739" left="316" width="21" height="14" font="72">Nil </text> <text top="774" left="92" width="239" height="15" font="36">Source: NTRU/Company information </text> </page> <page number="31" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="74" size="12" family="Times" color="#ffffff"/> <text top="107" left="92" width="669" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011</text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="1142" left="92" width="4" height="14" font="3"> </text> <text top="582" left="92" width="4" height="14" font="3"> </text> <text top="622" left="92" width="176" height="16" font="11">7.2: DISCREPANCIES </text> <text top="645" left="92" width="4" height="15" font="0"> </text> <text top="667" left="92" width="531" height="15" font="27">Table 7.4: 2010 Discrepancies between reported payments and receipts.</text> <text top="689" left="87" width="4" height="14" font="74"> </text> <text top="706" left="87" width="56" height="13" font="74">Revenue </text> <text top="724" left="87" width="47" height="13" font="74">Stream </text> <text top="689" left="172" width="69" height="14" font="72">Company </text> <text top="706" left="172" width="59" height="13" font="72">Reported </text> <text top="724" left="172" width="95" height="13" font="72">Payments(GHS) </text> <text top="742" left="172" width="12" height="13" font="72">A </text> <text top="689" left="284" width="79" height="14" font="72">Government</text> <text top="706" left="284" width="59" height="13" font="72">Reported </text> <text top="724" left="284" width="84" height="13" font="72">Receipts(GHS)</text> <text top="742" left="284" width="11" height="13" font="72">B </text> <text top="760" left="87" width="51" height="14" font="72">Mineral </text> <text top="778" left="87" width="38" height="14" font="72">Right </text> <text top="796" left="87" width="52" height="14" font="72">Licence </text> <text top="760" left="172" width="12" height="14" font="37">0 </text> <text top="760" left="284" width="12" height="14" font="37">0 </text> <text top="814" left="87" width="59" height="14" font="72">Property </text> <text top="832" left="87" width="34" height="14" font="72">Rate </text> <text top="845" left="172" width="97" height="15" font="37"> 608,311 </text> <text top="828" left="284" width="59" height="15" font="37"> </text> <text top="845" left="284" width="48" height="15" font="37">830,051 </text> <text top="865" left="87" width="51" height="14" font="72">Mineral </text> <text top="883" left="87" width="52" height="14" font="72">Royalty </text> <text top="896" left="172" width="72" height="15" font="37">147,848,789 </text> <text top="880" left="284" width="33" height="15" font="37"> </text> <text top="896" left="284" width="72" height="15" font="37">150,453,905 </text> <text top="916" left="87" width="56" height="14" font="72">Ground </text> <text top="933" left="87" width="34" height="14" font="72">Rent </text> <text top="916" left="172" width="12" height="14" font="37">0 </text> <text top="916" left="284" width="12" height="14" font="37">0 </text> <text top="952" left="87" width="68" height="14" font="72">Corporate </text> <text top="969" left="87" width="33" height="14" font="72">Tax </text> <text top="983" left="172" width="94" height="15" font="35"> 118,821,551 </text> <text top="966" left="284" width="33" height="15" font="35"> </text> <text top="983" left="284" width="71" height="15" font="35">125,249,733 </text> <text top="1003" left="87" width="67" height="14" font="72">Dividends </text> <text top="1034" left="172" width="97" height="15" font="35"> 3,746,830 </text> <text top="1017" left="284" width="39" height="15" font="35"> </text> <text top="1034" left="284" width="64" height="15" font="35">22,440,212 </text> <text top="1054" left="87" width="41" height="14" font="74">Total </text> <text top="1052" left="172" width="71" height="15" font="35">271,025,481 </text> <text top="1052" left="284" width="69" height="15" font="37">298,973,901</text> <text top="1087" left="92" width="393" height="15" font="36">Source: Company /government reported payments/receipts: </text> <text top="414" left="155" width="7" height="13" font="12">0</text> <text top="388" left="147" width="15" height="13" font="12">20</text> <text top="361" left="147" width="15" height="13" font="12">40</text> <text top="335" left="147" width="15" height="13" font="12">60</text> <text top="308" left="147" width="15" height="13" font="12">80</text> <text top="282" left="140" width="22" height="13" font="12">100</text> <text top="255" left="140" width="22" height="13" font="12">120</text> <text top="228" left="140" width="22" height="13" font="12">140</text> <text top="202" left="140" width="22" height="13" font="12">160</text> <text top="362" left="132" width="0" height="13" font="47">G</text> <text top="353" left="132" width="0" height="13" font="47">H</text> <text top="344" left="132" width="0" height="13" font="47">S</text> <text top="296" left="126" width="0" height="13" font="47">M</text> <text top="284" left="126" width="0" height="13" font="47">il</text> <text top="277" left="126" width="0" height="13" font="47">li</text> <text top="270" left="126" width="0" height="13" font="47">o</text> <text top="262" left="126" width="0" height="13" font="47">n</text> <text top="254" left="126" width="0" height="13" font="47">s</text> <text top="172" left="219" width="388" height="15" font="11">Fig 7.0: Payments and receipts of revenue streams in 2010</text> <text top="107" left="184" width="577" height="15" font="15">Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011</text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="667" left="222" width="405" height="15" font="27">iscrepancies between reported payments and receipts. </text> <text top="689" left="284" width="84" height="14" font="72">Government </text> <text top="706" left="284" width="59" height="13" font="72">Reported </text> <text top="724" left="284" width="87" height="13" font="72">Receipts(GHS) </text> <text top="689" left="389" width="35" height="14" font="72">Over </text> <text top="706" left="389" width="67" height="14" font="72">Reporting </text> <text top="724" left="389" width="3" height="13" font="72"> </text> <text top="742" left="389" width="57" height="13" font="72">(A-B)A>B </text> <text top="689" left="488" width="43" height="14" font="72">Under </text> <text top="706" left="488" width="67" height="14" font="72">Reporting </text> <text top="724" left="488" width="3" height="13" font="72"> </text> <text top="742" left="488" width="57" height="13" font="72">(A-B)A <text top="689" left="586" width="27" height="14" font="72">Net </text> <text top="706" left="586" width="77" height="14" font="72">Discrepancy</text> <text top="760" left="389" width="12" height="14" font="72">0 </text> <text top="760" left="488" width="12" height="14" font="37">0 </text> <text top="760" left="586" width="12" height="14" font="37">0 </text> <text top="828" left="284" width="59" height="15" font="37"> </text> <text top="845" left="284" width="51" height="15" font="37">830,051 </text> <text top="828" left="389" width="75" height="15" font="74"> </text> <text top="845" left="389" width="50" height="15" font="74">117,905 </text> <text top="828" left="488" width="52" height="15" font="37"> </text> <text top="845" left="488" width="57" height="15" font="37">(339,645) </text> <text top="828" left="586" width="36" height="15" font="37"> </text> <text top="845" left="586" width="53" height="15" font="37">(221,740)</text> <text top="880" left="284" width="33" height="15" font="37"> </text> <text top="896" left="284" width="75" height="15" font="37">150,453,905 </text> <text top="880" left="389" width="62" height="15" font="74"> </text> <text top="896" left="389" width="61" height="15" font="74">7,493,642 </text> <text top="880" left="488" width="33" height="15" font="35"> </text> <text top="896" left="488" width="75" height="15" font="35">(10,098,758) </text> <text top="880" left="586" width="23" height="15" font="37"> </text> <text top="896" left="586" width="64" height="15" font="37">(2,605,116)</text> <text top="916" left="389" width="12" height="14" font="72">0 </text> <text top="916" left="488" width="12" height="14" font="37">0 </text> <text top="916" left="586" width="12" height="14" font="37">0 </text> <text top="966" left="284" width="33" height="15" font="35"> </text> <text top="983" left="284" width="74" height="15" font="35">125,249,733 </text> <text top="966" left="389" width="62" height="15" font="74"> </text> <text top="983" left="389" width="61" height="15" font="74">2,144,249 </text> <text top="966" left="488" width="43" height="15" font="35"> </text> <text top="983" left="488" width="68" height="15" font="35">(8,572,431) </text> <text top="966" left="586" width="23" height="15" font="37"> </text> <text top="983" left="586" width="64" height="15" font="37">(6,428,182)</text> <text top="1017" left="284" width="39" height="15" font="35"> </text> <text top="1034" left="284" width="68" height="15" font="35">22,440,212 </text> <text top="1034" left="389" width="10" height="15" font="72">0 </text> <text top="1017" left="488" width="33" height="15" font="35"> </text> <text top="1034" left="488" width="75" height="15" font="35">(18,693,382) </text> <text top="1034" left="586" width="71" height="15" font="37">(18,693,382)</text> <text top="1052" left="284" width="72" height="15" font="37">298,973,901 </text> <text top="1052" left="389" width="59" height="15" font="72">9,755,796 </text> <text top="1068" left="389" width="3" height="15" font="74"> </text> <text top="1052" left="488" width="70" height="15" font="37">-37,704,216 </text> <text top="1052" left="586" width="47" height="15" font="35">-27,948,</text> <text top="1087" left="154" width="335" height="15" font="36">ompany /government reported payments/receipts: </text> <text top="172" left="219" width="388" height="15" font="11">Fig 7.0: Payments and receipts of revenue streams in 2010</text> <text top="107" left="184" width="581" height="15" font="15">Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="1122" left="772" width="20" height="14" font="3">22 </text> <text top="544" left="773" width="6" height="20" font="7"> </text> <text top="667" left="623" width="4" height="15" font="27"> </text> <text top="706" left="586" width="82" height="14" font="72">Discrepancy </text> <text top="689" left="685" width="62" height="14" font="72">Resolved </text> <text top="706" left="685" width="3" height="13" font="72"> </text> <text top="689" left="783" width="71" height="13" font="72">Unresolved </text> <text top="760" left="685" width="12" height="14" font="37">0 </text> <text top="760" left="783" width="12" height="14" font="72">0 </text> <text top="845" left="586" width="57" height="15" font="37">(221,740) </text> <text top="845" left="685" width="41" height="15" font="37">69,068 </text> <text top="812" left="783" width="33" height="15" font="72"> </text> <text top="828" left="783" width="33" height="15" font="72"> </text> <text top="845" left="783" width="57" height="15" font="72">(290,808) </text> <text top="896" left="586" width="68" height="15" font="37">(2,605,116) </text> <text top="880" left="685" width="36" height="15" font="37"> </text> <text top="896" left="685" width="68" height="15" font="37">(2,097,761) </text> <text top="863" left="783" width="13" height="15" font="72"> </text> <text top="880" left="783" width="30" height="15" font="72"> </text> <text top="896" left="783" width="57" height="15" font="72">(507,355) </text> <text top="916" left="685" width="12" height="14" font="37">0 </text> <text top="916" left="783" width="12" height="14" font="72">0 </text> <text top="983" left="586" width="68" height="15" font="37">(6,428,182) </text> <text top="966" left="685" width="36" height="15" font="35"> </text> <text top="983" left="685" width="68" height="15" font="37">(6,434,181) </text> <text top="950" left="783" width="20" height="15" font="72"> </text> <text top="966" left="783" width="53" height="15" font="72"> </text> <text top="983" left="783" width="38" height="15" font="72">5,999 </text> <text top="1034" left="586" width="74" height="15" font="37">(18,693,382) </text> <text top="1017" left="685" width="30" height="15" font="37"> </text> <text top="1034" left="685" width="74" height="15" font="37">(14,404,582) </text> <text top="1001" left="783" width="10" height="15" font="72"> </text> <text top="1017" left="783" width="20" height="15" font="72"> </text> <text top="1034" left="783" width="68" height="15" font="72">(4,288,800) </text> <text top="1052" left="591" width="65" height="15" font="37">27,948,420 </text> <text top="1052" left="685" width="81" height="15" font="37"> (22,867,456) </text> <text top="1052" left="783" width="78" height="15" font="72"> (5,080,964) </text> <text top="1068" left="783" width="36" height="15" font="72"> </text> <text top="356" left="670" width="62" height="13" font="12">COMPANY</text> <text top="383" left="670" width="88" height="13" font="12">GOVERNMENT</text> </page> <page number="32" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="75" size="12" family="Helvetica" color="#ffffff"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">23 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="634" height="16" font="3">The reconciliation produced absolute discrepancy of GHS47, 460,012 and net unresolved </text> <text top="185" left="92" width="669" height="16" font="3">discrepancy of GHS (5,080,964), which indicated that Government Agencies reported receipts </text> <text top="207" left="92" width="672" height="16" font="3">exceeded company reported payments. This was mainly due to the fact that Government/Non </text> <text top="229" left="92" width="701" height="16" font="3">Tax Revenue Unit’s reported receipt of dividends from Abosso Goldfields Ltd was not corroborated </text> <text top="251" left="92" width="336" height="16" font="3">by the company (See Appendix 5A) for details. </text> <text top="292" left="92" width="5" height="16" font="11"> </text> <text top="328" left="92" width="171" height="16" font="11">7.3 DISBURSEMENT. </text> <text top="352" left="92" width="249" height="14" font="48">FROM HEAD OFFICE TO REGIONS </text> <text top="387" left="92" width="139" height="16" font="3">ASHANTI REGION: </text> <text top="424" left="92" width="685" height="16" font="3">The amounts of mineral royalty disbursed and the periods covered by the releases are shown in </text> <text top="446" left="92" width="91" height="16" font="3">table below. </text> <text top="483" left="39" width="241" height="14" font="12"> Table 7.5: ASHANTI REGION. </text> <text top="504" left="92" width="44" height="16" font="26">DATE </text> <text top="526" left="92" width="78" height="16" font="26">RECEIVED </text> <text top="504" left="223" width="136" height="16" font="26">PERIOD COVERED </text> <text top="504" left="414" width="10" height="16" font="26"> </text> <text top="504" left="512" width="5" height="16" font="26"> </text> <text top="504" left="644" width="112" height="16" font="26">AMOUNT(GHS) </text> <text top="564" left="92" width="87" height="16" font="3">10/02/2010 </text> <text top="564" left="223" width="156" height="16" font="3">August-October 2009 </text> <text top="564" left="414" width="5" height="16" font="3"> </text> <text top="564" left="512" width="5" height="16" font="3"> </text> <text top="564" left="644" width="85" height="16" font="3">668,480.38 </text> <text top="601" left="92" width="87" height="16" font="3">23/08/2010 </text> <text top="601" left="223" width="143" height="16" font="3">January -April 2010 </text> <text top="601" left="414" width="5" height="16" font="3"> </text> <text top="601" left="512" width="5" height="16" font="3"> </text> <text top="601" left="644" width="85" height="16" font="3">851,171.92 </text> <text top="639" left="92" width="87" height="16" font="3">21/12/2010 </text> <text top="639" left="223" width="107" height="16" font="3">May-July 2010 </text> <text top="639" left="414" width="5" height="16" font="3"> </text> <text top="639" left="512" width="5" height="16" font="3"> </text> <text top="639" left="644" width="85" height="16" font="3">351,765.66 </text> <text top="676" left="92" width="159" height="17" font="18">Source: OASL Ashanti </text> <text top="714" left="39" width="40" height="16" font="3"> </text> <text top="713" left="80" width="252" height="17" font="18">Table 7.6: BRONG AHAFO REGION </text> <text top="737" left="87" width="122" height="16" font= "26">DATE RECEIVED </text> <text top="737" left="231" width="136" height="16" font="26">PERIOD COVERED </text> <text top="737" left="422" width="76" height="16" font="26">VOUCHER </text> <text top="759" left="422" width="37" height="16" font="26">NO. </text> <text top="737" left="514" width="97" height="16" font="26">CHEQUE NO. </text> <text top="737" left="632" width="112" height="16" font="26">AMOUNT(GHS) </text> <text top="797" left="87" width="87" height="16" font="3">15/02/2010 </text> <text top="797" left="231" width="131" height="16" font="3">March-April 2009; </text> <text top="833" left="231" width="161" height="16" font="3">August-October 2009. </text> <text top="797" left="422" width="5" height="16" font="3"> </text> <text top="797" left="514" width="5" height="16" font="3"> </text> <text top="797" left="692" width="62" height="16" font="3">492,573 </text> <text top="871" left="87" width="87" height="16" font="3">09/06/2010 </text> <text top="871" left="231" width="169" height="16" font="3">January-February 2010 </text> <text top="871" left="422" width="5" height="16" font="3"> </text> <text top="871" left="514" width="5" height="16" font="3"> </text> <text top="871" left="692" width="62" height="16" font="3">492,597 </text> <text top="909" left="87" width="87" height="16" font="3">20/08/2010 </text> <text top="909" left="231" width="129" height="16" font="3">January-February </text> <text top="931" left="231" width="109" height="16" font="3">2010(revised); </text> <text top="968" left="231" width="125" height="16" font="3">March-April 2010 </text> <text top="909" left="422" width="5" height="16" font="3"> </text> <text top="909" left="514" width="5" height="16" font="3"> </text> <text top="909" left="632" width="5" height="16" font="3"> </text> <text top="946" left="692" width="62" height="16" font="3">851,111 </text> <text top="1006" left="87" width="87" height="16" font="26">20/12/2010 </text> <text top="1006" left="231" width="107" height="16" font="26">May-July 2010 </text> <text top="1006" left="422" width="5" height="16" font="26"> </text> <text top="1006" left="514" width="5" height="16" font="26"> </text> <text top="1005" left="749" width="65" height="13" font="75"> </text> <text top="1025" left="676" width="81" height="13" font="75">339,739.87 </text> <text top="1069" left="92" width="201" height="17" font="18">Source: OASL Brong-Ahafo </text> </page> <page number="33" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="76" size="12" family="Helvetica" color="#000000"/> <fontspec id="77" size="12" family="Helvetica" color="#ffffff"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">24 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="46" width="257" height="17" font="18"> Table 7.7: WESTERN REGION </text> <text top="185" left="87" width="44" height="16" font="26">DATE </text> <text top="208" left="87" width="78" height="16" font="26">RECEIVED </text> <text top="185" left="192" width="136" height="16" font="26">PERIOD COVERED </text> <text top="185" left="389" width="112" height="16" font="26">AMOUNT(GHS) </text> <text top="245" left="87" width="79" height="16" font="3">8/06/2010 </text> <text top="245" left="192" width="177" height="16" font="3">January –February 2010 </text> <text top="245" left="507" width="99" height="16" font="3">1,423,425.72 </text> <text top="283" left="87" width="87" height="16" font="3">20/08/2010 </text> <text top="283" left="192" width="145" height="16" font="3">February-April 2010 </text> <text top="283" left="507" width="99" height="16" font="3">2,099,718.79 </text> <text top="321" left="87" width="87" height="16" font="3">20/12/2010 </text> <text top="321" left="192" width="107" height="16" font="3">May-July 2010 </text> <text top="321" left="507" width="99" height="16" font="3">2,237,439.69 </text> <text top="358" left="87" width="41" height="16" font="3">Total </text> <text top="358" left="192" width="5" height="16" font="3"> </text> <text top="358" left="389" width="5" height="16" font="3"> </text> <text top="358" left="493" width="112" height="16" font="0">5,760,584.20 </text> <text top="395" left="92" width="205" height="15" font="36">Source: OASL-Western Region. </text> <text top="431" left="92" width="667" height="16" font="11">7.3.1 TRANSFERS FROM REGIONAL OASL TO DISTRICT/MUNICIPAL ASSEMBLIES: </text> <text top="468" left="92" width="138" height="16" font="10">ASHANTI REGION </text> <text top="504" left="92" width="645" height="15" font="36"> Table 7.8: Amount due to District/Municipal Assemblies from royalty paid by Anglogold Ashanti Ltd </text> <text top="526" left="87" width="60" height="16" font="26"> District </text> <text top="549" left="87" width="77" height="16" font="26">/Municipal </text> <text top="571" left="87" width="71" height="16" font="26">Assembly </text> <text top="526" left="225" width="107" height="13" font="38">February 2010 </text> <text top="560" left="225" width="36" height="13" font="38">GHS </text> <text top="594" left="225" width="5" height="14" font="72"> </text> <text top="526" left="354" width="90" height="13" font="75">August 2010 </text> <text top="560" left="354" width="32" height="13" font="75">GHS</text> <text top="559" left="385" width="5" height="14" font="72"> </text> <text top="526" left="486" width="112" height="13" font="38">December 2010 </text> <text top="560" left="486" width="32" height="13" font="38">GHS</text> <text top="560" left="518" width="4" height="13" font="75"> </text> <text top="526" left="658" width="36" height="13" font="75">Total </text> <text top="594" left="87" width="55" height="16" font="26">Amount</text> <text top="594" left="142" width="5" height="16" font="3"> </text> <text top="594" left="147" width="26" height="16" font="26">due</text> <text top="594" left="173" width="5" height="16" font="3"> </text> <text top="616" left="87" width="33" height="16" font="26">from</text> <text top="616" left="120" width="5" height="16" font="3"> </text> <text top="616" left="125" width="50" height="16" font="26">release</text> <text top="616" left="175" width="5" height="16" font="3"> </text> <text top="654" left="87" width="55" height="14" font="37">OBUASI </text> <text top="674" left="87" width="87" height="14" font="37">MUN1ICIPAL </text> <text top="675" left="174" width="4" height="13" font="38"> </text> <text top="656" left="338" width="49" height="13" font="38"> </text> <text top="675" left="265" width="81" height="13" font="75">201,432.52 </text> <text top="675" left="365" width="114" height="13" font="75"> 256,482.79 </text> <text top="675" left="549" width="102" height="13" font="75"> 105,998.25 </text> <text top="674" left="687" width="102" height="13" font="76"> 563,913.56 </text> <text top="710" left="87" width="106" height="14" font="72">ADANSI SOUTH </text> <text top="744" left="87" width="39" height="14" font="72">(GHS)</text> <text top="745" left="126" width="4" height="13" font="38"> </text> <text top="726" left="338" width="57" height="13" font="38"> </text> <text top="745" left="273" width="73" height="13" font="38">58,093.62 </text> <text top="745" left="354" width="114" height="13" font="75"> 73,970.25 </text> <text top="745" left="553" width="97" height="13" font="38"> 30,569.84 </text> <text top="745" left="687" width="20" height="13" font="76"> </text> <text top="745" left="707" width="81" height="13" font="77">162,633.71 </text> <text top="780" left="87" width="107" height="14" font="37">ADANSI NORTH </text> <text top="815" left="87" width="39" height="14" font="37">(GHS)</text> <text top="816" left="126" width="4" height="13" font="38"> </text> <text top="796" left="338" width="57" height="13" font="38"> </text> <text top="816" left="273" width="73" height="13" font="38">28,776.07 </text> <text top="816" left="365" width="114" height="13" font="75"> 36,640.40 </text> <text top="816" left="553" width="97" height="13" font="38"> 15,142.46 </text> <text top="815" left="691" width="97" height="13" font="76"> 80,558.93 </text> <text top="850" left="87" width="57" height="14" font="72">BEKWAI </text> <text top="871" left="87" width="122" height="14" font="72">MUNICIPAL (GHS) </text> <text top="906" left="87" width="5" height="14" font="37"> </text> <text top="906" left="248" width="97" height="13" font="38"> 27,965.21 </text> <text top="906" left="365" width="114" height="13" font="38"> 35,607.93 </text> <text top="906" left="553" width="24" height="13" font="38"> </text> <text top="906" left="578" width="73" height="13" font="75">14,715.76 </text> <text top="906" left="691" width="97" height="13" font="76"> 78,288.90 </text> <text top="941" left="87" width="65" height="14" font="37">AMANSIE </text> <text top="962" left="87" width="122" height="14" font="37">CENTRAL (GHS)</text> <text top="960" left="209" width="5" height="16" font="0"> </text> <text top="943" left="338" width="65" height="13" font="75"> </text> <text top="962" left="273" width="73" height="13" font="75">51,934.91 </text> <text top="962" left="365" width="114" height="13" font="38"> 66,128.40 </text> <text top="962" left="553" width="97" height="13" font="38"> 27,329.03 </text> <text top="962" left="687" width="102" height="13" font="76"> 145,392.33 </text> <text top="997" left="87" width="46" height="16" font="25">Total </text> <text top="997" left="254" width="92" height="14" font="35">368,202.33 </text> <text top="1032" left="225" width="5" height="16" font="0"> </text> <text top="996" left="365" width="114" height="13" font="75"> 468,829.76 </text> <text top="1031" left="354" width="5" height="16" font="25"> </text> <text top="996" left="549" width="102" height="13" font="38"> 193,755.34 </text> <text top="1031" left="486" width="5" height="16" font="0"> </text> <text top="996" left="687" width="102" height="13" font="77"> 1,030,787.43 </text> <text top="1031" left="658" width="4" height="13" font="38"> </text> <text top="1069" left="92" width="226" height="15" font="36">Source: OASL – ASHANTI REGION </text> </page> <page number="34" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="78" size="8" family="Times" color="#ffffff"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">25 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="5" height="16" font="3"> </text> <text top="183" left="92" width="459" height="15" font="36">Table 7.9: Royalty disbursement due /Amount paid by OASL in 2010. </text> <text top="205" left="631" width="5" height="16" font="3"> </text> <text top="242" left="631" width="5" height="16" font="3"> </text> <text top="279" left="631" width="5" height="16" font="3"> </text> <text top="316" left="631" width="5" height="16" font="3"> </text> <text top="352" left="631" width="5" height="16" font="3"> </text> <text top="389" left="631" width="5" height="16" font="3"> </text> <text top="426" left="631" width="5" height="16" font="3"> </text> <text top="463" left="631" width="5" height="16" font="3"> </text> <text top="501" left="92" width="140" height="15" font="36">Source: OASL Ashanti</text> <text top="499" left="232" width="5" height="17" font="18"> </text> <text top="501" left="237" width="266" height="15" font="36">Region/Compilation by Boas & Associates</text> <text top="499" left="503" width="10" height="17" font="18">. </text> <text top="537" left="92" width="585" height="16" font="3">Amounts due compare favorably with the transfers to Obuasi Municipal Assembly. </text> <text top="574" left="92" width="5" height="16" font="0"> </text> <text top="611" left="92" width="181" height="16" font="10">BRONG AHAFO REGION: </text> <text top="647" left="92" width="521" height="15" font="36">Table 7.10: Amount due to Asutifi District Assembly/Amount paid by OASL-2010 </text> <text top="669" left="92" width="187" height="16" font="0">Releases from OASL in </text> <text top="689" left="92" width="46" height="16" font="0">2010 </text> <text top="669" left="323" width="105" height="16" font="0">Amount Due </text> <text top="689" left="323" width="54" height="16" font="0">(GHS) </text> <text top="669" left="468" width="184" height="16" font="0"> Amount paid by OASL </text> <text top="689" left="468" width="63" height="16" font="0"> (GHS) </text> <text top="711" left="92" width="122" height="16" font="25">February 2010 </text> <text top="711" left="371" width="89" height="13" font="75"> 544,202.12 </text> <text top="728" left="323" width="5" height="16" font="26"> </text> <text top="711" left="584" width="69" height="14" font="26">542,321.3 </text> <text top="731" left="468" width="5" height="16" font="26"> </text> <text top="752" left="92" width="88" height="16" font="0">June 2010 </text> <text top="751" left="371" width="89" height="13" font="38"> 217,764.18 </text> <text top="769" left="323" width="5" height="16" font="3"> </text> <text top="752" left="569" width="85" height="15" font="24">217,764.18 </text> <text top="790" left="92" width="107" height="16" font="25">August 2010 </text> <text top="789" left="371" width="89" height="13" font="75"> 365,127.29 </text> <text top="789" left="569" width="85" height="15" font="56">365,127.25 </text> <text top="810" left="92" width="46" height="16" font="0">Total </text> <text top="810" left="367" width="89" height="14" font="3">1,127,093.59 </text> <text top="830" left="323" width="5" height="16" font="3"> </text> <text top="810" left="555" width="99" height="16" font="3">1,125,212.76 </text> <text top="850" left="92" width="404" height="15" font="36">Source: OASL Brong -Ahafo/Compilation by Boas & Associates </text> <text top="886" left="92" width="681" height="16" font="3">Although the total amount received in 2010 and paid in the same year compare favourably, the </text> <text top="908" left="92" width="681" height="16" font="3">cheque received in February 2010 was paid in two installments. Likewise the transfer of August </text> <text top="930" left="92" width="284" height="16" font="3">2010 was also paid in two installments. </text> <text top="967" left="92" width="675" height="16" font="3"> An amount of GHS 339,793 received on 20/12/10, was paid to the Assembly in January 2012. </text> <text top="1004" left="92" width="5" height="16" font="0"> </text> <text top="1041" left="92" width="9" height="16" font="0"> </text> <text top="1078" left="92" width="5" height="16" font="0"> </text> <text top="207" left="92" width="145" height="16" font="25">District Assembly </text> <text top="207" left="260" width="131" height="16" font="25"> Amount due</text> <text top="204" left="391" width="9" height="10" font="78">iv</text> <text top="207" left="400" width="5" height="16" font="25"> </text> <text top="207" left="455" width="115" height="16" font="25">Transfer from </text> <text top="226" left="455" width="50" height="16" font="25">OASL-</text> <text top="245" left="455" width="128" height="16" font="25">ASHANTI(GHS) </text> <text top="266" left="92" width="143" height="16" font="0">Obuasi Municipal </text> <text top="265" left="313" width="73" height="13" font="76">563,913.56</text> <text top="263" left="386" width="5" height="16" font="3"> </text> <text top="266" left="536" width="77" height="15" font="0">563,915.88 </text> <text top="287" left="92" width="111" height="16" font="0">Adansi South </text> <text top="287" left="313" width="77" height="13" font="38">162,633.71 </text> <text top="287" left="536" width="77" height="15" font="0">161,118.80 </text> <text top="307" left="455" width="5" height="16" font="0"> </text> <text top="341" left="92" width="5" height="16" font="0"> </text> <text top="361" left="92" width="110" height="16" font="0">Adansi North </text> <text top="341" left="317" width="69" height="13" font="38">80,558.93 </text> <text top="341" left="455" width="4" height="15" font="0"> </text> <text top="361" left="544" width="69" height="15" font="0">80,559.41 </text> <text top="382" left="92" width="146" height="16" font="0">Bekwai Municipal </text> <text top="381" left="317" width="69" height="13" font="38">78,288.90 </text> <text top="398" left="260" width="4" height="13" font="38"> </text> <text top="382" left="455" width="4" height="15" font="0"> </text> <text top="401" left="544" width="69" height="15" font="0">78,290.01 </text> <text top="421" left="455" width="5" height="16" font="0"> </text> <text top="456" left="92" width="5" height="16" font="0"> </text> <text top="475" left="92" width="137" height="16" font="0">Amansie Central </text> <text top="455" left="313" width="77" height="13" font="76">145,392.33 </text> <text top="456" left="455" width="4" height="15" font="0"> </text> <text top="475" left="526" width="88" height="14" font="35">145,395.80 </text> </page> <page number="35" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">26 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="156" height="16" font="11">WESTERN REGION </text> <text top="198" left="92" width="498" height="15" font="36"> Table 7.11: Disbursement from OASL to District /Municipal Assemblies-2010 </text> <text top="220" left="106" width="151" height="16" font="25">District/Municipal </text> <text top="243" left="106" width="87" height="16" font="25">Assembly: </text> <text top="220" left="268" width="105" height="16" font="25">Amount Due </text> <text top="257" left="268" width="39" height="16" font="25">GHS </text> <text top="220" left="434" width="179" height="16" font="25">Amount paid by OASL </text> <text top="257" left="434" width="44" height="16" font="25"> GHS </text> <text top="295" left="106" width="142" height="16" font="3">Prestea Huni Valley </text> <text top="294" left="320" width="106" height="13" font="76"> 1,513,368.24 </text> <text top="329" left="268" width="5" height="16" font="0"> </text> <text top="295" left="576" width="65" height="14" font="3">1,528,865</text> <text top="294" left="641" width="5" height="16" font="3"> </text> <text top="332" left="434" width="75" height="16" font="3"> </text> <text top="369" left="106" width="135" height="13" font="38">Mpohor Wassa East </text> <text top="403" left="106" width="5" height="16" font="0"> </text> <text top="369" left="328" width="85" height="13" font="38"> 365,309.78 </text> <text top="365" left="413" width="5" height="9" font="62">v</text> <text top="369" left="418" width="4" height="13" font="38"> </text> <text top="403" left="268" width="4" height="13" font="38"> </text> <text top="436" left="268" width="4" height="13" font="76"> </text> <text top="370" left="577" width="67" height="14" font="3"> 370,106 </text> <text top="407" left="434" width="5" height="16" font="3"> </text> <text top="472" left="106" width="111" height="16" font="3">Tarkwa Nsuem </text> <text top="472" left="320" width="106" height="13" font="38"> 1,425,083.85 </text> <text top="506" left="268" width="4" height="13" font="38"> </text> <text top="539" left="268" width="4" height="13" font="76"> </text> <text top="472" left="588" width="57" height="14" font="3">952,091 </text> <text top="509" left="434" width="5" height="16" font="3"> </text> <text top="574" left="106" width="116" height="16" font="3">Bibiani/Ahwiaso </text> <text top="597" left="106" width="55" height="16" font="3">Bekwai </text> <text top="574" left="325" width="101" height="13" font="38"> 410,969.41 </text> <text top="607" left="268" width="4" height="13" font="76"> </text> <text top="575" left="588" width="60" height="14" font="3">135,484 </text> <text top="611" left="434" width="5" height="16" font="3"> </text> <text top="649" left="106" width="93" height="16" font="0">Total </text> <text top="649" left="332" width="90" height="15" font="0">3,265,795.24 </text> <text top="649" left="576" width="69" height="15" font="0">2,986,546 </text> <text top="686" left="92" width="5" height="17" font="19"> </text> <text top="688" left="97" width="50" height="15" font="27">Source</text> <text top="686" left="147" width="398" height="17" font="18">: OASL Western Region/Boas & Associates compilations </text> <text top="724" left="92" width="5" height="16" font="0"> </text> <text top="761" left="92" width="5" height="16" font="0"> </text> <text top="798" left="92" width="5" height="16" font="0"> </text> <text top="835" left="92" width="5" height="16" font="0"> </text> <text top="872" left="92" width="5" height="16" font="0"> </text> <text top="908" left="92" width="5" height="16" font="0"> </text> <text top="945" left="92" width="5" height="16" font="0"> </text> <text top="982" left="92" width="5" height="16" font="0"> </text> <text top="1019" left="92" width="5" height="16" font="0"> </text> <text top="1056" left="92" width="5" height="16" font="0"> </text> </page> <page number="36" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">27 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="5" height="16" font="0"> </text> <text top="199" left="92" width="423" height="16" font="11">7.4 UTILIZATION OF MINERAL ROYALTY RECEIPTS. </text> <text top="235" left="92" width="555" height="15" font="36">Table 7.12: Obuasi Municipal Assembly: Utilization of Mineral Royalty Receipts (2010) </text> <text top="257" left="92" width="27" height="14" font="72">No. </text> <text top="257" left="133" width="48" height="14" font="72">Details </text> <text top="257" left="390" width="277" height="14" font="72">Budget(GHC) Expenditure(Amount)GHC) </text> <text top="292" left="92" width="17" height="14" font="72">1. </text> <text top="292" left="133" width="245" height="14" font="37">Construction of 3 unit classrooms at </text> <text top="313" left="133" width="44" height="14" font="37">Kunka </text> <text top="292" left="390" width="5" height="14" font="37"> </text> <text top="292" left="606" width="61" height="14" font="37">5,000.00 </text> <text top="348" left="92" width="12" height="14" font="72">2 </text> <text top="348" left="133" width="245" height="14" font="37">Construction of 3 unit classrooms at </text> <text top="369" left="133" width="64" height="14" font="37">Asonkore </text> <text top="348" left="390" width="5" height="14" font="37"> </text> <text top="348" left="606" width="61" height="14" font="37">9,701.90 </text> <text top="404" left="92" width="12" height="14" font="72">3 </text> <text top="404" left="133" width="245" height="14" font="37"> Rehabilitation of Meat Shop at </text> <text top="425" left="133" width="97" height="14" font="37">Obuasi Market </text> <text top="404" left="390" width="5" height="14" font="37"> </text> <text top="404" left="598" width="69" height="14" font="37">28,028.37 </text> <text top="460" left="92" width="12" height="14" font="72">4 </text> <text top="460" left="133" width="245" height="14" font="37">Construction of 6 unit classroom </text> <text top="480" left="133" width="115" height="14" font="37">block at Anyinam </text> <text top="460" left="390" width="5" height="14" font="37"> </text> <text top="460" left="598" width="69" height="14" font="37">90,030.55 </text> <text top="516" left="92" width="12" height="14" font="72">5 </text> <text top="516" left="133" width="245" height="14" font="37">Provision of Basic Furniture for JHS </text> <text top="536" left="133" width="151" height="14" font="37">at Akaporiso (Support) </text> <text top="516" left="390" width="5" height="14" font="37"> </text> <text top="516" left="606" width="61" height="14" font="37">3,975.00 </text> <text top="572" left="92" width="12" height="14" font="72">6 </text> <text top="571" left="133" width="245" height="14" font="37">Supply of Furniture to 5(five) </text> <text top="592" left="133" width="245" height="14" font="37">canteens for the Ghana School </text> <text top="612" left="133" width="55" height="14" font="37">Feeding </text> <text top="612" left="235" width="79" height="14" font="37">programme </text> <text top="612" left="361" width="17" height="14" font="37">at </text> <text top="632" left="133" width="95" height="14" font="37">Mampamhwe, </text> <text top="632" left="279" width="99" height="14" font="37">Jimisokakraba, </text> <text top="653" left="133" width="214" height="14" font="37">Apitikoolo, Sanso and Mamiriwa. </text> <text top="572" left="390" width="5" height="14" font="37"> </text> <text top="572" left="598" width="69" height="14" font="37">11,200.00 </text> <text top="693" left="92" width="12" height="14" font="72">7 </text> <text top="693" left="133" width="78" height="14" font="37">Scholarship </text> <text top="693" left="390" width="5" height="14" font="37"> </text> <text top="693" left="598" width="69" height="14" font="37">42,285.00 </text> <text top="739" left="92" width="12" height="14" font="72">8 </text> <text top="739" left="133" width="132" height="14" font="37">Waste Management </text> <text top="739" left="390" width="5" height="14" font="37"> </text> <text top="739" left="590" width="77" height="14" font="37">123,948.84 </text> <text top="784" left="92" width="5" height="14" font="72"> </text> <text top="784" left="133" width="37" height="14" font="37">Total </text> <text top="784" left="390" width="5" height="14" font="37"> </text> <text top="784" left="579" width="88" height="14" font="35">314,169.66 </text> <text top="829" left="92" width="243" height="15" font="27">Source: Obuasi Municipal Assembly </text> <text top="864" left="92" width="4" height="14" font="35"> </text> <text top="899" left="92" width="4" height="14" font="35"> </text> <text top="934" left="92" width="4" height="14" font="35"> </text> <text top="969" left="92" width="4" height="14" font="35"> </text> <text top="1004" left="92" width="4" height="14" font="35"> </text> <text top="1038" left="92" width="4" height="14" font="35"> </text> <text top="1073" left="92" width="4" height="14" font="35"> </text> </page> <page number="37" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="79" size="15" family="Times" color="#ffffff"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">28 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="4" height="14" font="35"> </text> <text top="197" left="92" width="4" height="14" font="35"> </text> <text top="231" left="92" width="648" height="15" font="27">Table 7.13: Tarkwa Nsuaem Municipal Assembly: Utilization of Mineral Royalty Receipts </text> <text top="253" left="92" width="147" height="16" font="0">Expenditure Item </text> <text top="253" left="367" width="112" height="16" font="25">Budget(GHC) </text> <text top="253" left="541" width="105" height="16" font="0">Actual(GHC) </text> <text top="291" left="92" width="145" height="16" font="3">ECONOMIC/SOCIAL </text> <text top="291" left="389" width="68" height="17" font="79">267,618 </text> <text top="291" left="686" width="68" height="17" font="2">411,204 </text> <text top="330" left="92" width="136" height="16" font="3">ADMINISTRATION </text> <text top="331" left="389" width="68" height="17" font="79">186,000 </text> <text top="331" left="681" width="74" height="17" font="2"> 246,592 </text> <text top="370" left="92" width="110" height="16" font="3">EDUCATIONAL </text> <text top="371" left="417" width="12" height="17" font="79">- </text> <text top="371" left="671" width="88" height="17" font="32"> 150,269 </text> <text top="410" left="92" width="132" height="16" font="3">ENVIRONMENTAL </text> <text top="410" left="394" width="59" height="17" font="79">72,000 </text> <text top="410" left="687" width="74" height="17" font="2">404,432 </text> <text top="456" left="92" width="53" height="16" font="26">TOTAL </text> <text top="456" left="392" width="63" height="16" font="26">525,618 </text> <text top="456" left="667" width="86" height="16" font="25">1,212,497 </text> <text top="493" left="92" width="54" height="17" font="18">Source:</text> <text top="494" left="146" width="238" height="15" font="27"> Tarkwa Nsuaem Municipal Assembly</text> <text top="493" left="384" width="5" height="17" font="18"> </text> <text top="530" left="92" width="5" height="16" font="0"> </text> <text top="567" left="92" width="288" height="16" font="11">7.5 MINERAL DEVELOPMENT FUND </text> <text top="604" left="92" width="681" height="16" font="3">This section discusses the utilizations of the ten percent (10%) ceded funds from mining sector </text> <text top="626" left="92" width="696" height="16" font="3">royalty receipts lodged into the Mineral Development Fund (MDF) account for the years 2010 and </text> <text top="649" left="92" width="55" height="16" font="3">2011. </text> <text top="685" left="92" width="687" height="16" font="3">The expenditures of mining sector operators and institutions accessing this account are grouped </text> <text top="708" left="92" width="688" height="16" font="3">under salaries/transfers, developmental/service activities and travel expenses/others. The tables </text> <text top="730" left="92" width="696" height="16" font="3">show (See Appendix 7) the lodgments and expenditures made into/from the MDF account for the </text> <text top="752" left="92" width="159" height="16" font="3">years 2010 and 2011. </text> <text top="788" left="92" width="570" height="15" font="36">7.5.1 ROYALTY LODGEMENTS AND EXPENDITURES FROM THE MDF ACCOUNT IN 2010 </text> <text top="824" left="92" width="690" height="16" font="3">Royalties paid into MDF account at Bank of Ghana by the Controller and Accountant General and </text> <text top="846" left="92" width="482" height="16" font="3">funds expended from the account in 2010 are shown in Appendix 7 </text> <text top="883" left="92" width="683" height="16" font="3">Total lodgments into the MDF account in 2010 amounted to GHS16.204 million with GHS11.398 </text> <text top="905" left="92" width="176" height="16" font="3">million as withdrawals. </text> <text top="942" left="92" width="676" height="16" font="3">Expenditure analysis of the outflows indicates that GHS3.601 million was spent on salaries and </text> <text top="965" left="92" width="693" height="16" font="3">salary related expenditures on a distressed mining company, GHS7.771 million on developmental </text> <text top="987" left="92" width="630" height="16" font="3">and service activities of state agencies/institutions in the mining sector with GHS 24,206 </text> <text top="1009" left="92" width="225" height="16" font="3">expended on overseas travels. </text> <text top="1047" left="92" width="6" height="20" font="7"> </text> </page> <page number="38" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="80" size="11" family="Times" color="#3232ff"/> <fontspec id="81" size="8" family="Times" color="#0000ff"/> <fontspec id="82" size="8" family="Times" color="#0000ff"/> <fontspec id="83" size="8" family="Times" color="#000000"/> <fontspec id="84" size="9" family="Helvetica" color="#0000ff"/> <fontspec id="85" size="9" family="Helvetica" color="#0000ff"/> <fontspec id="86" size="9" family="Times" color="#0000ff"/> <fontspec id="87" size="9" family="Times" color="#ffffff"/> <fontspec id="88" size="9" family="Helvetica" color="#ffffff"/> <fontspec id="89" size="10" family="Helvetica" color="#000000"/> <fontspec id="90" size="9" family="Helvetica" color="#000000"/> <fontspec id="91" size="11" family="Helvetica" color="#000000"/> <fontspec id="92" size="10" family="Helvetica" color="#000000"/> <fontspec id="93" size="9" family="Helvetica" color="#000000"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">29 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="163" left="92" width="4" height="14" font="3"> </text> <text top="200" left="92" width="274" height="16" font="25"> 8.0: JANUARY -DECEMBER 2011. </text> <text top="239" left="92" width="268" height="14" font="48"> 8.1: RESULTS OF RECONCILIATION </text> <text top="577" left="92" width="218" height="12" font="80">Source: Companies’ Reporting Templates</text> <text top="577" left="310" width="3" height="12" font="5"> </text> <text top="1037" left="92" width="302" height="14" font="39">Source: Government Agencies’ Reporting Templates</text> <text top="1038" left="394" width="3" height="12" font="5"> </text> <text top="1071" left="92" width="5" height="16" font="0"> </text> <text top="261" left="94" width="35" height="12" font="81">Table 8.1</text> <text top="261" left="331" width="145" height="12" font="82">2011 RECONCILIATION REPORT</text> <text top="276" left="331" width="183" height="12" font="82">PERIOD: JANUARY 2011-DECEMBER 2011</text> <text top="291" left="94" width="102" height="12" font="82">COMPANY PAYMENTS</text> <text top="291" left="331" width="149" height="12" font="82">ALL AMOUNTS IN GHANA CEDIS</text> <text top="321" left="94" width="56" height="12" font="78">COMPANIES</text> <text top="321" left="206" width="433" height="12" font="78">LICENCE PROPERTY RATE GROUND RENT MINERAL ROYALTY CORPORATE TAX DIVIDEND</text> <text top="321" left="704" width="31" height="12" font="78">TOTAL</text> <text top="367" left="94" width="106" height="10" font="50">Anglogold Ashanti-Obuasi</text> <text top="367" left="292" width="33" height="10" font="50">424,600</text> <text top="367" left="252" width="42" height="10" font="50"> </text> <text top="367" left="459" width="45" height="10" font="50">19,665,203</text> <text top="367" left="738" width="45" height="10" font="50">20,089,803</text> <text top="367" left="707" width="33" height="10" font="50"> </text> <text top="382" left="94" width="121" height="10" font="50">Anglogold Ashanti -Iduapriem</text> <text top="382" left="300" width="28" height="10" font="50">77,566</text> <text top="382" left="456" width="45" height="10" font="50">13,691,446</text> <text top="382" left="409" width="47" height="10" font="50"> </text> <text top="382" left="738" width="45" height="10" font="50">13,769,012</text> <text top="382" left="707" width="33" height="10" font="50"> </text> <text top="397" left="94" width="10" height="10" font="50">**</text> <text top="397" left="658" width="40" height="10" font="50">3,392,757</text> <text top="397" left="595" width="65" height="10" font="50"> </text> <text top="397" left="743" width="40" height="10" font="50">3,392,757</text> <text top="397" left="707" width="38" height="10" font="50"> </text> <text top="412" left="94" width="93" height="10" font="50">Adamus Resources Ltd</text> <text top="412" left="461" width="40" height="10" font="50">6,729,928</text> <text top="412" left="409" width="52" height="10" font="50"> </text> <text top="412" left="743" width="40" height="10" font="50">6,729,928</text> <text top="412" left="707" width="38" height="10" font="50"> </text> <text top="427" left="94" width="87" height="10" font="50">GSR(Prestea/Bogosu)</text> <text top="427" left="297" width="28" height="10" font="50">31,194</text> <text top="427" left="252" width="47" height="10" font="50"> </text> <text top="427" left="461" width="40" height="10" font="50">8,451,056</text> <text top="427" left="409" width="52" height="10" font="50"> </text> <text top="427" left="743" width="40" height="10" font="50">8,482,250</text> <text top="427" left="707" width="38" height="10" font="50"> </text> <text top="442" left="94" width="75" height="10" font="50">Ghana Bauxite Co.</text> <text top="442" left="297" width="28" height="10" font="50">11,576</text> <text top="442" left="252" width="47" height="10" font="50"> </text> <text top="442" left="468" width="33" height="10" font="50">689,863</text> <text top="442" left="409" width="60" height="10" font="50"> </text> <text top="442" left="751" width="33" height="10" font="50">701,439</text> <text top="442" left="707" width="45" height="10" font="50"> </text> <text top="457" left="94" width="87" height="10" font="50">Ghana Manganse Co.</text> <text top="457" left="297" width="28" height="10" font="50">42,226</text> <text top="457" left="252" width="47" height="10" font="50"> </text> <text top="457" left="370" width="30" height="12" font="50">134,290</text> <text top="457" left="334" width="37" height="12" font="50"> </text> <text top="457" left="461" width="40" height="10" font="50">6,685,574</text> <text top="457" left="409" width="52" height="10" font="50"> </text> <text top="457" left="540" width="45" height="10" font="50">13,922,429</text> <text top="457" left="510" width="30" height="10" font="50"> </text> <text top="457" left="665" width="33" height="10" font="50">898,369</text> <text top="457" left="595" width="73" height="10" font="50"> </text> <text top="457" left="738" width="45" height="10" font="50">21,682,888</text> <text top="457" left="707" width="33" height="10" font="50"> </text> <text top="472" left="94" width="80" height="10" font="50">Gold Fields -Tarkwa</text> <text top="472" left="456" width="45" height="10" font="50">55,503,839</text> <text top="472" left="409" width="47" height="10" font="50"> </text> <text top="472" left="535" width="50" height="10" font="50">184,674,712</text> <text top="472" left="510" width="25" height="10" font="50"> </text> <text top="472" left="652" width="45" height="10" font="50">43,500,000</text> <text top="472" left="595" width="60" height="10" font="50"> </text> <text top="472" left="733" width="50" height="10" font="50">283,678,551</text> <text top="472" left="707" width="27" height="10" font="50"> </text> <text top="487" left="94" width="89" height="10" font="50">Abosso-Goldfields Ltd</text> <text top="487" left="456" width="45" height="10" font="50">18,607,347</text> <text top="487" left="409" width="47" height="10" font="50"> </text> <text top="487" left="544" width="42" height="12" font="50">41,296,620</text> <text top="487" left="510" width="35" height="12" font="50"> </text> <text top="487" left="658" width="40" height="10" font="50">7,500,000</text> <text top="487" left="595" width="65" height="10" font="50"> </text> <text top="487" left="738" width="45" height="10" font="50">67,403,967</text> <text top="487" left="707" width="33" height="10" font="50"> </text> <text top="502" left="94" width="47" height="10" font="50">GSR-Wassa</text> <text top="502" left="297" width="28" height="10" font="50">29,869</text> <text top="502" left="252" width="47" height="10" font="50"> </text> <text top="502" left="456" width="45" height="10" font="50">16,515,428</text> <text top="502" left="409" width="47" height="10" font="50"> </text> <text top="502" left="738" width="45" height="10" font="50">16,545,297</text> <text top="502" left="707" width="33" height="10" font="50"> </text> <text top="517" left="94" width="96" height="10" font="50">Chirano Gold Mines Ltd</text> <text top="517" left="297" width="28" height="10" font="50">57,492</text> <text top="517" left="252" width="47" height="10" font="50"> </text> <text top="517" left="459" width="45" height="10" font="50">17,355,550</text> <text top="517" left="543" width="45" height="10" font="50">46,349,031</text> <text top="517" left="738" width="45" height="10" font="50">63,762,073</text> <text top="517" left="707" width="33" height="10" font="50"> </text> <text top="532" left="94" width="105" height="10" font="50">Newmont Gold Ghana Ltd</text> <text top="532" left="456" width="45" height="10" font="50">47,812,790</text> <text top="532" left="409" width="47" height="10" font="50"> </text> <text top="532" left="535" width="50" height="10" font="50">139,590,210</text> <text top="532" left="510" width="25" height="10" font="50"> </text> <text top="532" left="733" width="50" height="10" font="50">187,403,000</text> <text top="532" left="707" width="27" height="10" font="50"> </text> <text top="547" left="770" width="3" height="10" font="83">-</text> <text top="547" left="707" width="63" height="10" font="83"> </text> <text top="562" left="94" width="27" height="10" font="65">TOTAL</text> <text top="562" left="292" width="33" height="10" font="65">674,523</text> <text top="562" left="252" width="42" height="10" font="65"> </text> <text top="562" left="367" width="33" height="10" font="65">134,290</text> <text top="562" left="334" width="35" height="10" font="65"> </text> <text top="562" left="451" width="50" height="10" font="65">211,708,024</text> <text top="562" left="409" width="42" height="10" font="65"> </text> <text top="562" left="535" width="50" height="10" font="65">425,833,002</text> <text top="562" left="510" width="25" height="10" font="65"> </text> <text top="562" left="652" width="45" height="10" font="65">55,291,126</text> <text top="562" left="595" width="60" height="10" font="65"> </text> <text top="562" left="733" width="50" height="10" font="65">693,640,965</text> <text top="562" left="707" width="27" height="10" font="65"> </text> <text top="613" left="94" width="38" height="10" font="84">Table 8.2</text> <text top="650" left="94" width="110" height="10" font="85">GOVERNMENT RECEIPTS::</text> <text top="650" left="272" width="183" height="10" font="85">PERIOD: JANUARY 2011- DECEMBER 2011.</text> <text top="669" left="272" width="133" height="10" font="85">ALL AMOUNTS IN GHANA CEDIS</text> <text top="706" left="94" width="63" height="11" font="86">GOVT AGENCY</text> <text top="706" left="215" width="168" height="11" font="86">MIN.COMM MUN/DIST ASMBL OASL</text> <text top="706" left="425" width="16" height="11" font="86">IRS</text> <text top="706" left="509" width="16" height="11" font="86">IRS</text> <text top="706" left="595" width="25" height="11" font="86">NTRU</text> <text top="743" left="94" width="47" height="10" font="87">COMPANY</text> <text top="743" left="215" width="37" height="10" font="88">LICENCE</text> <text top="743" left="272" width="72" height="10" font="88">PROPERTY RATE</text> <text top="743" left="359" width="224" height="10" font="88">GROUND RENT MINERAL ROYALTY CORPORATE TAX</text> <text top="743" left="595" width="52" height="10" font="88"> DIVIDEND</text> <text top="743" left="689" width="29" height="10" font="88">TOTAL</text> <text top="780" left="94" width="83" height="12" font="5">Anglogold-Obuasi</text> <text top="779" left="317" width="35" height="11" font="89">424,600</text> <text top="779" left="274" width="45" height="11" font="89"> </text> <text top="780" left="453" width="48" height="12" font="5">19,665,202</text> <text top="780" left="429" width="27" height="12" font="5"> </text> <text top="780" left="737" width="46" height="10" font="90">20,089,802</text> <text top="780" left="692" width="45" height="10" font="90"> </text> <text top="798" left="94" width="95" height="12" font="5">Anglogold -Iduaprim</text> <text top="798" left="454" width="48" height="11" font="89">13,691,446</text> <text top="798" left="428" width="27" height="11" font="89"> </text> <text top="798" left="540" width="48" height="12" font="5">56,794,976</text> <text top="798" left="513" width="30" height="12" font="5"> </text> <text top="799" left="737" width="46" height="10" font="90">70,486,422</text> <text top="799" left="692" width="45" height="10" font="90"> </text> <text top="817" left="94" width="16" height="12" font="5">***</text> <text top="817" left="641" width="41" height="10" font="90">3,392,503</text> <text top="817" left="598" width="45" height="10" font="90"> </text> <text top="817" left="742" width="41" height="10" font="90">3,392,503</text> <text top="817" left="692" width="52" height="10" font="90"> </text> <text top="836" left="94" width="97" height="10" font="90">Adamus Resources Ltd</text> <text top="836" left="461" width="41" height="10" font="90">6,729,929</text> <text top="836" left="428" width="34" height="10" font="90"> </text> <text top="836" left="742" width="41" height="10" font="90">6,729,929</text> <text top="836" left="692" width="52" height="10" font="90"> </text> <text top="854" left="94" width="95" height="12" font="5">GSR-Prestea/Bogosu</text> <text top="853" left="454" width="48" height="11" font="89">12,573,619</text> <text top="853" left="428" width="27" height="11" font="89"> </text> <text top="854" left="737" width="46" height="10" font="90">12,573,619</text> <text top="854" left="692" width="45" height="10" font="90"> </text> <text top="872" left="94" width="85" height="12" font="5">Ghana Bauxite CO.</text> <text top="872" left="468" width="35" height="11" font="89">689,863</text> <text top="872" left="428" width="42" height="11" font="89"> </text> <text top="873" left="749" width="34" height="10" font="90">689,863</text> <text top="873" left="692" width="59" height="10" font="90"> </text> <text top="891" left="94" width="96" height="12" font="5">Ghana Manganse Co.</text> <text top="890" left="459" width="43" height="11" font="89">6,685,574</text> <text top="890" left="428" width="33" height="11" font="89"> </text> <text top="891" left="540" width="48" height="12" font="5">42,813,036</text> <text top="891" left="513" width="30" height="12" font="5"> </text> <text top="891" left="647" width="35" height="12" font="5">898,369</text> <text top="891" left="599" width="50" height="12" font="5"> </text> <text top="891" left="737" width="46" height="10" font="90">50,396,979</text> <text top="891" left="692" width="45" height="10" font="90"> </text> <text top="909" left="94" width="87" height="12" font="5">Goldfields -Tarkwa</text> <text top="909" left="453" width="48" height="12" font="5">57,693,232</text> <text top="909" left="429" width="27" height="12" font="5"> </text> <text top="909" left="534" width="54" height="12" font="5">214,666,712</text> <text top="909" left="513" width="23" height="12" font="5"> </text> <text top="910" left="636" width="46" height="10" font="90">39,722,000</text> <text top="910" left="598" width="39" height="10" font="90"> </text> <text top="910" left="731" width="52" height="10" font="90">312,081,944</text> <text top="910" left="692" width="41" height="10" font="90"> </text> <text top="928" left="94" width="100" height="12" font="5">Abosso Goldfields Ltd</text> <text top="928" left="454" width="48" height="11" font="89">18,607,347</text> <text top="928" left="428" width="27" height="11" font="89"> </text> <text top="928" left="540" width="48" height="12" font="5">53,362,556</text> <text top="928" left="513" width="30" height="12" font="5"> </text> <text top="928" left="737" width="46" height="10" font="90">71,969,903</text> <text top="928" left="692" width="45" height="10" font="90"> </text> <text top="946" left="94" width="69" height="12" font="5">GSR(Wassa)Ltd</text> <text top="946" left="454" width="48" height="11" font="89">14,872,591</text> <text top="946" left="428" width="27" height="11" font="89"> </text> <text top="947" left="737" width="46" height="10" font="90">14,872,591</text> <text top="947" left="692" width="45" height="10" font="90"> </text> <text top="965" left="94" width="107" height="12" font="5">Chirano Gold Mines Ltd</text> <text top="965" left="322" width="30" height="12" font="5">57,492</text> <text top="965" left="275" width="48" height="12" font="5"> </text> <text top="965" left="454" width="48" height="11" font="89">19,129,768</text> <text top="965" left="428" width="27" height="11" font="89"> </text> <text top="965" left="540" width="48" height="12" font="5">28,890,606</text> <text top="965" left="513" width="30" height="12" font="5"> </text> <text top="965" left="737" width="46" height="10" font="90">48,077,866</text> <text top="965" left="692" width="45" height="10" font="90"> </text> <text top="983" left="94" width="119" height="12" font="5">Newmont Gold Ghana Ltd</text> <text top="983" left="454" width="48" height="11" font="89">47,812,791</text> <text top="983" left="428" width="27" height="11" font="89"> </text> <text top="983" left="534" width="54" height="12" font="5">103,297,879</text> <text top="983" left="513" width="23" height="12" font="5"> </text> <text top="984" left="731" width="52" height="10" font="90">151,110,670</text> <text top="984" left="692" width="41" height="10" font="90"> </text> <text top="1020" left="94" width="38" height="13" font="91">TOTAL</text> <text top="1021" left="317" width="35" height="11" font="92">482,092</text> <text top="1021" left="274" width="45" height="11" font="92"> </text> <text top="1021" left="449" width="53" height="11" font="92">218,151,362</text> <text top="1021" left="428" width="24" height="11" font="92"> </text> <text top="1021" left="537" width="52" height="10" font="93">499,825,765</text> <text top="1021" left="512" width="27" height="10" font="93"> </text> <text top="1021" left="636" width="46" height="10" font="93">44,012,872</text> <text top="1021" left="598" width="39" height="10" font="93"> </text> <text top="1020" left="729" width="54" height="13" font="71">762,472,091</text> <text top="1020" left="693" width="39" height="13" font="71"> </text> </page> <page number="39" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="94" size="15" family="Symbol" color="#0000ff"/> <fontspec id="95" size="15" family="Helvetica" color="#0000ff"/> <fontspec id="96" size="16" family="Times" color="#0000ff"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">30 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="159" left="112" width="7" height="21" font="20">•</text> <text top="163" left="119" width="4" height="15" font="21"> </text> <text top="162" left="138" width="171" height="17" font="18">Mineral Right Licence: </text> <text top="199" left="92" width="636" height="16" font="3">There was no payment of mineral right licence on concessions under production in 2011. </text> <text top="232" left="112" width="7" height="21" font="20">•</text> <text top="237" left="119" width="4" height="15" font="21"> </text> <text top="236" left="138" width="100" height="17" font="18">Ground Rent: </text> <text top="273" left="92" width="456" height="16" font="3"> Only Ghana Manganese Ltd reported payments of ground rent. </text> <text top="306" left="118" width="8" height="23" font="70">•</text> <text top="312" left="126" width="5" height="16" font="28"> </text> <text top="310" left="145" width="118" height="18" font="29">Property Rate: </text> <text top="349" left="92" width="671" height="16" font="0"> Seven companies reported the payment of property rate. All companies with the exception of </text> <text top="371" left="92" width="397" height="16" font="3">Newmont Ghana Gold Ltd is liable to pay property rate. </text> <text top="404" left="118" width="8" height="23" font="70">•</text> <text top="410" left="126" width="5" height="16" font="28"> </text> <text top="408" left="145" width="135" height="18" font="29">Mineral Royalty: </text> <text top="447" left="92" width="646" height="16" font="3">Reported mineral royalty payment amounted to GHS 211,708,024 whilst the GRA reported </text> <text top="469" left="92" width="213" height="16" font="3">receipts of GHS 218,151,362. </text> <text top="502" left="118" width="8" height="23" font="94">•</text> <text top="507" left="126" width="5" height="16" font="95"> </text> <text top="506" left="145" width="121" height="18" font="96">Corporate Tax: </text> <text top="545" left="92" width="693" height="16" font="3"> Six companies namely Ghana Manganese Ltd, Anglogold Ashanti-Iduapriem; Chirano Gold Mines </text> <text top="567" left="92" width="680" height="16" font="3">Ltd; Abosso Goldfields Ltd, Gold Fields Ghana Ltd and Newmont Ghana Gold Ltd paid corporate </text> <text top="589" left="92" width="168" height="16" font="3">tax payments in 2011. </text> <text top="626" left="92" width="579" height="16" font="3">Capital allowances carried forward at the end of 2011 ranged from US$48,862 to </text> <text top="649" left="92" width="127" height="16" font="3">US$509,272,373. </text> <text top="685" left="92" width="653" height="16" font="3">Anglogold Ashanti and GSR (Prestea /Bogosu) did not pay corporate tax due to their strong </text> <text top="708" left="92" width="198" height="16" font="3">capital allowance positions. </text> <text top="741" left="118" width="8" height="23" font="70">•</text> <text top="746" left="126" width="5" height="16" font="28"> </text> <text top="744" left="145" width="92" height="18" font="29">Dividends: </text> <text top="766" left="92" width="698" height="16" font="3"> Anglogold Ashanti International paid dividends in 2011. Anglogold Ashanti International operated </text> <text top="788" left="92" width="637" height="16" font="3">two mines (Anglogold Ashanti-Iduapriem and Anglogold Ashanti-Obuasi) in Ghana. Other </text> <text top="810" left="92" width="641" height="16" font="3">companies that paid dividend included Ghana Manganese Ltd and Gold Fields Ghana Ltd. </text> <text top="847" left="92" width="5" height="14" font="37"> </text> <text top="867" left="92" width="5" height="14" font="37"> </text> <text top="887" left="92" width="5" height="14" font="37"> </text> <text top="908" left="92" width="5" height="14" font="37"> </text> <text top="928" left="92" width="5" height="14" font="37"> </text> <text top="948" left="92" width="5" height="14" font="37"> </text> <text top="969" left="92" width="5" height="14" font="37"> </text> <text top="989" left="92" width="5" height="14" font="37"> </text> <text top="1009" left="92" width="5" height="14" font="37"> </text> <text top="1029" left="92" width="5" height="14" font="37"> </text> <text top="1050" left="92" width="5" height="14" font="37"> </text> <text top="1070" left="92" width="5" height="14" font="37"> </text> <text top="1090" left="92" width="5" height="14" font="37"> </text> </page> <page number="40" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="669" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011</text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="1142" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="474" height="15" font="36">Table 8.2.2: Government shareholding in participating companies in 2011</text> <text top="183" left="92" width="69" height="14" font="72">Company </text> <text top="219" left="92" width="129" height="14" font="37">Goldfields (Abosso) </text> <text top="254" left="92" width="157" height="14" font="37">GSR ( Prestea/Bogosu) </text> <text top="290" left="92" width="289" height="14" font="37">Gold Fields Ghana (Tarkwa) </text> <text top="326" left="92" width="98" height="14" font="37">Ghana Bauxite </text> <text top="361" left="92" width="123" height="14" font="37">Ghana Manganese </text> <text top="397" left="92" width="126" height="14" font="37">Anglo Gold Ashanti </text> <text top="417" left="92" width="98" height="14" font="37">(International) </text> <text top="453" left="92" width="84" height="14" font="37">GSR(Wassa) </text> <text top="488" left="92" width="154" height="14" font="37">Chirano Gold Mines Ltd </text> <text top="524" left="92" width="151" height="14" font="37">Adamus Resources Ltd </text> <text top="559" left="92" width="175" height="14" font="37">Newmont Ghana Gold Ltd </text> <text top="594" left="92" width="235" height="15" font="36">Source: NTRU/Company information</text> <text top="630" left="92" width="5" height="16" font="3"> </text> <text top="1066" left="92" width="5" height="16" font="3"> </text> <text top="914" left="168" width="7" height="13" font="12">0</text> <text top="895" left="161" width="15" height="13" font="12">50</text> <text top="876" left="154" width="22" height="13" font="12">100</text> <text top="857" left="154" width="22" height="13" font="12">150</text> <text top="838" left="154" width="22" height="13" font="12">200</text> <text top="820" left="154" width="22" height="13" font="12">250</text> <text top="801" left="154" width="22" height="13" font="12">300</text> <text top="782" left="154" width="22" height="13" font="12">350</text> <text top="763" left="154" width="22" height="13" font="12">400</text> <text top="744" left="154" width="22" height="13" font="12">450</text> <text top="725" left="154" width="22" height="13" font="12">500</text> <text top="835" left="136" width="0" height="13" font="47">G</text> <text top="826" left="136" width="0" height="13" font="47">H</text> <text top="817" left="136" width="0" height="13" font="47">S</text> <text top="810" left="136" width="0" height="13" font="47"> M</text> <text top="794" left="136" width="0" height="13" font="47">il</text> <text top="786" left="136" width="0" height="13" font="47">li</text> <text top="779" left="136" width="0" height="13" font="47">o</text> <text top="772" left="136" width="0" height="13" font="47">n</text> <text top="764" left="136" width="0" height="13" font="47">s</text> <text top="681" left="198" width="453" height="15" font="11">FIG 8:Reported Payments and Receipts of Revenue Streams in 2011.</text> <text top="107" left="184" width="577" height="15" font="15">Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011</text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="162" left="165" width="401" height="15" font="36">: Government shareholding in participating companies in 2011</text> <text top="160" left="566" width="5" height="17" font="18"> </text> <text top="183" left="316" width="99" height="14" font="72">GoG Shares % </text> <text top="219" left="316" width="20" height="14" font="37">10 </text> <text top="254" left="316" width="20" height="14" font="37">10 </text> <text top="290" left="316" width="20" height="14" font="37">10 </text> <text top="326" left="316" width="20" height="14" font="37">20 </text> <text top="361" left="316" width="20" height="14" font="37">10 </text> <text top="397" left="316" width="33" height="14" font="37">1.67 </text> <text top="453" left="316" width="20" height="14" font="37">10 </text> <text top="488" left="316" width="20" height="14" font="37">10 </text> <text top="524" left="316" width="20" height="14" font="37">10 </text> <text top="559" left="316" width="21" height="14" font="37">Nil </text> <text top="594" left="92" width="239" height="15" font="36">Source: NTRU/Company information </text> <text top="681" left="198" width="453" height="15" font="11">FIG 8:Reported Payments and Receipts of Revenue Streams in 2011.</text> <text top="107" left="184" width="581" height="15" font="15">Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="1122" left="772" width="20" height="14" font="3">31 </text> <text top="1032" left="809" width="5" height="16" font="3"> </text> <text top="681" left="198" width="453" height="15" font="11">FIG 8:Reported Payments and Receipts of Revenue Streams in 2011.</text> <text top="851" left="707" width="62" height="13" font="12">COMPANY</text> <text top="877" left="707" width="88" height="13" font="12">GOVERNMENT</text> </page> <page number="41" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="97" size="11" family="Helvetica" color="#000000"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">32 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="170" height="16" font="11">8.2 DISCREPANCIES </text> <text top="186" left="92" width="542" height="14" font="8">Table 8.3: 2011 DISCREPANCIES BETWEEN REPORTED PAYMENTS AND RECEIPTS. </text> <text top="209" left="87" width="4" height="14" font="74"> </text> <text top="227" left="87" width="56" height="13" font="74">Revenue </text> <text top="244" left="87" width="47" height="13" font="74">Stream </text> <text top="209" left="172" width="69" height="14" font="72">Company </text> <text top="227" left="172" width="59" height="13" font="72 ">Reported </text> <text top="244" left="172" width="95" height="13" font="72">Payments(GHS) </text> <text top="262" left="172" width="12" height="13" font="72">A </text> <text top="209" left="284" width="84" height="14" font="72">Government </text> <text top="227" left="284" width="59" height="13" font="72">Reported </text> <text top="244" left="284" width="87" height="13" font="72">Receipts(GHS) </text> <text top="262" left="284" width="11" height="13" font="72">B </text> <text top="209" left="389" width="35" height="14" font="72">Over </text> <text top="227" left="389" width="67" height="14" font="72">Reporting </text> <text top="245" left="389" width="4" height="14" font="26"> </text> <text top="264" left="389" width="62" height="14" font="26">(A-B)A>B </text> <text top="209" left="481" width="43" height="14" font="72">Under </text> <text top="227" left="481" width="67" height="14" font="72">Reporting </text> <text top="245" left="481" width="4" height="14" font="26"> </text> <text top="264" left="481" width="62" height="14" font="26">(A-B)A <text top="209" left="586" width="27" height="14" font="72">Net </text> <text top="227" left="586" width="82" height="14" font="72">Discrepancy </text> <text top="209" left="685" width="62" height="14" font="72">Resolved </text> <text top="227" left="685" width="3" height="13" font="72"> </text> <text top="209" left="777" width="71" height="13" font="72">Unresolved </text> <text top="284" left="87" width="51" height="14" font="72">Mineral </text> <text top="302" left="87" width="38" height="14" font="72">Right </text> <text top="319" left="87" width="52" height="14" font="72">Licence </text> <text top="284" left="172" width="5" height="14" font="37"> </text> <text top="302" left="172" width="12" height="14" font="3">0 </text> <text top="284" left="284" width="12" height="14" font="37">0 </text> <text top="284" left="389" width="12" height="14" font="72">0 </text> <text top="284" left="481" width="12" height="14" font="37">0 </text> <text top="284" left="586" width="12" height="14" font="37">0 </text> <text top="284" left="685" width="12" height="14" font="37">0 </text> <text top="284" left="777" width="12" height="14" font="72">0 </text> <text top="338" left="87" width="59" height="14" font="72">Property </text> <text top="355" left="87" width="34" height="14" font="72">Rate </text> <text top="373" left="172" width="58" height="17" font="0"> </text> <text top="391" left="172" width="55" height="17" font="0">674,523 </text> <text top="373" left="284" width="58" height="17" font="3"> </text> <text top="391" left="284" width="56" height="17" font="3">482,092 </text> <text top="373" left="389" width="76" height="17" font="25"> </text> <text top="391" left="389" width="55" height="17" font="25">192,431 </text> <text top="391" left="481" width="11" height="17" font="3">0 </text> <text top="373" left="586" width="72" height="17" font="3"> </text> <text top="391" left="586" width="56" height="17" font="3">192,431 </text> <text top="373" left="685" width="69" height="17" font="3"> </text> <text top="391" left="685" width="49" height="17" font="3">69,068 </text> <text top="336" left="777" width="72" height="17" font="26"> </text> <text top="354" left="777" width="36" height="17" font="26"> </text> <text top="373" left="777" width="69" height="17" font="26"> </text> <text top="391" left="777" width="60" height="17" font="26">180,855 </text> <text top="412" left="87" width="56" height="14" font="72">Ground </text> <text top="430" left="87" width="34" height="14" font="72">Rent </text> <text top="410" left="172" width="58" height="17" font="0"> </text> <text top="428" left="172" width="55" height="17" font="0">134,290 </text> <text top="428" left="284" width="11" height="17" font="3">0 </text> <text top="410" left="389" width="76" height="17" font="25"> </text> <text top="428" left="389" width="55" height="17" font="25">134,290 </text> <text top="428" left="481" width="11" height="17" font="3">0 </text> <text top="410" left="586" width="72" height="17" font="3"> </text> <text top="428" left="586" width="56" height="17" font="3">134,290 </text> <text top="428" left="685" width="11" height="17" font="3">0 </text> <text top="410" left="777" width="69" height="17" font="26"> </text> <text top="428" left="777" width="56" height="17" font="26">134,290 </text> <text top="450" left="87" width="51" height="14" font="72">Mineral </text> <text top="467" left="87" width="52" height="14" font="72">Royalty </text> <text top="484" left="172" width="79" height="17" font="3">211,708,024 </text> <text top="474" left="284" width="33" height="12" font="97"> </text> <text top="489" left="284" width="80" height="12" font="97">218,151,362 </text> <text top="466" left="389" width="62" height="17" font="25"> </text> <text top="484" left="389" width="67" height="17" font="25">1,642,838 </text> <text top="466" left="481" width="62" height="17" font="0"> </text> <text top="484" left="481" width="75" height="17" font="0">(8,086,175) </text> <text top="466" left="586" width="51" height="17" font="3"> </text> <text top="484" left="586" width="75" height="17" font="3">(6,443,337) </text> <text top="466" left="685" width="40" height="17" font="0"> </text> <text top="484" left="685" width="75" height="17" font="3">(3,963,611) </text> <text top="447" left="777" width="51" height="17" font="26"> </text> <text top="466" left="777" width="47" height="17" font="25"> </text> <text top="484" left="777" width="75" height="17" font="26">(2,479,726) </text> <text top="506" left="87" width="68" height="14" font="72">Corporate </text> <text top="523" left="87" width="33" height="14" font="72">Tax </text> <text top="540" left="172" width="83" height="17" font="3">425,833,002 </text> <text top="522" left="284" width="29" height="17" font="3"> </text> <text top="540" left="284" width="83" height="17" font="3">499,825,765 </text> <text top="522" left="389" width="54" height="17" font="25"> </text> <text top="540" left="389" width="74" height="17" font="25">53,750,756 </text> <text top="522" left="481" width="44" height="17" font="0"> </text> <text top="540" left="481" width="90" height="17" font="0">(127,743,519) </text> <text top="524" left="586" width="36" height="17" font="0"> </text> <text top="542" left="586" width="74" height="15" font="37">(73,992,763) </text> <text top="503" left="685" width="22" height="17" font="3"> </text> <text top="522" left="685" width="73" height="17" font="3">(73,992,763</text> <text top="540" left="685" width="9" height="17" font="3">) </text> <text top="503" left="777" width="43" height="17" font="25"> </text> <text top="522" left="777" width="43" height="17" font="25"> </text> <text top="540" left="777" width="11" height="17" font="25">0 </text> <text top="562" left="87" width="67" height="14" font="72">Dividends </text> <text top="579" left="172" width="77" height="14" font="3">55,291,126 </text> <text top="578" left="249" width="4" height="16" font="2"> </text> <text top="559" left="284" width="15" height="17" font="3"> </text> <text top="578" left="284" width="95" height="17" font="3">44,012,871.74 </text> <text top="559" left="389" width="54" height="17" font="26"> </text> <text top="578" left="389" width="75" height="17" font="26">11,278,254 </text> <text top="578" left="481" width="72" height="17" font="3"> 0 </text> <text top="559" left="586" width="51" height="17" font="3"> </text> <text top="578" left="586" width="72" height="17" font="3">11,278,254 </text> <text top="578" left="685" width="54" height="17" font="3"> 0 </text> <text top="559" left="777" width="47" height="17" font="26"> </text> <text top="578" left="777" width="72" height="17" font="26">11,278,254 </text> <text top="600" left="87" width="46" height="16" font="25">Total </text> <text top="597" left="172" width="129" height="17" font="0">693,640,965 </text> <text top="597" left="284" width="78" height="17" font="0">762,472,091 </text> <text top="597" left="389" width="71" height="17" font="25">66,998,569 </text> <text top="618" left="389" width="5" height="16" font="25"> </text> <text top="600" left="481" width="85" height="17" font="0">-135,829,694 </text> <text top="621" left="481" width="5" height="16" font="0"> </text> <text top="597" left="586" width="77" height="17" font="3">-68,831,125 </text> <text top="615" left="586" width="4" height="17" font="0"> </text> <text top="634" left="586" width="4" height="17" font="0"> </text> <text top="614" left="685" width="77" height="17" font="3">-77,887,336 </text> <text top="636" left="685" width="5" height="16" font="0"> </text> <text top="597" left="777" width="64" height="17" font="26">9,113,673 </text> <text top="656" left="92" width="5" height="16" font="3"> </text> <text top="692" left="92" width="637" height="16" font="3">The 2011 reconciliation produced an absolute discrepancy of GHS202, 828,263 and a net </text> <text top="715" left="92" width="676" height="16" font="3">discrepancy of GHS (68,831,125). After resolution of some of the discrepancies the unresolved </text> <text top="737" left="92" width="683" height="16" font="3">discrepancies amounted to GHS 9,113,673. Details of the discrepancies are shown in (Appendix </text> <text top="759" left="92" width="29" height="16" font="3">5B) </text> <text top="796" left="92" width="166" height="16" font="11">8.3 DISBURSEMENT </text> <text top="832" left="39" width="45" height="17" font="2"> </text> <text top="832" left="85" width="228" height="17" font="18">Table 8.3.1: ASHANTI REGION. </text> <text top="856" left="93" width="44" height="16" font="26">DATE </text> <text top="878" left="93" width="78" height="16" font="26">RECEIVED </text> <text top="856" left="192" width="136" height="16" font="26">PERIOD COVERED </text> <text top="856" left="378" width="112" height="16" font="26">AMOUNT(GHS) </text> <text top="916" left="93" width="254" height="16" font="3">20/03/2011 August-October 2010 </text> <text top="916" left="378" width="85" height="16" font="3">359,956.84 </text> <text top="954" left="93" width="70" height="16" font="3">29/09/11 </text> <text top="954" left="192" width="138" height="16" font="3">January-April 2011 </text> <text top="954" left="378" width="85" height="16" font="3">657,026.19 </text> <text top="991" left="93" width="41" height="16" font="3">Total </text> <text top="991" left="192" width="5" height="16" font="3"> </text> <text top="991" left="378" width="98" height="16" font="3">1,016,983.03 </text> <text top="1028" left="92" width="244" height="17" font="18">Source: OASL –ASHANTI REGION </text> <text top="1066" left="92" width="5" height="16" font="3"> </text> </page> <page number="42" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="98" size="15" family="Times" color="#0000ff"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">33 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="39" width="311" height="17" font="18"> Table 8.3.2: BRONG AHAFO REGION. </text> <text top="185" left="87" width="122" height="16" font="26">DATE RECEIVED </text> <text top="185" left="258" width="136" height="16" font="26">PERIOD COVERED </text> <text top="185" left="422" width="112" height="16" font="26">AMOUNT(GHS) </text> <text top="223" left="87" width="79" height="16" font="3">15/3/2011 </text> <text top="223" left="258" width="124" height="16" font="3">August –October </text> <text top="245" left="258" width="40" height="16" font="3">2010 </text> <text top="223" left="454" width="90" height="16" font="3"> 395,279.20 </text> <text top="283" left="87" width="87" height="16" font="3">19/09/2011 </text> <text top="283" left="258" width="138" height="16" font="3">January-April 2011 </text> <text top="283" left="449" width="95" height="16" font="3"> 877,669.30 </text> <text top="321" left="87" width="41" height="16" font="3">Total </text> <text top="321" left="258" width="5" height="16" font="3"> </text> <text top="321" left="445" width="98" height="16" font="3">1,272,948.50 </text> <text top="358" left="92" width="278" height="17" font="18">Source: OASL-BRONG AHAFO REGION </text> <text top="395" left="92" width="623" height="16" font="3">Computations made by the Reconciler indicates that Asutifi South should have received </text> <text top="417" left="92" width="694" height="16" font="3">GHS977,669 (based on the royalties paid by Newmont Ghana Gold Ltd of GHS8,727,255.84 and </text> <text top="440" left="92" width="668" height="16" font="3">GHS11,428,276.55 for January 2011 and April 2011 respectively), instead of the 877,669.30 </text> <text top="462" left="92" width="255" height="16" font="3">paid by the OASL.(See Appendix 6) </text> <text top="499" left="92" width="5" height="16" font="3"> </text> <text top="520" left="92" width="232" height="17" font="98">TABLE 8:3.3 WESTERN REGION </text> <text top="544" left="92" width="44" height="16" font="26">DATE </text> <text top="566" left="92" width="78" height="16" font="26">RECEIVED </text> <text top="544" left="223" width="136" height="16" font="26">PERIOD COVERED </text> <text top="544" left="393" width="112" height="16" font="26">AMOUNT(GHS) </text> <text top="604" left="92" width="87" height="16" font="3">11/03/2011 </text> <text top="604" left="223" width="156" height="16" font="3">August-October 2010 </text> <text top="604" left="431" width="99" height="16" font="3">2,479,633.43 </text> <text top="642" left="92" width="87" height="16" font="3">19/09/2011 </text> <text top="642" left="223" width="137" height="16" font="3">January April 2011 </text> <text top="642" left="431" width="99" height="16" font="3">4,095,550.18 </text> <text top="679" left="92" width="41" height="16" font="3">Total </text> <text top="679" left="223" width="5" height="16" font="3"> </text> <text top="679" left="431" width="99" height="16" font="3">6,575,183.61 </text> <text top="716" left="92" width="247" height="17" font="18">Source: OASL- WESTERN REGION </text> <text top="754" left="92" width="5" height="16" font="0"> </text> <text top="791" left="92" width="5" height="16" font="0"> </text> <text top="828" left="92" width="5" height="16" font="0"> </text> <text top="865" left="92" width="5" height="16" font="0"> </text> <text top="901" left="92" width="5" height="16" font="0"> </text> <text top="938" left="92" width="5" height="16" font="0"> </text> <text top="975" left="92" width="5" height="16" font="0"> </text> <text top="1012" left="92" width="5" height="16" font="0"> </text> <text top="1049" left="92" width="5" height="16" font="0"> </text> </page> <page number="43" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">34 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="697" height="16" font="11">8.4.1 TRANSFER OF ROYALTY FROM REGIONAL OASL TO MUNICIPAL/DISTRICT </text> <text top="185" left="92" width="161" height="16" font="11">ASSEMBLIES-2011. </text> <text top="222" left="92" width="156" height="16" font="11">ASHANTI REGION: </text> <text top="258" left="79" width="5" height="16" font="3"> </text> <text top="280" left="79" width="621" height="14" font="39">Table 8.4.1: Amount due to District/Municipal Assemblies from royalty paid by Anglogold Ashanti Ltd-2011 </text> <text top="300" left="87" width="60" height="16" font="26"> District </text> <text top="322" left="87" width="77" height="16" font="26">/Municipal </text> <text top="344" left="87" width="71" height="16" font="26">Assembly </text> <text top="299" left="211" width="81" height="13" font="75">March 2010 </text> <text top="319" left="211" width="52" height="13" font="75">release </text> <text top="353" left="211" width="36" height="13" font="75">GHS </text> <text top="387" left="211" width="5" height="14" font="72"> </text> <text top="299" left="350" width="112" height="13" font="75">September 2010 </text> <text top="319" left="350" width="52" height="13" font="75">release </text> <text top="353" left="350" width="36" height="13" font="75">GHS </text> <text top="299" left="520" width="36" height="13" font="75">Total </text> <text top="333" left="520" width="45" height="13" font="75">(GHS) </text> <text top="367" left="87" width="92" height="16" font="26">Amount due </text> <text top="390" left="87" width="93" height="16" font="26">from release </text> <text top="427" left="87" width="55" height="14" font="37">OBUASI </text> <text top="447" left="87" width="87" height="14" font="37">MUN1ICIPAL </text> <text top="448" left="174" width="4" height="13" font="38"> </text> <text top="448" left="220" width="122" height="13" font="38"> 108,466.51 </text> <text top="448" left="391" width="122" height="13" font="38"> 225,269.34 </text> <text top="448" left="631" width="85" height="13" font="38"> 333,735.85 </text> <text top="483" left="87" width="106" height="14" font="37">ADANSI SOUTH </text> <text top="484" left="220" width="122" height="13" font="38"> 30,990.12 </text> <text top="484" left="391" width="122" height="13" font="38"> 64,362.03 </text> <text top="484" left="631" width="85" height="13" font="38"> 95,352.15 </text> <text top="519" left="87" width="107" height="14" font="37">ADANSI NORTH </text> <text top="519" left="220" width="122" height="13" font="38"> 15,495.06 </text> <text top="519" left="391" width="122" height="13" font="38"> 32,181.01 </text> <text top="519" left="631" width="85" height="13" font="38"> 47,676.08 </text> <text top="554" left="87" width="57" height="14" font="37">BEKWAI </text> <text top="574" left="87" width="83" height="14" font="37">MUNICIPAL </text> <text top="575" left="220" width="122" height="13" font="38"> 15,058.43 </text> <text top="575" left="391" width="122" height="13" font="38"> 31,274.20 </text> <text top="575" left="631" width="85" height="13" font="38"> 46,332.64 </text> <text top="610" left="87" width="65" height="14" font="37">AMANSIE </text> <text top="630" left="87" width="74" height="14" font="37">CENTRAL </text> <text top="629" left="161" width="5" height="16" font="0"> </text> <text top="631" left="220" width="122" height="13" font="38"> 27,965.41 </text> <text top="631" left="391" width="122" height="13" font="38"> 58,080.13 </text> <text top="631" left="631" width="85" height="13" font="38"> 86,045.53 </text> <text top="666" left="87" width="46" height="16" font="25">Total </text> <text top="665" left="220" width="122" height="13" font="77"> 197,975.54 </text> <text top="700" left="334" width="5" height="16" font="25"> </text> <text top="665" left="391" width="122" height="13" font="77"> 411,166.72 </text> <text top="700" left="505" width="5" height="16" font="25"> </text> <text top="665" left="635" width="81" height="13" font="77">609,142.25 </text> <text top="699" left="708" width="4" height="13" font="75"> </text> <text top="737" left="92" width="235" height="17" font="18">Source: OASL ASHANTI REGION </text> <text top="774" left="92" width="5" height="16" font="3"> </text> <text top="811" left="92" width="5" height="16" font="3"> </text> <text top="848" left="92" width="5" height="16" font="3"> </text> <text top="885" left="92" width="5" height="16" font="3"> </text> <text top="922" left="92" width="5" height="16" font="3"> </text> <text top="959" left="92" width="5" height="17" font="2"> </text> <text top="998" left="92" width="5" height="17" font="2"> </text> <text top="1037" left="92" width="5" height="17" font="2"> </text> <text top="1076" left="92" width="5" height="17" font="2"> </text> </page> <page number="44" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">35 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="518" height="17" font="18">Table 8.4.2: Royalty disbursement due /Amount paid by OASL in 2011. </text> <text top="185" left="631" width="5" height="16" font="3"> </text> <text top="222" left="631" width="5" height="16" font="3"> </text> <text top="258" left="631" width="5" height="16" font="3"> </text> <text top="295" left="631" width="5" height="16" font="3"> </text> <text top="332" left="631" width="5" height="16" font="3"> </text> <text top="354" left="631" width="5" height="16" font="3"> </text> <text top="377" left="631" width="5" height="16" font="3"> </text> <text top="399" left="631" width="5" height="16" font="3"> </text> <text top="421" left="631" width="5" height="16" font="3"> </text> <text top="444" left="631" width="5" height="16" font="3"> </text> <text top="465" left="92" width="468" height="17" font="18">Source: OASL-Ashanti Region/Compilation by Boas & Associates. </text> <text top="488" left="440" width="4" height="14" font="3"> </text> <text top="511" left="100" width="573" height="16" font="3">Obuasi Municipal Assembly should have received GHS 225,269.34 instead of the </text> <text top="530" left="100" width="125" height="16" font="3">GHS197, 982.89. </text> <text top="550" left="747" width="5" height="16" font="3"> </text> <text top="550" left="100" width="5" height="16" font="3"> </text> <text top="569" left="100" width="651" height="16" font="3">Total disbursement for the September payment should be GHS 411,166.72 instead of GHS </text> <text top="588" left="100" width="207" height="16" font="3">361,364.41(See Appendix 6) </text> <text top="608" left="92" width="4" height="14" font="3"> </text> <text top="645" left="92" width="203" height="16" font="11">BRONG-AHAFO REGION. </text> <text top="681" left="92" width="525" height="15" font="36">Table 8.4.3: Amount due to Asutifi District Assembly/Amount paid by OASL-2011 </text> <text top="703" left="92" width="206" height="16" font="26">Releases from OASL in 2010 </text> <text top="703" left="323" width="93" height="16" font="26">Amount Due </text> <text top="722" left="323" width="48" height="16" font="26">(GHS) </text> <text top="703" left="468" width="165" height="16" font="26"> Amount paid by OASL </text> <text top="722" left="468" width="58" height="16" font="26"> (GHS) </text> <text top="742" left="92" width="88" height="16" font="3">March 2011 </text> <text top="742" left="323" width="89" height="13" font="38"> 395,279.74 </text> <text top="759" left="323" width="5" height="16" font="3"> </text> <text top="742" left="468" width="77" height="14" font="3">395,279.70 </text> <text top="762" left="468" width="5" height="16" font="3"> </text> <text top="787" left="92" width="122" height="16" font="3">September 2011 </text> <text top="786" left="323" width="89" height="13" font="38"> 997,698.84 </text> <text top="804" left="323" width="5" height="16" font="3"> </text> <text top="787" left="468" width="77" height="14" font="3">877,669.30 </text> <text top="823" left="92" width="278" height="17" font="18">Source: OASL BRONG-AHAFO REGION </text> <text top="861" left="80" width="724" height="16" font="3"> For the release of 30/9/11 transfer to Asutifi District Assembly which relates to the period January to </text> <text top="880" left="80" width="268" height="16" font="3"> April 2011 appears to have reduced. </text> <text top="899" left="80" width="739" height="16" font="3"> Whereas the OASL paid an amount of GHS 877,669.30, the Reconciler’s computations indicate that an </text> <text top="919" left="80" width="494" height="16" font="3"> amount of GHS 997,698 should have been paid (see Appendix 6B2). </text> <text top="938" left="92" width="4" height="14" font="3"> </text> <text top="976" left="92" width="5" height="16" font="0"> </text> <text top="1012" left="92" width="5" height="16" font="0"> </text> <text top="1049" left="92" width="5" height="16" font="0"> </text> <text top="1086" left="92" width="5" height="16" font="0"> </text> <text top="186" left="92" width="145" height="16" font="25">District Assembly </text> <text top="186" left="260" width="103" height="16" font="25">Amount due </text> <text top="186" left="455" width="115" height="16" font="25">Transfer from </text> <text top="206" left="455" width="50" height="16" font="25">OASL-</text> <text top="225" left="455" width="128" height="16" font="25">ASHANTI(GHS) </text> <text top="246" left="92" width="143" height="16" font="0">Obuasi Municipal </text> <text top="245" left="362" width="85" height="13" font="38"> 333,735.86 </text> <text top="246" left="536" width="77" height="15" font="0">306,449.33 </text> <text top="278" left="92" width="111" height="16" font="0">Adansi South </text> <text top="278" left="244" width="5" height="16" font="0"> </text> <text top="278" left="362" width="85" height="13" font="38"> 95,352.15 </text> <text top="295" left="439" width="4" height="13" font="38"> </text> <text top="278" left="544" width="69" height="15" font="0">87,556.95 </text> <text top="298" left="610" width="5" height="16" font="0"> </text> <text top="319" left="92" width="110" height="16" font="0">Adansi North </text> <text top="318" left="366" width="77" height="13" font="38"> 47,676.08 </text> <text top="319" left="544" width="69" height="15" font="0">43,778.48 </text> <text top="338" left="610" width="4" height="15" font="0"> </text> <text top="362" left="92" width="146" height="16" font="0">Bekwai Municipal </text> <text top="362" left="374" width="73" height="13" font="38">46,332.64 </text> <text top="362" left="544" width="69" height="15" font="0">42,544.57 </text> <text top="382" left="610" width="5" height="16" font="0"> </text> <text top="411" left="92" width="137" height="16" font="0">Amansie Central </text> <text top="410" left="374" width="69" height="13" font="76">86,045.53 </text> <text top="411" left="544" width="69" height="15" font="0">79,011.34 </text> <text top="431" left="610" width="5" height="16" font="0"> </text> </page> <page number="45" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">36 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="156" height="16" font="11">WESTERN REGION </text> <text top="198" left="92" width="493" height="15" font="36">Table 8.4.4 Disbursement from OASL to District /Municipal Assemblies-2011 </text> <text top="220" left="106" width="151" height="16" font="25">District/Municipal </text> <text top="243" left="106" width="87" height="16" font="25">Assembly: </text> <text top="220" left="268" width="105" height="16" font="25">Amount Due </text> <text top="257" left="268" width="39" height="16" font="25">GHS </text> <text top="220" left="434" width="179" height="16" font="25">Amount paid by OASL </text> <text top="257" left="434" width="44" height="16" font="25"> GHS </text> <text top="295" left="106" width="66" height="16" font="0">Prestea </text> <text top="295" left="214" width="43" height="16" font="0">Huni </text> <text top="317" left="106" width="54" height="16" font="0">Valley </text> <text top="294" left="328" width="97" height="13" font="38"> 1,616,179.30 </text> <text top="329" left="418" width="5" height="16" font="3"> </text> <text top="295" left="576" width="69" height="14" font="3">1,558,575 </text> <text top="332" left="641" width="5" height="16" font="3"> </text> <text top="369" left="106" width="135" height="13" font="38">Mpohor Wassa East </text> <text top="403" left="106" width="5" height="16" font="0"> </text> <text top="369" left="328" width="97" height="13" font="38"> 234,315.11 </text> <text top="403" left="418" width="4" height="13" font="38"> </text> <text top="370" left="588" width="57" height="14" font="3">213,726 </text> <text top="407" left="641" width="5" height="16" font="3"> </text> <text top="444" left="106" width="111" height="16" font="3">Tarkwa Nsuem </text> <text top="444" left="328" width="97" height="13" font="38"> 1,345,857.84 </text> <text top="478" left="418" width="4" height="13" font="38"> </text> <text top="444" left="576" width="69" height="14" font="3">1,340,191 </text> <text top="481" left="641" width="5" height="16" font="3"> </text> <text top="519" left="106" width="116" height="16" font="3">Bibiani/Ahwiaso </text> <text top="541" left="106" width="55" height="16" font="3">Bekwai </text> <text top="519" left="333" width="94" height="13" font="38"> 213,831.48 </text> <text top="553" left="418" width="4" height="13" font="38"> </text> <text top="519" left="588" width="57" height="14" font="3">218,876 </text> <text top="556" left="641" width="5" height="16" font="3"> </text> <text top="594" left="106" width="93" height="16" font="0">Total </text> <text top="594" left="332" width="90" height="15" font="0">3,493,630.77 </text> <text top="631" left="418" width="4" height="15" font="0"> </text> <text top="594" left="576" width="69" height="15" font="0">3,331,368 </text> <text top="631" left="641" width="4" height="15" font="0"> </text> <text top="669" left="92" width="406" height="15" font="13"> Source: Western region OASL/Boas & Associates compilation. </text> <text top="709" left="92" width="5" height="16" font="0"> </text> <text top="733" left="92" width="5" height="16" font="0"> </text> <text top="770" left="92" width="5" height="16" font="0"> </text> <text top="807" left="92" width="5" height="16" font="0"> </text> <text top="843" left="92" width="5" height="16" font="0"> </text> <text top="880" left="92" width="5" height="16" font="0"> </text> <text top="917" left="92" width="5" height="16" font="0"> </text> <text top="954" left="92" width="5" height="16" font="0"> </text> <text top="991" left="92" width="5" height="16" font="0"> </text> <text top="1028" left="92" width="5" height="16" font="0"> </text> <text top="1065" left="92" width="5" height="16" font="0"> </text> </page> <page number="46" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="99" size="13" family="Times" color="#0000ff"/> <text top="107" left="92" width="673" height="15" font="15">F inal Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">37 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="422" height="16" font="11">8.5 UTILIZATION OF MINERAL ROYALTY RECEIPTS. </text> <text top="198" left="92" width="504" height="14" font="39">Table 8.5.1: Obuasi Municipal Assembly: Utilization of Mineral Royalty Receipts (2011) </text> <text top="218" left="92" width="27" height="14" font="72">No. </text> <text top="218" left="133" width="48" height="14" font="72">Details </text> <text top="218" left="390" width="176" height="14" font="72">Expenditure(Amount)GHC) </text> <text top="254" left="92" width="12" height="14" font="72">1 </text> <text top="253" left="133" width="245" height="14" font="37"> Rehabilitation of 4 unit classroom </text> <text top="274" left="133" width="127" height="14" font="37">block at Pomposo. </text> <text top="254" left="390" width="69" height="14" font="37">56,063.58 </text> <text top="309" left="92" width="12" height="14" font="72">2 </text> <text top="309" left="133" width="250" height="14" font="37">Rehabilitation of 6 unit classroom </text> <text top="330" left="133" width="96" height="14" font="37">block at Boate </text> <text top="309" left="390" width="69" height="14" font="37">61,290.27 </text> <text top="365" left="92" width="12" height="14" font="72">3 </text> <text top="365" left="133" width="245" height="14" font="37">Supported the construction of 8 unit </text> <text top="386" left="133" width="165" height="14" font="37">classroom block at Boate </text> <text top="365" left="390" width="69" height="14" font="37">25,000.00 </text> <text top="421" left="92" width="12" height="14" font="72">4 </text> <text top="421" left="133" width="245" height="14" font="37">Rehabilitation of a 6 unit Classroom </text> <text top="441" left="133" width="192" height="14" font="37">Block at New Nsuta(Support) </text> <text top="421" left="390" width="69" height="14" font="37">25,000.00 </text> <text top="477" left="92" width="12" height="14" font="72">5 </text> <text top="477" left="133" width="245" height="14" font="37">Rehabilitation of 6 units Classroom </text> <text top="497" left="133" width="217" height="14" font="37">Block at Estate Presbyterian JHS. </text> <text top="477" left="390" width="69" height="14" font="37">89,883.11 </text> <text top="533" left="92" width="12" height="14" font="72">6 </text> <text top="533" left="133" width="84" height="14" font="37">Scholarships </text> <text top="533" left="390" width="69" height="14" font="37">40,850.00 </text> <text top="578" left="92" width="12" height="14" font="72">7 </text> <text top="578" left="133" width="132" height="14" font="37">Waste Management </text> <text top="578" left="390" width="77" height="14" font="37">129,741.46 </text> <text top="624" left="92" width="5" height="14" font="72"> </text> <text top="624" left="133" width="37" height="14" font="37">Total </text> <text top="624" left="390" width="88" height="14" font="35">427,828.42 </text> <text top="668" left="92" width="264" height="15" font="99">Source: Obuasi Municipal Assembly </text> <text top="704" left="92" width="4" height="14" font="35"> </text> <text top="739" left="92" width="683" height="16" font="11">8.6 ROYALTY LODGEMENTS AND EXPENDITURES FROM THE MDF ACCOUNT IN 2011 </text> <text top="776" left="92" width="700" height="16" font="3">Appendix 7 shows royalties paid into MDF account at Bank of Ghana by Controller and Accountant </text> <text top="798" left="92" width="409" height="16" font="3">General and monies expended from the account in 2011. </text> <text top="835" left="92" width="675" height="16" font="3">Total lodgments into the MDF account in 2011 amounted to GHS16.080 million with GHS9.230 </text> <text top="857" left="92" width="397" height="16" font="3">million as withdrawals for mining sector expenditures. </text> <text top="894" left="92" width="668" height="16" font="3">The expenditure analysis indicates that GHS 889,714 was spent on salaries and salary related </text> <text top="916" left="92" width="683" height="16" font="3">expenditures on a distressed mining company, GHS 8.341 million on developmental and service </text> <text top="939" left="92" width="700" height="16" font="3">activities of mining sector agencies and institutions with GHS 31.00 spent on incidental expenses. </text> <text top="975" left="92" width="40" height="13" font="38"> </text> <text top="992" left="92" width="5" height="16" font="0"> </text> <text top="1029" left="92" width="5" height="16" font="0"> </text> <text top="1066" left="92" width="5" height="16" font="0"> </text> </page> <page number="47" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">38 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="323" height="16" font="25">9.0 CHALLENGES IN IMPLEMENTATION </text> <text top="200" left="105" width="4" height="15" font="24"> </text> <text top="199" left="118" width="643" height="16" font="3">The 2010/2011 encountered a lot of challenges. The major challenge was the provision of </text> <text top="219" left="118" width="594" height="16" font="3">relevant data. Since the entire reconciliation exercise hinges on data obtained from </text> <text top="238" left="118" width="644" height="16" font="3">participants, the acquisition of data is on the critical path of the process. Any delay affects </text> <text top="257" left="118" width="360" height="16" font="3">significantly the timely completion of the exercise. </text> <text top="277" left="85" width="5" height="16" font="3"> </text> <text top="315" left="105" width="4" height="15" font="24"> </text> <text top="314" left="118" width="652" height="16" font="3">The high turnover of staff within the Mining companies also posed a lot of challenges. Staff </text> <text top="333" left="118" width="647" height="16" font="3">members with understanding of the process left the employment of their companies in the </text> <text top="352" left="118" width="647" height="16" font="3">middle of the process. Mining Companies are advised to open up the EITI process to more </text> <text top="372" left="118" width="594" height="16" font="3">staff members in functional areas that provide inputs for the reconciliation process. </text> <text top="391" left="85" width="5" height="16" font="3"> </text> <text top="429" left="105" width="4" height="15" font="24"> </text> <text top="428" left="118" width="674" height="16" font="3">Another challenge was the timing of the exercise. It is recommended that as much as possible </text> <text top="448" left="118" width="603" height="16" font="3">the last three months of the calendar year should be avoided since during that time, </text> <text top="467" left="118" width="611" height="16" font="3">participants are usually engaged on various audit activities in fulfillment of company’s </text> <text top="486" left="118" width="649" height="16" font="3">statutory requirements. As such EITI requests are oftentimes placed on secondary priority. </text> <text top="505" left="92" width="5" height="16" font="3"> </text> <text top="543" left="105" width="4" height="15" font="24"> </text> <text top="543" left="118" width="626" height="16" font="3">The SAP IT solution did not provide the anticipated impetus. It is recommended that its </text> <text top="562" left="118" width="563" height="16" font="3">contribution be reviewed as it has the potential to reduce the reporting period. </text> <text top="581" left="92" width="5" height="16" font="0"> </text> <text top="618" left="92" width="5" height="16" font="3"> </text> <text top="655" left="92" width="5" height="16" font="3"> </text> <text top="692" left="92" width="5" height="16" font="3"> </text> <text top="729" left="92" width="5" height="16" font="3"> </text> <text top="766" left="92" width="5" height="16" font="3"> </text> <text top="803" left="92" width="5" height="16" font="3"> </text> <text top="840" left="92" width="5" height="16" font="3"> </text> <text top="876" left="92" width="5" height="16" font="3"> </text> <text top="913" left="92" width="5" height="16" font="3"> </text> <text top="950" left="92" width="5" height="16" font="3"> </text> <text top="987" left="92" width="5" height="16" font="3"> </text> <text top="1024" left="92" width="5" height="16" font="3"> </text> <text top="1061" left="92" width="5" height="16" font="3"> </text> </page> <page number="48" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">39 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="424" height="16" font="25">10.0 OBSERVATIONS AND SIGNIFICANT FINDINGS. </text> <text top="202" left="92" width="419" height="16" font="11">10.1 Reporting Currency in Reconciliation Exercise: </text> <text top="226" left="92" width="702" height="16" font="3">The GRA has requested mining companies to pay royalty and corporate tax in US dollars. </text> <text top="248" left="92" width="702" height="16" font="3">Although the receipts provided by the GRA are all in cedis, most of the mining companies provide </text> <text top="270" left="92" width="331" height="16" font="3">templates with US$ as the reporting currency. </text> <text top="307" left="92" width="702" height="16" font="3">The GRA provides receipts in cedis for dollar payments. Some companies are unable to provide </text> <text top="330" left="92" width="691" height="16" font="3">amounts paid in cedis. This creates unnecessary discrepancies and delay reconciliation exercise. </text> <text top="366" left="92" width="184" height="17" font="18">10.1.1 Recommendation: </text> <text top="403" left="92" width="702" height="16" font="3">In order to avoid discrepancies created by currency translations it is important that the companies </text> <text top="426" left="92" width="702" height="16" font="3">provide figures in cedis as found on the receipts provided by the GRA. The GRA should also </text> <text top="448" left="92" width="480" height="16" font="3">endeavor to keep records of all US dollar payments by companies. </text> <text top="485" left="92" width="717" height="16" font="3">-The GRA’S request to companies to make payments in US dollars may necessitate reviewing the </text> <text top="507" left="92" width="200" height="16" font="3">currency for EITI reporting. </text> <text top="544" left="92" width="5" height="16" font="0"> </text> <text top="581" left="92" width="572" height="16" font="11">10.2 Submission of additional information by participating companies. </text> <text top="618" left="92" width="702" height="16" font="3">Participating companies were willing to provide information on payments made to government on </text> <text top="640" left="92" width="702" height="16" font="3">the revenue streams. However they appear reluctant to provide details on production costs and </text> <text top="662" left="92" width="460" height="16" font="3">other information required to fully meet the terms of reference. </text> <text top="699" left="123" width="5" height="16" font="3"> </text> <text top="719" left="92" width="702" height="16" font="3">Undue delays arise from waiting for such information. The reconciler, due to time constraints had </text> <text top="741" left="92" width="516" height="16" font="3">to conclude the report without the provision of the relevant information. </text> <text top="777" left="92" width="184" height="17" font="18">10.2.1 Recommendation: </text> <text top="815" left="92" width="702" height="16" font="3">The Steering committee should deliberate with representatives of the participating companies on </text> <text top="837" left="92" width="598" height="16" font="3">the need to provide additional information other than payments to the government. </text> <text top="874" left="123" width="5" height="16" font="3"> </text> <text top="893" left="92" width="675" height="16" font="3">The terms of reference may be amended in accordance with the outcome of such interactions. </text> <text top="931" left="92" width="193" height="17" font="19">10.3 Mineral Royalty: </text> <text top="969" left="92" width="702" height="16" font="3">Mineral royalty, which is a production based tax is paid quarterly. In the years 2010 and 2011, </text> <text top="991" left="92" width="702" height="16" font="3">some companies such as Goldfields Ghana Ltd, Abosso Goldfields Ltd and Newmont Ghana Gold </text> <text top="1014" left="92" width="702" height="16" font="3">Ltd, paid royalties more than four times. For example in 2011 Newmont Ghana Gold Ltd paid </text> <text top="1036" left="92" width="260" height="16" font="3">royalty on eight separate occasions. </text> </page> <page number="49" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">40 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="702" height="16" font="3">Whilst the frequency of payments in the case of Newmont Ghana Gold Ltd may have resulted </text> <text top="185" left="92" width="702" height="16" font="3">from its decision to pay royalties on monthly basis, it was not clear the reasons behind the </text> <text top="207" left="92" width="448" height="16" font="3">payments by Gold Fields Ghana Ltd and Abosso Goldfields Ltd. </text> <text top="244" left="92" width="701" height="16" font="3">The consequence is that it was a challenge establishing whether the correct amounts have been </text> <text top="266" left="92" width="701" height="16" font="3">made. This is because royalty payment is based on production. Without specific periods of </text> <text top="288" left="92" width="550" height="16" font="3">payments indicated, matching production against royalty proved challenging. </text> <text top="325" left="92" width="507" height="16" font="3">Additionally companies may result in splitting the payment of royalties. </text> <text top="361" left="92" width="191" height="17" font="18">10.3.1 Recommendations: </text> <text top="399" left="92" width="702" height="17" font="2">It is very important to establish the frequency of payment of royalty. The regulations on </text> <text top="424" left="92" width="702" height="17" font="2">royalty payment that sought to introduce monthly royalty payments should be </text> <text top="448" left="92" width="353" height="17" font="2">implemented. This will ensure transparency. </text> <text top="487" left="92" width="695" height="16" font="3">With the ageing mines experiencing negative growth, it signals a potential national output slum if </text> <text top="509" left="92" width="406" height="16" font="3">strategic investments and decisions are not made now. </text> <text top="546" left="92" width="5" height="16" font="11"> </text> <text top="580" left="92" width="165" height="16" font="11">10.4 Hedged Prices. </text> <text top="614" left="92" width="686" height="16" font="3">The issue of payment of royalties on hedged gold sales appears to be persisting. An example is </text> <text top="636" left="92" width="688" height="16" font="3">Adamus Resources which have posted consistently reduced incomes resulting from hedge prices </text> <text top="658" left="92" width="249" height="16" font="3">from July to Dec 2011. See below. </text> <text top="696" left="92" width="4" height="16" font="17"> </text> <text top="719" left="92" width="88" height="16" font="17">Table 10.4.: </text> <text top="718" left="181" width="349" height="16" font="3">Adamus Resources hedge and spot price analysis</text> <text top="719" left="529" width="4" height="16" font="17"> </text> <text top="741" left="92" width="43" height="15" font="3">DATE </text> <text top="741" left="170" width="43" height="15" font="3">GOLD </text> <text top="760" left="170" width="35" height="18" font="3">(OZ) </text> <text top="741" left="257" width="230" height="18" font="3"> HEDGE SPOT </text> <text top="760" left="448" width="57" height="18" font="3">DIFF($) </text> <text top="741" left="534" width="35" height="15" font="3">ADD </text> <text top="760" left="534" width="72" height="18" font="3">REVENUE </text> <text top="741" left="639" width="35" height="15" font="3">ADD </text> <text top="760" left="639" width="91" height="18" font="3">ROYALTY($) </text> <text top="781" left="155" width="4" height="14" font="3"> </text> <text top="800" left="123" width="4" height="14" font="3"> </text> <text top="781" left="241" width="4" height="15" font="0"> </text> <text top="781" left="340" width="4" height="15" font="0"> </text> <text top="781" left="432" width="19" height="15" font="0"> </text> <text top="781" left="534" width="36" height="15" font="0"> </text> <text top="781" left="639" width="51" height="15" font="0"> </text> <text top="820" left="92" width="49" height="14" font="3">7/7/11 </text> <text top="820" left="196" width="48" height="14" font="3">543.24 </text> <text top="839" left="241" width="4" height="14" font="3"> </text> <text top="820" left="287" width="57" height="14" font="3">1074.03 </text> <text top="820" left="372" width="48" height="14" font="3">1527.8 </text> <text top="820" left="460" width="48" height="14" font="3">453.77 </text> <text top="820" left="542" width="77" height="14" font="3">246,508.28 </text> <text top="820" left="656" width="69" height="14" font="3">12,325.41 </text> <text top="859" left="92" width="57" height="14" font="26">13/7/11 </text> <text top="859" left="179" width="57" height="14" font="26">1500.00 </text> <text top="859" left="272" width="57" height="14" font="26">1074.10 </text> <text top="859" left="378" width="36" height="14" font="26">1571 </text> <text top="859" left="464" width="40" height="14" font="26">496.9 </text> <text top="859" left="542" width="77" height="14" font="26">745,350.00 </text> <text top="859" left="656" width="69" height="14" font="26">37,267.50 </text> <text top="882" left="93" width="65" height="14" font="3">3/8/2011 </text> <text top="882" left="179" width="57" height="14" font="3">1000.00 </text> <text top="882" left="272" width="57" height="14" font="3">1074.31 </text> <text top="882" left="367" width="57" height="14" font="3">1621.75 </text> <text top="882" left="460" width="48" height="14" font="3">547.44 </text> <text top="882" left="542" width="77" height="14" font="3">547,440.00 </text> <text top="882" left="656" width="69" height="14" font="3">27,372.00 </text> <text top="905" left="93" width="65" height="14" font="26">3/8/2011 </text> <text top="905" left="179" width="57" height="14" font="26">1000.00 </text> <text top="905" left="272" width="57" height="14" font="26">1074.29 </text> <text top="905" left="367" width="57" height="14" font="26">1621.75 </text> <text top="905" left="460" width="48" height="14" font="26">547.46 </text> <text top="905" left="542" width="77" height="14" font="26">547,460.00 </text> <text top="905" left="656" width="69" height="14" font="26">27,373.00 </text> <text top="928" left="93" width="65" height="14" font="3">8/8/2011 </text> <text top="928" left="179" width="57" height="14" font="3">1733.25 </text> <text top="928" left="276" width="48" height="14" font="3">1074.4 </text> <text top="928" left="372" width="48" height="14" font="3">1702.6 </text> <text top="928" left="464" width="40" height="14" font="3">628.2 </text> <text top="928" left="536" width="89" height="14" font="3">1,088,833.30 </text> <text top="928" left="656" width="69" height="14" font="3">54,441.67 </text> <text top="951" left="92" width="57" height="14" font="26">24/8/11 </text> <text top="951" left="179" width="57" height="14" font="26">1000.00 </text> <text top="951" left="272" width="57" height="14" font="26">1074.72 </text> <text top="951" left="372" width="48" height="14" font="26">1702.6 </text> <text top="951" left="460" width="48" height="14" font="26">627.88 </text> <text top="951" left="542" width="77" height="14" font="26">627,880.00 </text> <text top="951" left="656" width="69" height="14" font="26">31,394.00 </text> <text top="974" left="93" width="65" height="14" font="3">6/9/2011 </text> <text top="974" left="183" width="48" height="14" font="3">350.41 </text> <text top="974" left="272" width="57" height="14" font="3">1061.39 </text> <text top="974" left="367" width="57" height="14" font="3">1831.75 </text> <text top="974" left="460" width="48" height="14" font="3">770.36 </text> <text top="974" left="542" width="77" height="14" font="3">269,944.16 </text> <text top="974" left="656" width="69" height="14" font="3">13,497.21 </text> <text top="997" left="92" width="57" height="14" font="26">14/9/11 </text> <text top="997" left="183" width="49" height="15" font="25">917.08 </text> <text top="997" left="272" width="57" height="15" font="25">1061.37 </text> <text top="997" left="367" width="57" height="15" font="25">1831.75 </text> <text top="997" left="460" width="49" height="15" font="25">770.38 </text> <text top="997" left="542" width="77" height="15" font="25">706,502.40 </text> <text top="997" left="656" width="69" height="15" font="25">35,325.12 </text> <text top="1020" left="92" width="4" height="14" font="3"> </text> <text top="1039" left="92" width="38" height="15" font="0">Total </text> <text top="1020" left="170" width="4" height="15" font="0"> </text> <text top="1020" left="257" width="4" height="15" font="0"> </text> <text top="1020" left="356" width="4" height="15" font="0"> </text> <text top="1020" left="448" width="7" height="15" font="0"> </text> <text top="1020" left="534" width="22" height="15" font="0"> </text> <text top="1039" left="534" width="93" height="15" font="0">4,779,918.15 </text> <text top="1020" left="639" width="36" height="15" font="0"> </text> <text top="1039" left="639" width="81" height="15" font="0">238,995.91 </text> <text top="1060" left="92" width="339" height="15" font="36">Source: Adamus refinery returns/Boas compilations. </text> </page> <page number="50" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="100" size="9" family="Times" color="#000000"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">41 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="163" left="92" width="196" height="16" font="17">As indicated above, in the 3</text> <text top="159" left="287" width="10" height="11" font="100">rd</text> <text top="163" left="298" width="436" height="16" font="17"> quarter 2011, about $ 238,995 was lost through gold hedging.</text> <text top="162" left="733" width="5" height="16" font="3"> </text> <text top="185" left="92" width="699" height="16" font="3">Adamus Resources Ltd did not indicate any royalty payments for silver by-product associated with </text> <text top="208" left="92" width="183" height="16" font="3">gold production in 2011. </text> <text top="244" left="92" width="184" height="17" font="18">10.4.1 Recommendation: </text> <text top="282" left="92" width="694" height="16" font="3">The GRA is requested to review Adamus royalty payments and also ensure that royalty payments </text> <text top="304" left="92" width="401" height="16" font="3">by all companies take the spot price into consideration. </text> <text top="341" left="92" width="491" height="16" font="3">Silver revenue should also be included in the computation of royalty. </text> <text top="378" left="92" width="5" height="17" font="32"> </text> <text top="399" left="92" width="225" height="16" font="11">10.5 Transfers in Tranches: </text> <text top="437" left="92" width="423" height="16" font="0"> Some regional offices of the OASL did not transfer in full</text> <text top="436" left="515" width="79" height="17" font="2"> amounts </text> <text top="437" left="595" width="198" height="16" font="3">due to District Assemblies. </text> <text top="460" left="92" width="701" height="16" font="3">For example the Brong-Ahafo regional OASL office received a transfer of royalty from the head </text> <text top="482" left="92" width="702" height="16" font="3">office on 15/2/2010. However Asutifi District was paid in two tranches of GHS 263,394.48 and </text> <text top="505" left="92" width="430" height="16" font="3">GHS278926.85 on the 2/3/2010 and 1/4/2010 respectively. </text> <text top="505" left="565" width="5" height="16" font="3"> </text> <text top="541" left="92" width="184" height="17" font="18">10.5.1 Recommendation: </text> <text top="578" left="92" width="701" height="16" font="3">District Assemblies should be paid in full and immediately when funds are received from Accra. </text> <text top="601" left="92" width="480" height="16" font="3">Amounts due to District Assemblies should not be paid in tranches. </text> <text top="638" left="92" width="5" height="16" font="3"> </text> <text top="675" left="92" width="199" height="16" font="11">10.6 Omission of Funds: </text> <text top="711" left="92" width="701" height="16" font="3">During the disbursement of funds to District Assemblies, some of the receipts are left out. This </text> <text top="734" left="92" width="701" height="16" font="3">means the District Assemblies don’t receive funds on timely basis. For example the transfer of </text> <text top="756" left="92" width="701" height="16" font="3">March 2011 was for royalties paid from August-October 2010. The next transfer in September </text> <text top="778" left="92" width="701" height="16" font="3">related to royalties paid in January – February 2011. Thus payments for November and December </text> <text top="800" left="92" width="702" height="16" font="3">2010 were omitted. Meanwhile several companies including Ghana Bauxite Ltd, GSR(Wassa)Ltd, </text> <text top="823" left="92" width="701" height="16" font="3">GSR(Prestea/Bogosu) and Ghana Manganese Ltd made royalty payments in November 2011. </text> <text top="845" left="92" width="702" height="16" font="3">Thus District Assemblies that receive royalties from these companies shall be denied funds for </text> <text top="867" left="92" width="103" height="16" font="3">that transfer. </text> <text top="905" left="92" width="5" height="17" font="32"> </text> <text top="943" left="92" width="45" height="17" font="18">10.6.1</text> <text top="941" left="137" width="5" height="18" font="29"> </text> <text top="943" left="142" width="123" height="17" font="18">Recommendation</text> <text top="944" left="265" width="4" height="14" font="8"> </text> <text top="980" left="92" width="694" height="16" font="3">When disbursing royalties, it is important to include all the months. This should be irrespective of </text> <text top="1002" left="92" width="676" height="16" font="3">whether it is the end of the quarter or not. This will ensure that payments made by companies </text> <text top="1025" left="92" width="689" height="16" font="3">outside the designated months are captured. The GRA should ensure that companies do not pay </text> <text top="1047" left="92" width="389" height="16" font="3">royalties outside the stipulated months by applying the</text> <text top="1046" left="481" width="5" height="17" font="2"> </text> <text top="1047" left="487" width="287" height="16" font="3">necessary sanctions. The GRA indicated </text> <text top="1069" left="92" width="626" height="16" font="3">during interactions that it had already taken notice of the anomaly and is working on it. </text> </page> <page number="51" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">42 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="163" left="92" width="5" height="17" font="2"> </text> <text top="201" left="92" width="350" height="16" font="11">10.7 Utilization of Mineral royalty receipts. </text> <text top="238" left="92" width="522" height="16" font="3">Waste management still takes a significant portion of royalty utilization. </text> <text top="275" left="92" width="565" height="16" font="3">In 2010 waste management accounted for 40% of royalty utilization in Obuasi. </text> <text top="312" left="92" width="668" height="16" font="3">Although in 2011 waste management was 30% of royalty expenditure, it was still significant. </text> <text top="349" left="92" width="54" height="18" font="29">10.7.1 </text> <text top="350" left="146" width="134" height="17" font="18">Recommendation: </text> <text top="388" left="92" width="685" height="16" font="3">Guidelines for the utilization of royalty receipts by District Assemblies should be implemented as </text> <text top="410" left="92" width="681" height="16" font="3">early as possible. This will ensure that District Assemblies do not spend substantial amounts of </text> <text top="432" left="92" width="474" height="16" font="3">royalty receipts on recurring expenditure such as waste collection. </text> <text top="469" left="92" width="5" height="16" font="3"> </text> <text top="508" left="92" width="155" height="16" font="11">10.8 Corporate Tax</text> <text top="507" left="247" width="12" height="17" font="19">: </text> <text top="545" left="92" width="680" height="16" font="3">In computing corporate tax payable, Adamus Resources separated its pre-production costs into </text> <text top="567" left="92" width="636" height="16" font="3">losses carried forward and plant and machinery costs that qualified for capital allowance: </text> <text top="604" left="92" width="688" height="16" font="3">The Mining and Minerals Act(section 28) stipulate that ‘the holder of a mining lease is entitled to </text> <text top="626" left="92" width="691" height="16" font="3">the capitalization of expenditure on reconnaissance and prospecting approved by the Minister on </text> <text top="649" left="92" width="699" height="16" font="3">the advice of the Minerals Commission where the holder starts development of a commercial find. </text> <text top="685" left="92" width="184" height="17" font="18">10.8.1 Recommendati on: </text> <text top="723" left="92" width="690" height="16" font="3">Companies commencing exploitation of minerals should be made to capitalize all exploration and </text> <text top="745" left="92" width="649" height="16" font="3">development costs and amortize over five years i.e. 20% per annum. Allowing losses to be </text> <text top="767" left="92" width="654" height="16" font="3">carried forward separately before capital allowances are set off against profits may result in </text> <text top="790" left="92" width="358" height="16" font="3">prolonging the time for payment of corporate tax. </text> <text top="826" left="92" width="262" height="16" font="11">10.9 Mineral Development Fund </text> <text top="863" left="92" width="659" height="16" font="3">There seems to be significant improvement in royalty transfers to the Fund compared to the </text> <text top="886" left="92" width="687" height="16" font="3">recent past. Inflows into the account in 2010 and 2011 exceeded outflows from the Fund. Some </text> <text top="908" left="92" width="698" height="16" font="3">lodgments appear not to be tailored to royalty transfer made into the account as was the practice </text> <text top="930" left="92" width="140" height="16" font="3">in the recent past. </text> <text top="967" left="92" width="643" height="16" font="3">The Ministry of Lands and Natural Resources which is supposed to have the oversight and </text> <text top="989" left="92" width="672" height="16" font="3">monitoring role over the state agency managing the Fund currently plays the role as spending </text> <text top="1011" left="92" width="636" height="16" font="3">agency. This creates supervisory and monitoring challenges to the Ministry. Sometimes it </text> <text top="1034" left="92" width="656" height="16" font="3">becomes difficult to track expenditures made from the Fund to the source documents in the </text> <text top="1056" left="92" width="679" height="16" font="3">accounting books of the Ministry. This is because funds are sometimes transferred in bulk from </text> </page> <page number="52" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">43 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="685" height="16" font="3">the MDF account to the Ministry’s subsector account for onward disbursements to mining sector </text> <text top="185" left="92" width="266" height="16" font="3">beneficiary agencies and institutions. </text> <text top="222" left="92" width="696" height="16" font="3">Moreover, since the Ministry has no signatory authorization to the MDF account at Bank of Ghana </text> <text top="244" left="92" width="692" height="16" font="3">it becomes difficult for it to request for MDF bank account statement from the Bank of Ghana for </text> <text top="266" left="92" width="177" height="16" font="3">reconciliation purposes. </text> <text top="303" left="92" width="5" height="16" font="3"> </text> <text top="339" left="92" width="187" height="17" font="18">10.10.1 Recommendation </text> <text top="377" left="92" width="683" height="16" font="3">To ensure effective monitoring and supervision of the Fund, an interim oversight agency should </text> <text top="399" left="92" width="684" height="16" font="3">be appointed to run the Fund prior to the appointment of a substantive Fund Manager. This will </text> <text top="421" left="92" width="698" height="16" font="3">enable the sector Ministry to play its supervisory and monitoring role effectively during this period </text> <text top="444" left="92" width="105" height="16" font="3">of transition. </text> <text top="481" left="92" width="5" height="16" font="0"> </text> <text top="518" left="92" width="5" height="16" font="0"> </text> <text top="554" left="92" width="4" height="14" font="3"> </text> <text top="591" left="92" width="4" height="14" font="3"> </text> <text top="629" left="92" width="4" height="14" font="3"> </text> <text top="666" left="92" width="4" height="14" font="3"> </text> <text top="703" left="92" width="4" height="14" font="3"> </text> <text top="740" left="92" width="4" height="14" font="3"> </text> <text top="777" left="92" width="4" height="14" font="3"> </text> <text top="814" left="92" width="4" height="14" font="3"> </text> <text top="852" left="92" width="4" height="14" font="3"> </text> <text top="889" left="92" width="4" height="14" font="3"> </text> <text top="926" left="92" width="4" height="14" font="3"> </text> <text top="963" left="92" width="4" height="14" font="3"> </text> <text top="1000" left="92" width="4" height="14" font="3"> </text> <text top="1037" left="92" width="4" height="14" font="3"> </text> <text top="1075" left="92" width="4" height="14" font="3"> </text> </page> <page number="53" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="101" size="27" family="Times" color="#000000"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">44 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="163" left="92" width="4" height="14" font="3"> </text> <text top="200" left="92" width="155" height="16" font="25">11.0 CONCLUSION </text> <text top="237" left="111" width="4" height="15" font="24"> </text> <text top="236" left="125" width="669" height="16" font="3">The reconciliation report for 2010 and 2011 produced some discrepancies that should be </text> <text top="256" left="125" width="669" height="16" font="3">investigated further. Absolute discrepancies for 2010 and 2011 were GHS 47,460,012 and </text> <text top="275" left="125" width="649" height="16" font="3">GHS 202,828,263 respectively. Unresolved discrepancies amounted to GHS -5,080,964 and </text> <text top="295" left="92" width="364" height="16" font="3"> GHS 9,113,673 in 2010 and 2011 respectively. </text> <text top="332" left="111" width="4" height="15" font="24"> </text> <text top="331" left="125" width="669" height="16" font="3">Due to time constraints, the reconciler was unable to resolve all the discrepancies produced. </text> <text top="354" left="125" width="669" height="16" font="3">The companies and Government Agencies have been asked to produce further details to </text> <text top="376" left="125" width="325" height="16" font="3">assist in the resolution of the discrepancies. </text> <text top="414" left="111" width="4" height="15" font="24"> </text> <text top="413" left="125" width="652" height="16" font="3">Corporate tax payments exceeded mineral royalty in 2011. This is very significant as it may </text> <text top="432" left="125" width="598" height="16" font="3">mark the end of the initial investment recovery periods for major producers such as </text> <text top="452" left="125" width="626" height="16" font="3">Newmont Ghana Gold Ltd. The implementation of the Internal Revenue (Amendment) </text> <text top="471" left="125" width="654" height="16" font="3">Act,2012 ACT 839, which abolishes the 80% first year capital allowance and also deals with </text> <text top="491" left="125" width="520" height="16" font="3">ring fencing matters may further improve the collection of corporate tax. </text> <text top="510" left="92" width="5" height="16" font="3"> </text> <text top="548" left="111" width="4" height="15" font="24"> </text> <text top="547" left="125" width="656" height="16" font="3">Regulations on payment of mineral royalty need to be addressed. On the implementation of </text> <text top="566" left="125" width="618" height="16" font="3">the EITI process, stakeholders should discuss in detail the way forward especially with </text> <text top="585" left="125" width="419" height="16" font="3">regards to the provision of relevant data for reconciliation. </text> <text top="605" left="92" width="5" height="16" font="3"> </text> <text top="642" left="92" width="5" height="16" font="3"> </text> <text top="679" left="92" width="5" height="16" font="3"> </text> <text top="716" left="92" width="5" height="16" font="3"> </text> <text top="753" left="92" width="4" height="14" font="3"> </text> <text top="790" left="92" width="4" height="14" font="3"> </text> <text top="827" left="92" width="4" height="14" font="3"> </text> <text top="864" left="92" width="214" height="14" font="3"> </text> <text top="879" left="92" width="2" height="8" font="73">i</text> <text top="883" left="94" width="687" height="13" font="37"> Adamus Resources Ltd commenced production in the fourth quarter of 2010. First payment of royalty was in 2011. </text> <text top="897" left="92" width="4" height="8" font="73">ii</text> <text top="901" left="96" width="355" height="13" font="37"> Operating cost determination may vary among companies </text> <text top="915" left="92" width="6" height="8" font="73">iii</text> <text top="919" left="98" width="186" height="13" font="37"> Shareholding percentage as 31</text> <text top="915" left="284" width="7" height="8" font="73">st</text> <text top="919" left="291" width="108" height="13" font="37"> December, 2010. </text> <text top="933" left="92" width="6" height="8" font="73">iv</text> <text top="937" left="98" width="531" height="13" font="37"> Amount due is computed using payments made to the GRA by mining companies. It may </text> <text top="954" left="92" width="268" height="13" font="37"> be different from the releases to the OASL. </text> <text top="969" left="92" width="4" height="8" font="73">v</text> <text top="972" left="96" width="332" height="13" font="37"> Sharing ratio revised in December 2010 after payment. </text> <text top="990" left="92" width="3" height="13" font="37"> </text> <text top="1008" left="92" width="3" height="13" font="37"> </text> <text top="1027" left="92" width="4" height="16" font="32"> </text> <text top="1048" left="92" width="4" height="16" font="32"> </text> <text top="1072" left="92" width="214" height="28" font="101"> </text> </page> <page number="54" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="102" size="27" family="Times" color="#3232ff"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">45 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="185" left="92" width="9" height="28" font="101"> </text> <text top="220" left="92" width="9" height="28" font="101"> </text> <text top="256" left="92" width="9" height="28" font="101"> </text> <text top="291" left="92" width="9" height="28" font="101"> </text> <text top="326" left="92" width="9" height="28" font="102"> </text> <text top="326" left="514" width="9" height="28" font="102"> </text> <text top="361" left="92" width="9" height="28" font="102"> </text> <text top="397" left="92" width="9" height="28" font="102"> </text> <text top="432" left="92" width="9" height="28" font="102"> </text> <text top="467" left="92" width="9" height="28" font="102"> </text> <text top="502" left="92" width="9" height="28" font="102"> </text> <text top="538" left="345" width="200" height="28" font="102">APPENDICES </text> <text top="593" left="92" width="9" height="28" font="101"> </text> <text top="628" left="92" width="9" height="28" font="101"> </text> <text top="663" left="92" width="9" height="28" font="101"> </text> <text top="698" left="92" width="9" height="28" font="101"> </text> <text top="734" left="92" width="9" height="28" font="101"> </text> <text top="769" left="92" width="9" height="28" font="101"> </text> <text top="804" left="92" width="9" height="28" font="101"> </text> <text top="839" left="92" width="9" height="28" font="101"> </text> <text top="875" left="92" width="9" height="28" font="101"> </text> <text top="930" left="92" width="9" height="28" font="101"> </text> <text top="985" left="92" width="9" height="28" font="101"> </text> <text top="1040" left="92" width="9" height="28" font="101"> </text> </page> <page number="55" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">46 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="182" left="92" width="4" height="14" font="3"> </text> <text top="219" left="92" width="294" height="16" font="11">Appendix 1: TERMS OF REFERENCE: </text> <text top="256" left="92" width="407" height="16" font="3">The terms of reference for the assignment are as follow: </text> <text top="293" left="92" width="702" height="16" font="3">Under the terms of reference for the assignment the obligations of the aggregator shall include </text> <text top="315" left="92" width="263" height="16" font="3">the following: For the mining sector, </text> <text top="352" left="92" width="449" height="16" font="3">The Aggregator shall perform both process and financial audit. </text> <text top="389" left="92" width="702" height="16" font="3">The Aggregator shall analyse the historical documentation on production, exports and payment of </text> <text top="411" left="92" width="333" height="16" font="3">royalties for minerals produced in the country. </text> <text top="448" left="92" width="701" height="16" font="3">In carrying out his mandate the Aggregator shall have access to the company’s lease, stability or </text> <text top="471" left="92" width="315" height="16" font="3">development agreements with government. </text> <text top="507" left="92" width="514" height="16" font="3">More specifically the Aggregator shall undertake the following activities: </text> <text top="544" left="118" width="14" height="16" font="3">1.</text> <text top="545" left="132" width="4" height="15" font="24"> </text> <text top="544" left="145" width="649" height="16" font="3"> Analyze the documentation on production, exports, payments and receipts from solid </text> <text top="564" left="145" width="387" height="16" font="3">minerals in the country for the period 2010 and 2011. </text> <text top="583" left="145" width="5" height="16" font="3"> </text> <text top="620" left="118" width="14" height="16" font="3">2.</text> <text top="621" left="132" width="4" height="15" font="24"> </text> <text top="620" left="145" width="649" height="16" font="3">Review feasibility reports of Mining Companies in order to compare projected production </text> <text top="639" left="145" width="195" height="16" font="3">with the actual production. </text> <text top="659" left="92" width="5" height="16" font="3"> </text> <text top="695" left="118" width="14" height="16" font="3">3.</text> <text top="696" left="132" width="4" height="15" font="24"> </text> <text top="695" left="145" width="649" height="16" font="3">Where applicable, check if quantities of solid minerals declared are in conformity with the </text> <text top="715" left="145" width="643" height="16" font="3">declarations made to the regulatory institution and as captured in the refinery certificates. </text> <text top="734" left="145" width="5" height="16" font="3"> </text> <text top="771" left="118" width="14" height="16" font="3">4.</text> <text top="772" left="132" width="4" height="15" font="24"> </text> <text top="771" left="145" width="649" height="16" font="3">Review the capital investment made by the companies in order to assess the actual </text> <text top="791" left="145" width="649" height="16" font="3">amount of the investment and determine if the amortization and depreciation declared are </text> <text top="810" left="145" width="630" height="16" font="3">correct and do not unduly reduce the amount of taxable profit of the mining companies. </text> <text top="829" left="92" width="5" height="16" font="3"> </text> <text top="866" left="118" width="14" height="16" font="3">5.</text> <text top="867" left="132" width="4" height="15" font="24"> </text> <text top="866" left="145" width="649" height="16" font="3">Check the correctness of the computation of payments, in order to determine the </text> <text top="886" left="145" width="649" height="16" font="3">appropriateness of the revenues received as mineral royalty, dividends, tax on profit </text> <text top="905" left="145" width="330" height="16" font="3">property rate, ground rent and mineral rights. </text> <text top="925" left="145" width="5" height="16" font="3"> </text> <text top="961" left="118" width="14" height="16" font="3">6.</text> <text top="962" left="132" width="4" height="15" font="24"> </text> <text top="961" left="145" width="649" height="16" font="3">Analyzed all tax deduction claimed by the companies, to ensure that only legitimate claims </text> <text top="981" left="145" width="128" height="16" font="3">have been made. </text> <text top="1000" left="92" width="5" height="16" font="3"> </text> <text top="1037" left="118" width="14" height="16" font="3">7.</text> <text top="1038" left="132" width="4" height="15" font="24"> </text> <text top="1037" left="145" width="649" height="16" font="3">Scrutinize the payment made to District Assemblies, within the operational areas of the </text> <text top="1056" left="145" width="52" height="16" font="3">mines. </text> <text top="1076" left="145" width="5" height="16" font="3"> </text> </page> <page number="56" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">47 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="182" left="118" width="14" height="16" font="3">8.</text> <text top="183" left="132" width="4" height="15" font="24"> </text> <text top="182" left="145" width="649" height="16" font="3">Reconcile the data so collected to ascertain, where applicable, if there is any disparity </text> <text top="201" left="145" width="649" height="16" font="3">between the government’s reported template and the aggregated companies reporting </text> <text top="221" left="145" width="557" height="16" font="3">template and make appropriate recommendations to deal with the disparities. </text> <text top="240" left="118" width="14" height="16" font="3">9.</text> <text top="241" left="132" width="4" height="15" font="24"> </text> <text top="240" left="145" width="649" height="16" font="3">Review financial statements of companies and institution for consistency. Specifically, for </text> <text top="259" left="145" width="643" height="16" font="3">companies, the aggregator shall review company capital investments and operating costs. </text> <text top="279" left="92" width="5" height="16" font="3"> </text> <text top="316" left="118" width="22" height="16" font="3">10.</text> <text top="317" left="141" width="4" height="15" font="24"> </text> <text top="316" left="145" width="649" height="16" font="3"> The aggregator shall report on amount accruing to the Minerals Development Fund and </text> <text top="335" left="145" width="245" height="16" font="3">how the funds have been utilized. </text> <text top="355" left="92" width="5" height="16" font="0"> </text> <text top="395" left="92" width="9" height="28" font="101"> </text> <text top="430" left="92" width="9" height="28" font="101"> </text> <text top="465" left="92" width="9" height="28" font="101"> </text> <text top="500" left="92" width="9" height="28" font="101"> </text> <text top="535" left="92" width="9" height="28" font="101"> </text> <text top="571" left="92" width="9" height="28" font="101"> </text> <text top="606" left="92" width="9" height="28" font="101"> </text> <text top="641" left="92" width="9" height="28" font="101"> </text> <text top="677" left="92" width="9" height="28" font="101"> </text> <text top="712" left="92" width="9" height="28" font="101"> </text> <text top="747" left="92" width="9" height="28" font="101"> </text> <text top="782" left="92" width="9" height="28" font="101"> </text> <text top="818" left="92" width="9" height="28" font="101"> </text> <text top="853" left="92" width="9" height="28" font="101"> </text> <text top="888" left="92" width="9" height="28" font="101"> </text> <text top="923" left="92" width="9" height="28" font="101"> </text> <text top="958" left="92" width="9" height="28" font="101"> </text> <text top="994" left="92" width="9" height="28" font="101"> </text> <text top="1026" left="92" width="5" height="16" font="0"> </text> <text top="1045" left="92" width="5" height="16" font="0"> </text> <text top="1065" left="92" width="5" height="16" font="0"> </text> </page> <page number="57" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">48 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="182" left="92" width="409" height="16" font="11">APPENDIX 2(A-K): MONTHLY ROYALTY PAYMENTS</text> <text top="1072" left="737" width="9" height="16" font="0"> </text> </page> <page number="58" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">49 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="1113" left="788" width="9" height="28" font="101"> </text> </page> <page number="59" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">50 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="1122" left="788" width="5" height="17" font="32"> </text> </page> <page number="60" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">51 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="1113" left="788" width="9" height="28" font="101"> </text> </page> <page number="61" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">52 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="1113" left="788" width="9" height="28" font="101"> </text> </page> <page number="62" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">53 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="1113" left="791" width="9" height="28" font="101"> </text> </page> <page number="63" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">54 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="1113" left="791" width="9" height="28" font="101"> </text> </page> <page number="64" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">55 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="1113" left="791" width="9" height="28" font="101"> </text> </page> <page number="65" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">56 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="1113" left="791" width="9" height="28" font="101"> </text> </page> <page number="66" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">57 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="1113" left="791" width="9" height="28" font="101"> </text> </page> <page number="67" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">58 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="1113" left="791" width="9" height="28" font="101"> </text> </page> <page number="68" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">59 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="1113" left="788" width="9" height="28" font="101"> </text> </page> <page number="69" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">60 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="1113" left="788" width="9" height="28" font="101"> </text> </page> <page number="70" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">61 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="185" left="92" width="9" height="28" font="101"> </text> <text top="217" left="92" width="405" height="16" font="11">APPENDIX 3B(2) Anglogold Ashanti Obuasi -2010 </text> <text top="1044" left="773" width="4" height="14" font="3"> </text> <text top="1077" left="92" width="5" height="16" font="0"> </text> </page> <page number="71" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">62 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="185" left="92" width="9" height="28" font="101"> </text> <text top="217" left="92" width="410" height="16" font="11">APPENDIX 3B (2) Anglogold Ashanti Obuasi -2011 </text> <text top="979" left="761" width="9" height="28" font="101"> </text> <text top="1008" left="92" width="9" height="28" font="101"> </text> <text top="1044" left="92" width="9" height="28" font="101"> </text> </page> <page number="72" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">63 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="185" left="92" width="9" height="28" font="101"> </text> <text top="218" left="92" width="404" height="17" font="19">APPENDIX 4 : PRODUCTION/ROYALTY DATA </text> <text top="243" left="226" width="5" height="17" font="32"> </text> <text top="264" left="99" width="166" height="17" font="32">Name of Company </text> <text top="267" left="370" width="114" height="14" font="37">Prod(Oz) in Qtrs. </text> <text top="267" left="503" width="100" height="14" font="37">Revenue(GHC) </text> <text top="267" left="636" width="96" height="14" font="37">Royalty (GHC) </text> <text top="301" left="99" width="198" height="16" font="3">Anglogold Ashanti (Obuasi) </text> <text top="285" left="370" width="82" height="14" font="37"> </text> <text top="302" left="370" width="53" height="14" font="37">66,204 </text> <text top="285" left="503" width="41" height="14" font="37"> </text> <text top="302" left="503" width="90" height="14" font="37">118,142,728 </text> <text top="285" left="636" width="87" height="14" font="37"> </text> <text top="302" left="636" width="74" height="14" font="37">3,544,282 </text> <text top="336" left="99" width="11" height="17" font="2"> </text> <text top="321" left="370" width="82" height="14" font="37"> </text> <text top="339" left="370" width="53" height="14" font="37">70,368 </text> <text top="321" left="503" width="41" height="14" font="37"> </text> <text top="339" left="503" width="90" height="14" font="37">158,738,194 </text> <text top="321" left="636" width="87" height="14" font="37"> </text> <text top="339" left="636" width="74" height="14" font="37">4,762,146 </text> <text top="372" left="99" width="11" height="17" font="2"> </text> <text top="357" left="370" width="82" height="14" font="37"> </text> <text top="374" left="370" width="53" height="14" font="37">83,041 </text> <text top="357" left="503" width="41" height="14" font="37"> </text> <text top="374" left="503" width="90" height="14" font="37">194,177,923 </text> <text top="357" left="636" width="87" height="14" font="37"> </text> <text top="374" left="636" width="74" height="14" font="37">5,825,338 </text> <text top="408" left="99" width="11" height="17" font="2"> </text> <text top="393" left="370" width="82" height="14" font="37"> </text> <text top="410" left="370" width="53" height="14" font="37">78,024 </text> <text top="393" left="503" width="41" height="14" font="37"> </text> <text top="410" left="503" width="90" height="14" font="37">184,447,835 </text> <text top="393" left="636" width="87" height="14" font="37"> </text> <text top="410" left="636" width="74" height="14" font="37">5,533,436 </text> <text top="444" left="99" width="50" height="17" font="32">Total </text> <text top="429" left="370" width="73" height="14" font="35"> </text> <text top="447" left="370" width="69" height="14" font="35">297,637 </text> <text top="429" left="503" width="39" height="14" font="35"> </text> <text top="447" left="503" width="102" height="14" font="35">655,506,680 </text> <text top="429" left="636" width="73" height="14" font="35"> </text> <text top="447" left="636" width="92" height="14" font="35">19,665,202 </text> <text top="481" left="99" width="210" height="16" font="3">Anglogold Ashanti Iduapriem </text> <text top="465" left="370" width="82" height="14" font="37"> </text> <text top="482" left="370" width="53" height="14" font="37">58,472 </text> <text top="465" left="503" width="41" height="14" font="37"> </text> <text top="482" left="503" width="90" height="14" font="37">123,850,606 </text> <text top="465" left="636" width="87" height="14" font="37"> </text> <text top="482" left="636" width="74" height="14" font="37">3,715,519 </text> <text top="516" left="99" width="11" height="17" font="2"> </text> <text top="501" left="370" width="82" height="14" font="37"> </text> <text top="518" left="370" width="53" height="14" font="37">56,237 </text> <text top="501" left="503" width="41" height="14" font="37"> </text> <text top="518" left="503" width="90" height="14" font="37">111,498,629 </text> <text top="501" left="636" width="87" height="14" font="37"> </text> <text top="518" left="636" width="74" height="14" font="37">3,344,959 </text> <text top="552" left="99" width="11" height="17" font="2"> </text> <text top="537" left="370" width="82" height="14" font="37"> </text> <text top="554" left="370" width="53" height="14" font="37">44,223 </text> <text top="537" left="503" width="50" height="14" font="37"> </text> <text top="554" left="503" width="82" height="14" font="37">89,452,168 </text> <text top="537" left="636" width="87" height="14" font="37"> </text> <text top="554" left="636" width="74" height="14" font="37">2,683,565 </text> <text top="588" left="99" width="11" height="17" font="2"> </text> <text top="573" left="370" width="82" height="14" font="37"> </text> <text top="590" left="370" width="53" height="14" font="37">48,484 </text> <text top="573" left="503" width="41" height="14" font="37"> </text> <text top="590" left="503" width="90" height="14" font="37">131,580,097 </text> <text top="573" left="636" width="87" height="14" font="37"> </text> <text top="590" left="636" width="74" height="14" font="37">3,947,403 </text> <text top="624" left="99" width="50" height="17" font="32">Total </text> <text top="609" left="370" width="73" height="14" font="35"> </text> <text top="626" left="370" width="69" height="14" font="35">207,416 </text> <text top="609" left="503" width="39" height="14" font="35"> </text> <text top="626" left="503" width="102" height="14" font="35">456,381,500 </text> <text top="609" left="636" width="73" height="14" font="35"> </text> <text top="626" left="636" width="92" height="14" font="35">13,691,446 </text> <text top="661" left="99" width="234" height="16" font="3">Gold Fields (Ghana) Ltd. Tarkwa </text> <text top="645" left="370" width="78" height="14" font="37"> </text> <text top="662" left="370" width="61" height="14" font="37">176,589 </text> <text top="645" left="503" width="41" height="14" font="37"> </text> <text top="662" left="503" width="90" height="14" font="37">270,099,313 </text> <text top="645" left="636" width="87" height="14" font="37"> </text> <text top="662" left="636" width="74" height="14" font="37">8,102,980 </text> <text top="696" left="99" width="11" height="17" font="2"> </text> <text top="681" left="370" width="78" height="14" font="37"> </text> <text top="698" left="370" width="61" height="14" font="37">186,067 </text> <text top="681" left="503" width="41" height="14" font="37"> </text> <text top="698" left="503" width="90" height="14" font="37">271,312,265 </text> <text top="681" left="636" width="87" height="14" font="37"> </text> <text top="698" left="636" width="74" height="14" font="37">8,139,369 </text> <text top="732" left="99" width="11" height="17" font="2"> </text> <text top="717" left="370" width="78" height="14" font="37"> </text> <text top="734" left="370" width="61" height="14" font="37">180,835 </text> <text top="717" left="503" width="41" height="14" font="37"> </text> <text top="734" left="503" width="90" height="14" font="37">340,157,881 </text> <text top="717" left="636" width="78" height="14" font="37"> </text> <text top="734" left="636" width="82" height="14" font="37">10,204,737 </text> <text top="767" left="99" width="11" height="17" font="2"> </text> <text top="753" left="370" width="78" height="14" font="37"> </text> <text top="770" left="370" width="61" height="14" font="37">179,668 </text> <text top="753" left="503" width="41" height="14" font="37"> </text> <text top="770" left="503" width="90" height="14" font="37">323,090,558 </text> <text top="753" left="636" width="87" height="14" font="37"> </text> <text top="770" left="636" width="74" height="14" font="37">9,692,718 </text> <text top="804" left="99" width="50" height="17" font="32">Total </text> <text top="788" left="370" width="73" height="14" font="35"> </text> <text top="806" left="370" width="69" height="14" font="35">723,159 </text> <text top="788" left="503" width="30" height="14" font="35"> </text> <text top="806" left="503" width="115" height="14" font="35">1,204,660,017 </text> <text top="788" left="636" width="73" height="14" font="35"> </text> <text top="806" left="636" width="92" height="14" font="35">36,139,804 </text> <text top="841" left="99" width="238" height="16" font="3">Abosso Goldfields Ltd. (Damang) </text> <text top="825" left="370" width="82" height="14" font="37"> </text> <text top="842" left="370" width="53" height="14" font="37">42,333 </text> <text top="825" left="503" width="50" height="14" font="37"> </text> <text top="842" left="503" width="82" height="14" font="37">71,432,877 </text> <text top="825" left="775" width="87" height="14" font="37"> </text> <text top="842" left="710" width="74" height="14" font="37">2,142,987 </text> <text top="876" left="99" width="11" height="17" font="2"> </text> <text top="861" left="370" width="82" height="14" font="37"> </text> <text top="878" left="370" width="53" height="14" font="37">57,446 </text> <text top="861" left="503" width="50" height="14" font="37"> </text> <text top="878" left="503" width="82" height="14" font="37">86,421,103 </text> <text top="861" left="775" width="87" height="14" font="37"> </text> <text top="878" left="710" width="74" height="14" font="37">2,592,633 </text> <text top="911" left="99" width="11" height="17" font="2"> </text> <text top="896" left="370" width="82" height="14" font="37"> </text> <text top="914" left="370" width="53" height="14" font="37">56,349 </text> <text top="896" left="503" width="50" height="14" font="37"> </text> <text top="914" left="503" width="82" height="14" font="37">97,036,628 </text> <text top="896" left="775" width="87" height="14" font="37"> </text> <text top="914" left="710" width="74" height="14" font="37">2,911,099 </text> <text top="947" left="99" width="11" height="17" font="2"> </text> <text top="933" left="370" width="82" height="14" font="37"> </text> <text top="950" left="370" width="53" height="14" font="37">54,324 </text> <text top="933" left="503" width="50" height="14" font="37"> </text> <text top="950" left="503" width="82" height="14" font="37">98,923,344 </text> <text top="933" left="775" width="87" height="14" font="37"> </text> <text top="950" left="710" width="74" height="14" font="37">2,967,701 </text> <text top="983" left="99" width="50" height="17" font="32">Total </text> <text top="968" left="487" width="73" height="14" font="35"> </text> <text top="986" left="427" width="69" height="14" font="35">210,452 </text> <text top="968" left="620" width="38" height="14" font="35"> </text> <text top="986" left="527" width="101" height="14" font="35">353,813,952 </text> <text top="968" left="775" width="73" height="14" font="35"> </text> <text top="986" left="691" width="92" height="14" font="35">10,614,420 </text> <text top="1020" left="99" width="5" height="17" font="2"> </text> <text top="1021" left="104" width="239" height="16" font="3">Golden Star Res. Bogosu/Prestea </text> <text top="1004" left="370" width="82" height="14" font="37"> </text> <text top="1022" left="370" width="53" height="14" font="37">28,022 </text> <text top="1004" left="503" width="50" height="14" font="37"> </text> <text top="1022" left="503" width="82" height="14" font="37">55,578,795 </text> <text top="1004" left="636" width="87" height="14" font="37"> </text> <text top="1022" left="636" width="74" height="14" font="37">1,667,364 </text> <text top="1055" left="99" width="11" height="17" font="2"> </text> <text top="1040" left="370" width="82" height="14" font="37"> </text> <text top="1058" left="370" width="53" height="14" font="37">30,575 </text> <text top="1040" left="503" width="50" height="14" font="37"> </text> <text top="1058" left="503" width="82" height="14" font="37">63,374,530 </text> <text top="1040" left="636" width="87" height="14" font="37"> </text> <text top="1058" left="636" width="74" height="14" font="37">1,901,236 </text> </page> <page number="73" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">64 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="196" left="99" width="11" height="17" font="2"> </text> <text top="182" left="370" width="82" height="14" font="37"> </text> <text top="199" left="370" width="53" height="14" font="37">34,076 </text> <text top="182" left="503" width="41" height="14" font="37"> </text> <text top="199" left="503" width="90" height="14" font="37">128,141,594 </text> <text top="182" left="636" width="87" height="14" font="37"> </text> <text top="199" left="636" width="74" height="14" font="37">3,844,248 </text> <text top="233" left="99" width="11" height="17" font="2"> </text> <text top="217" left="370" width="82" height="14" font="37"> </text> <text top="235" left="370" width="53" height="14" font="37">39,434 </text> <text top="217" left="503" width="41" height="14" font="37"> </text> <text top="235" left="503" width="90" height="14" font="37">172,025,691 </text> <text top="217" left="636" width="87" height="14" font="37"> </text> <text top="235" left="636" width="74" height="14" font="37">5,160,771 </text> <text top="268" left="99" width="50" height="17" font="32">Total </text> <text top="254" left="370" width="73" height="14" font="35"> </text> <text top="271" left="370" width="69" height="14" font="35">132,107 </text> <text top="254" left="503" width="39" height="14" font="35"> </text> <text top="271" left="503" width="102" height="14" font="35">419,120,610 </text> <text top="254" left="636" width="73" height="14" font="35"> </text> <text top="271" left="636" width="92" height="14" font="35">12,573,620 </text> <text top="292" left="99" width="12" height="20" font="7"> </text> <text top="298" left="370" width="8" height="14" font="35"> </text> <text top="298" left="503" width="18" height="14" font="37"> </text> <text top="298" left="636" width="9" height="14" font="35"> </text> <text top="332" left="99" width="241" height="17" font="2">Golden Star Resources Wassa </text> <text top="316" left="370" width="82" height="14" font="37"> </text> <text top="334" left="370" width="53" height="14" font="37">48,896 </text> <text top="316" left="503" width="50" height="14" font="37"> </text> <text top="334" left="503" width="82" height="14" font="37">96,902,684 </text> <text top="316" left="636" width="87" height="14" font="37"> </text> <text top="334" left="636" width="74" height="14" font="37">2,907,081 </text> <text top="367" left="99" width="11" height="17" font="2"> </text> <text top="352" left="370" width="82" height="14" font="37"> </text> <text top="370" left="370" width="53" height="14" font="37">53,332 </text> <text top="352" left="503" width="41" height="14" font="37"> </text> <text top="370" left="503" width="90" height="14" font="37">109,848,869 </text> <text top="352" left="636" width="87" height="14" font="37"> </text> <text top="370" left="636" width="74" height="14" font="37">3,295,466 </text> <text top="403" left="99" width="11" height="17" font="2"> </text> <text top="388" left="370" width="82" height="14" font="37"> </text> <text top="406" left="370" width="53" height="14" font="37">38,465 </text> <text top="388" left="503" width="41" height="14" font="37"> </text> <text top="406" left="503" width="90" height="14" font="37">145,113,674 </text> <text top="388" left="636" width="87" height="14" font="37"> </text> <text top="406" left="636" width="74" height="14" font="37">4,353,411 </text> <text top="439" left="99" width="11" height="17" font="2"> </text> <text top="424" left="370" width="82" height="14" font="37"> </text> <text top="442" left="370" width="53" height="14" font="37">33,485 </text> <text top="424" left="503" width="41" height="14" font="37"> </text> <text top="442" left="503" width="90" height="14" font="37">143,887,762 </text> <text top="424" left="636" width="87" height="14" font="37"> </text> <text top="442" left="636" width="74" height="14" font="37">4,316,633 </text> <text top="475" left="99" width="50" height="17" font="32">Total </text> <text top="460" left="370" width="73" height="14" font="35"> </text> <text top="478" left="370" width="69" height="14" font="35">174,178 </text> <text top="460" left="503" width="39" height="14" font="35"> </text> <text top="478" left="503" width="102" height="14" font="35">495,752,990 </text> <text top="460" left="636" width="73" height="14" font="35"> </text> <text top="478" left="636" width="92" height="14" font="35">14,872,591 </text> <text top="511" left="99" width="181" height="17" font="2">Adamus Resources Ltd </text> <text top="496" left="370" width="114" height="14" font="37"> </text> <text top="514" left="370" width="23" height="14" font="37">- </text> <text top="514" left="503" width="18" height="14" font="37"> </text> <text top="514" left="636" width="18" height="14" font="37"> </text> <text top="547" left="99" width="11" height="17" font="2"> </text> <text top="532" left="370" width="82" height="14" font="37"> </text> <text top="550" left="370" width="53" height="14" font="37">11,450 </text> <text top="532" left="503" width="50" height="14" font="37"> </text> <text top="550" left="503" width="82" height="14" font="37">44,327,344 </text> <text top="532" left="636" width="87" height="14" font="37"> </text> <text top="550" left="636" width="74" height="14" font="37">1,329,820 </text> <text top="583" left="99" width="11" height="17" font="2"> </text> <text top="568" left="370" width="82" height="14" font="37"> </text> <text top="586" left="370" width="53" height="14" font="37">26,020 </text> <text top="568" left="503" width="50" height="14" font="37"> </text> <text top="586" left="503" width="82" height="14" font="37">82,149,645 </text> <text top="568" left="636" width="87" height="14" font="37"> </text> <text top="586" left="636" width="74" height="14" font="37">2,464,490 </text> <text top="619" left="99" width="11" height="17" font="2"> </text> <text top="604" left="370" width="82" height="14" font="37"> </text> <text top="622" left="370" width="53" height="14" font="37">26,480 </text> <text top="604" left="503" width="50" height="14" font="37"> </text> <text top="622" left="503" width="82" height="14" font="37">97,853,964 </text> <text top="604" left="636" width="87" height="14" font="37"> </text> <text top="622" left="636" width="74" height="14" font="37">2,935,619 </text> <text top="655" left="99" width="50" height="17" font="32">Total </text> <text top="640" left="370" width="77" height="14" font="35"> </text> <text top="658" left="370" width="60" height="14" font="35">63,950 </text> <text top="640" left="503" width="39" height="14" font="35"> </text> <text top="658" left="503" width="102" height="14" font="35">224,330,953 </text> <text top="640" left="636" width="81" height="14" font="35"> </text> <text top="658" left="636" width="83" height="14" font="35">6,729,929 </text> <text top="691" left="99" width="185" height="17" font="2">Chirano Gold Mines Ltd </text> <text top="676" left="370" width="82" height="14" font="37"> </text> <text top="694" left="370" width="53" height="14" font="37">76,498 </text> <text top="676" left="503" width="41" height="14" font="37"> </text> <text top="694" left="503" width="90" height="14" font="37">251,072,872 </text> <text top="676" left="636" width="87" height="14" font="37"> </text> <text top="694" left="636" width="74" height="14" font="37">7,532,187 </text> <text top="727" left="99" width="11" height="17" font="2"> </text> <text top="712" left="370" width="82" height="14" font="37"> </text> <text top="730" left="370" width="53" height="14" font="37">61,758 </text> <text top="712" left="503" width="50" height="14" font="37"> </text> <text top="730" left="503" width="82" height="14" font="37">74,639,485 </text> <text top="712" left="636" width="87" height="14" font="37"> </text> <text top="730" left="636" width="74" height="14" font="37">2,239,185 </text> <text top="763" left="99" width="11" height="17" font="2"> </text> <text top="748" left="370" width="82" height="14" font="37"> </text> <text top="766" left="370" width="53" height="14" font="37">57,617 </text> <text top="748" left="503" width="50" height="14" font="37"> </text> <text top="766" left="503" width="82" height="14" font="37">90,249,313 </text> <text top="748" left="636" width="87" height="14" font="37"> </text> <text top="766" left="636" width="74" height="14" font="37">2,707,480 </text> <text top="799" left="99" width="11" height="17" font="2"> </text> <text top="784" left="370" width="82" height="14" font="37"> </text> <text top="802" left="370" width="53" height="14" font="37">69,195 </text> <text top="784" left="503" width="50" height="14" font="37"> </text> <text top="802" left="503" width="82" height="14" font="37">71,411,881 </text> <text top="784" left="636" width="87" height="14" font="37"> </text> <text top="802" left="636" width="74" height="14" font="37">2,142,357 </text> <text top="835" left="99" width="50" height="17" font="32">Total </text> <text top="820" left="370" width="73" height="14" font="35"> </text> <text top="838" left="370" width="69" height="14" font="35">265,068 </text> <text top="820" left="503" width="39" height="14" font="35"> </text> <text top="838" left="503" width="102" height="14" font="35">487,373,550 </text> <text top="820" left="636" width="73" height="14" font="35"> </text> <text top="838" left="636" width="92" height="14" font="35">14,621,208 </text> <text top="871" left="99" width="210" height="17" font="2">Newmont Ghana Gold Ltd </text> <text top="856" left="370" width="78" height="14" font="37"> </text> <text top="874" left="370" width="61" height="14" font="37">137,590 </text> <text top="856" left="503" width="41" height="14" font="37"> </text> <text top="874" left="503" width="90" height="14" font="37">290,908,492 </text> <text top="856" left="636" width="87" height="14" font="37"> </text> <text top="874" left="636" width="74" height="14" font="37">8,727,256 </text> <text top="907" left="99" width="11" height="17" font="2"> </text> <text top="892" left="370" width="78" height="14" font="37"> </text> <text top="910" left="370" width="61" height="14" font="37">185,788 </text> <text top="892" left="503" width="41" height="14" font="37"> </text> <text top="910" left="503" width="90" height="14" font="37">380,942,514 </text> <text top="892" left="636" width="78" height="14" font="37"> </text> <text top="910" left="636" width="82" height="14" font="37">11,428,277 </text> <text top="943" left="99" width="11" height="17" font="2"> </text> <text top="928" left="370" width="78" height="14" font="37"> </text> <text top="946" left="370" width="61" height="14" font="37">146,739 </text> <text top="928" left="503" width="41" height="14" font="37"> </text> <text top="946" left="503" width="90" height="14" font="37">327,963,387 </text> <text top="928" left="636" width="87" height="14" font="37"> </text> <text top="946" left="636" width="74" height="14" font="37">9,838,903 </text> <text top="979" left="99" width="11" height="17" font="2"> </text> <text top="964" left="370" width="78" height="14" font="37"> </text> <text top="982" left="370" width="61" height="14" font="37">145,721 </text> <text top="964" left="503" width="41" height="14" font="37"> </text> <text top="982" left="503" width="90" height="14" font="37">368,808,273 </text> <text top="964" left="636" width="78" height="14" font="37"> </text> <text top="982" left="636" width="82" height="14" font="37">11,064,249 </text> <text top="1015" left="99" width="50" height="17" font="32">Total </text> <text top="1000" left="370" width="73" height="14" font="35"> </text> <text top="1018" left="370" width="69" height="14" font="35">615,838 </text> <text top="1000" left="503" width="30" height="14" font="35"> </text> <text top="1018" left="503" width="115" height="14" font="35">1,368,622,666 </text> <text top="1000" left="636" width="73" height="14" font="35"> </text> <text top="1018" left="636" width="92" height="14" font="35">41,058,684 </text> <text top="1039" left="99" width="10" height="17" font="32"> </text> <text top="1042" left="370" width="8" height="14" font="35"> </text> <text top="1041" left="503" widt h="141" height="14" font="37"> - </text> <text top="1075" left="99" width="189" height="17" font="2"> Ghana Bauxite Co. Ltd </text> <text top="1077" left="370" width="97" height="14" font="37"> 118,187(MT) </text> <text top="1060" left="503" width="59" height="14" font="37"> </text> <text top="1077" left="503" width="74" height="14" font="37">3,112,891 </text> <text top="1060" left="636" width="105" height="14" font="37"> </text> <text top="1077" left="636" width="54" height="14" font="37">93,387 </text> </page> <page number="74" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">65 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="196" left="99" width="22" height="17" font="2"> </text> <text top="199" left="370" width="89" height="14" font="37"> 93,773(MT) </text> <text top="182" left="503" width="59" height="14" font="37"> </text> <text top="199" left="503" width="74" height="14" font="37">9,941,249 </text> <text top="182" left="636" width="96" height="14" font="37"> </text> <text top="199" left="636" width="61" height="14" font="37">298,238 </text> <text top="233" left="99" width="11" height="17" font="2"> </text> <text top="235" left="370" width="89" height="14" font="37"> 62,050(MT) </text> <text top="217" left="503" width="59" height="14" font="37"> </text> <text top="235" left="503" width="74" height="14" font="37">8,786,586 </text> <text top="217" left="636" width="96" height="14" font="37"> </text> <text top="235" left="636" width="61" height="14" font="37">263,598 </text> <text top="268" left="99" width="11" height="17" font="2"> </text> <text top="271" left="370" width="89" height="14" font="37"> 96,152(MT) </text> <text top="254" left="503" width="59" height="14" font="37"> </text> <text top="271" left="503" width="74" height="14" font="37">1,154,663 </text> <text top="254" left="636" width="105" height="14" font="37"> </text> <text top="271" left="636" width="54" height="14" font="37">34,640 </text> <text top="304" left="99" width="50" height="17" font="32">Total </text> <text top="307" left="370" width="108" height="14" font="35"> 370,162(MT) </text> <text top="289" left="503" width="47" height="14" font="35"> </text> <text top="307" left="503" width="92" height="14" font="35">22,995,388 </text> <text top="289" left="636" width="90" height="14" font="35"> </text> <text top="307" left="636" width="69" height="14" font="35">689,862 </text> <text top="340" left="99" width="226" height="17" font="2">Ghana Manganese Company </text> <text top="343" left="370" width="108" height="14" font="35"> 393,938(MT) </text> <text top="325" left="503" width="50" height="14" font="37"> </text> <text top="343" left="503" width="82" height="14" font="37">69,287,082 </text> <text top="325" left="636" width="87" height="14" font="37"> </text> <text top="343" left="636" width="74" height="14" font="37">2,078,613 </text> <text top="376" left="99" width="11" height="17" font="2"> </text> <text top="379" left="370" width="104" height="14" font="35"> 481965(MT) </text> <text top="361" left="503" width="50" height="14" font="37"> </text> <text top="379" left="503" width="82" height="14" font="37">81,812,289 </text> <text top="361" left="636" width="87" height="14" font="37"> </text> <text top="379" left="636" width="74" height="14" font="37">2,454,369 </text> <text top="412" left="99" width="11" height="17" font="2"> </text> <text top="415" left="370" width="104" height="14" font="35"> 407796(MT) </text> <text top="397" left="503" width="50" height="14" font="37"> </text> <text top="415" left="503" width="82" height="14" font="37">71,753,054 </text> <text top="397" left="636" width="87" height="14" font="37"> </text> <text top="415" left="636" width="74" height="14" font="37">2,152,592 </text> <text top="448" left="99" width="11" height="17" font="2"> </text> <text top="451" left="370" width="104" height="14" font="35"> 445717(MT) </text> <text top="451" left="503" width="128" height="14" font="37"> - </text> <text top="433" left="636" width="137" height="14" font="37"> </text> <text top="451" left="636" width="23" height="14" font="37">- </text> <text top="484" left="99" width="50" height="17" font="32">Total </text> <text top="487" left="370" width="122" height="14" font="35"> 1,729,416(MT) </text> <text top="469" left="503" width="39" height="14" font="35"> </text> <text top="487" left="503" width="101" height="14" font="35">222,852,425 </text> <text top="469" left="636" width="81" height="14" font="35"> </text> <text top="487" left="636" width="83" height="14" font="35">6,685,573 </text> <text top="506" left="92" width="5" height="17" font="2"> </text> <text top="545" left="92" width="5" height="17" font="2"> </text> <text top="584" left="92" width="396" height="17" font="19">2009/2010 PRODUCTION & ROYALTY DATA </text> <text top="608" left="146" width="166" height="17" font="32">Name of Company </text> <text top="611" left="370" width="110" height="14" font="37">Prod(Oz) in Qtrs </text> <text top="611" left="503" width="100" height="14" font="37">Revenue(GHC) </text> <text top="611" left="636" width="96" height="14" font="37">Royalty (GHC) </text> <text top="644" left="99" width="216" height="17" font="2">Anglogold Ashanti (Obuasi) </text> <text top="629" left="370" width="82" height="14" font="37"> </text> <text top="646" left="370" width="53" height="14" font="37">97,213 </text> <text top="629" left="503" width="41" height="14" font="37"> </text> <text top="646" left="503" width="90" height="14" font="37">153,992,106 </text> <text top="629" left="636" width="87" height="14" font="37"> </text> <text top="646" left="636" width="74" height="14" font="37">4,619,764 </text> <text top="680" left="99" width="11" height="17" font="2"> </text> <text top="665" left="370" width="82" height="14" font="37"> </text> <text top="682" left="370" width="53" height="14" font="37">97,695 </text> <text top="665" left="503" width="41" height="14" font="37"> </text> <text top="682" left="503" width="90" height="14" font="37">161,256,726 </text> <text top="665" left="636" width="87" height="14" font="37"> </text> <text top="682" left="636" width="74" height="14" font="37">4,837,702 </text> <text top="716" left="99" width="11" height="17" font="2"> </text> <text top="701" left="370" width="82" height="14" font="37"> </text> <text top="718" left="370" width="53" height="14" font="37">77,384 </text> <text top="701" left="503" width="41" height="14" font="37"> </text> <text top="718" left="503" width="90" height="14" font="37">130,110,681 </text> <text top="701" left="636" width="87" height="14" font="37"> </text> <text top="718" left="636" width="74" height="14" font="37">3,903,321 </text> <text top="752" left="99" width="11" height="17" font="2"> </text> <text top="737" left="370" width="82" height="14" font="37"> </text> <text top="754" left="370" width="53" height="14" font="37">75,332 </text> <text top="737" left="503" width="41" height="14" font="37"> </text> <text top="754" left="503" width="90" height="14" font="37">133,317,333 </text> <text top="737" left="636" width="87" height="14" font="37"> </text> <text top="754" left="636" width="74" height="14" font="37">3,999,520 </text> <text top="788" left="99" width="50" height="17" font="32">Total </text> <text top="773" left="370" width="73" height="14" font="35"> </text> <text top="790" left="370" width="69" height="14" font="35">347,624 </text> <text top="773" left="503" width="39" height="14" font="35"> </text> <text top="790" left="503" width="102" height="14" font="35">578,676,845 </text> <text top="773" left="636" width="73" height="14" font="35"> </text> <text top="790" left="636" width="92" height="14" font="35">17,360,307 </text> <text top="824" left="99" width="229" height="17" font="2">Anglogold Ashanti Iduapriem </text> <text top="809" left="370" width="82" height="14" font="37"> </text> <text top="826" left="370" width="53" height="14" font="37">54,916 </text> <text top="809" left="503" width="50" height="14" font="37"> </text> <text top="826" left="503" width="82" height="14" font="37">79,039,557 </text> <text top="809" left="636" width="87" height="14" font="37"> </text> <text top="826" left="636" width="74" height="14" font="37">2,371,187 </text> <text top="860" left="99" width="11" height="17" font="2"> </text> <text top="845" left="370" width="82" height="14" font="37"> </text> <text top="862" left="370" width="53" height="14" font="37">20,480 </text> <text top="845" left="503" width="50" height="14" font="37"> </text> <text top="862" left="503" width="82" height="14" font="37">44,789,378 </text> <text top="845" left="636" width="87" height="14" font="37"> </text> <text top="862" left="636" width="74" height="14" font="37">1,343,681 </text> <text top="896" left="99" width="11" height="17" font="2"> </text> <text top="881" left="370" width="82" height="14" font="37"> </text> <text top="898" left="370" width="53" height="14" font="37">49,801 </text> <text top="881" left="503" width="50" height="14" font="37"> </text> <text top="898" left="503" width="82" height="14" font="37">80,226,161 </text> <text top="881" left="636" width="87" height="14" font="37"> </text> <text top="898" left="636" width="74" height="14" font="37">2,406,785 </text> <text top="932" left="99" width="11" height="17" font="2"> </text> <text top="917" left="370" width="82" height="14" font="37"> </text> <text top="934" left="370" width="53" height="14" font="37">56,735 </text> <text top="917" left="503" width="50" height="14" font="37"> </text> <text top="934" left="503" width="82" height="14" font="37">98,304,428 </text> <text top="917" left="636" width="87" height="14" font="37"> </text> <text top="934" left="636" width="74" height="14" font="37">2,949,133 </text> <text top="968" left="99" width="50" height="17" font="32">Total </text> <text top="953" left="370" width="73" height="14" font="35"> </text> <text top="970" left="370" width="69" height="14" font="35">181,932 </text> <text top="953" left="503" width="39" height="14" font="35"> </text> <text top="970" left="503" width="102" height="14" font="35">302,359,523 </text> <text top="953" left="636" width="81" height="14" font="35"> </text> <text top="970" left="636" width="83" height="14" font="35">9,070,787 </text> <text top="1003" left="99" width="255" height="17" font="2">Gold Fields (Ghana) Ltd. Tarkwa </text> <text top="989" left="370" width="78" height="14" font="37"> </text> <text top="1006" left="370" width="61" height="14" font="37">172,599 </text> <text top="989" left="503" width="41" height="14" font="37"> </text> <text top="1006" left="503" width="90" height="14" font="37">270,099,313 </text> <text top="989" left="636" width="87" height="14" font="37"> </text> <text top="1006" left="636" width="74" height="14" font="37">8,102,980 </text> <text top="1040" left="99" width="11" height="17" font="2"> </text> <text top="1025" left="370" width="78" height="14" font="37"> </text> <text top="1042" left="370" width="61" height="14" font="37">172,793 </text> <text top="1025" left="503" width="41" height="14" font="37"> </text> <text top="1042" left="503" width="90" height="14" font="37">271,312,265 </text> <text top="1025" left="636" width="87" height="14" font="37"> </text> <text top="1042" left="636" width="74" height="14" font="37">8,139,369 </text> <text top="1075" left="99" width="11" height="17" font="2"> </text> <text top="1061" left="370" width="78" height="14" font="37"> </text> <text top="1078" left="370" width="61" height="14" font="37">200,175 </text> <text top="1061" left="503" width="41" height="14" font="37"> </text> <text top="1078" left="503" width="90" height="14" font="37">340,157,881 </text> <text top="1061" left="636" width="78" height="14" font="37"> </text> <text top="1078" left="636" width="82" height="14" font="37">10,204,737 </text> </page> <page number="75" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="103" size="15" family="Helvetica" color="#000000"/> <fontspec id="104" size="18" family="Helvetica" color="#000000"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">66 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="196" left="99" width="11" height="17" font="2"> </text> <text top="182" left="370" width="78" height="14" font="37"> </text> <text top="199" left="370" width="61" height="14" font="37">185,476 </text> <text top="182" left="503" width="41" height="14" font="37"> </text> <text top="199" left="503" width="90" height="14" font="37">323,090,558 </text> <text top="182" left="636" width="87" height="14" font="37"> </text> <text top="199" left="636" width="74" height="14" font="37">9,692,718 </text> <text top="233" left="99" width="50" height="17" font="32">Total </text> <text top="217" left="370" width="73" height="14" font="35"> </text> <text top="235" left="370" width="69" height="14" font="35">731,043 </text> <text top="217" left="503" width="30" height="14" font="35"> </text> <text top="235" left="503" width="115" height="14" font="35">1,204,660,017 </text> <text top="217" left="636" width="73" height="14" font="35"> </text> <text top="235" left="636" width="92" height="14" font="35">36,139,804 </text> <text top="268" left="99" width="259" height="17" font="2">Abosso Goldfields Ltd. (Damang) </text> <text top="254" left="370" width="82" height="14" font="37"> </text> <text top="271" left="370" width="53" height="14" font="37">45,146 </text> <text top="254" left="503" width="50" height="14" font="37"> </text> <text top="271" left="503" width="82" height="14" font="37">71,432,877 </text> <text top="254" left="775" width="87" height="14" font="37"> </text> <text top="271" left="710" width="74" height="14" font="37">2,142,987 </text> <text top="303" left="99" width="10" height="16" font="45"> </text> <text top="289" left="370" width="73" height="13" font="38"> </text> <text top="306" left="370" width="53" height="13" font="38">54,012 </text> <text top="289" left="503" width="45" height="13" font="38"> </text> <text top="306" left="503" width="81" height="13" font="38">86,421,103 </text> <text top="289" left="775" width="77" height="13" font="38"> </text> <text top="306" left="710" width="73" height="13" font="38">2,592,633 </text> <text top="338" left="99" width="10" height="16" font="45"> </text> <text top="324" left="370" width="73" height="13" font="38"> </text> <text top="341" left="370" width="53" height="13" font="38">56,822 </text> <text top="324" left="503" width="45" height="13" font="38"> </text> <text top="341" left="503" width="81" height="13" font="38">97,036,628 </text> <text top="324" left="775" width="77" height="13" font="38"> </text> <text top="341" left="710" width="73" height="13" font="38">2,911,099 </text> <text top="372" left="99" width="10" height="16" font="45"> </text> <text top="358" left="370" width="73" height="13" font="38"> </text> <text top="375" left="370" width="53" height="13" font="38">56,521 </text> <text top="358" left="503" width="45" height="13" font="38"> </text> <text top="375" left="503" width="81" height="13" font="38">98,923,344 </text> <text top="358" left="775" width="77" height="13" font="38"> </text> <text top="375" left="710" width="73" height="13" font="38">2,967,701 </text> <text top="406" left="99" width="47" height="16" font="103">Total </text> <text top="392" left="487" width="69" height="13" font="76"> </text> <text top="408" left="435" width="61" height="13" font="76">212,501 </text> <text top="392" left="620" width="36" height="13" font="76"> </text> <text top="408" left="539" width="89" height="13" font="76">353,813,952 </text> <text top="392" left="775" width="69" height="13" font="76"> </text> <text top="408" left="702" width="81" height="13" font="76">10,614,420 </text> <text top="427" left="99" width="192" height="16" font="45">Golden Star Resources </text> <text top="447" left="99" width="130" height="16" font="45">Bogosu/Prestea </text> <text top="433" left="370" width="73" height="13" font="38"> </text> <text top="450" left="370" width="53" height="13" font="38">46,680 </text> <text top="433" left="503" width="45" height="13" font="38"> </text> <text top="450" left="503" width="81" height="13" font="38">73,569,823 </text> <text top="433" left="636" width="77" height="13" font="38"> </text> <text top="450" left="636" width="73" height="13" font="38">2,207,095 </text> <text top="482" left="99" width="10" height="16" font="45"> </text> <text top="467" left="370" width="73" height="13" font="38"> </text> <text top="484" left="370" width="53" height="13" font="38">45,909 </text> <text top="467" left="503" width="45" height="13" font="38"> </text> <text top="484" left="503" width="81" height="13" font="38">85,417,270 </text> <text top="467" left="636" width="77" height="13" font="38"> </text> <text top="484" left="636" width="73" height="13" font="38">2,562,518 </text> <text top="516" left="99" width="10" height="16" font="45"> </text> <text top="502" left="370" width="73" height="13" font="38"> </text> <text top="519" left="370" width="53" height="13" font="38">52,764 </text> <text top="502" left="503" width="45" height="13" font="38"> </text> <text top="519" left="503" width="81" height="13" font="38">76,283,715 </text> <text top="502" left="636" width="77" height="13" font="38"> </text> <text top="519" left="636" width="73" height="13" font="38">2,288,512 </text> <text top="550" left="99" width="10" height="16" font="45"> </text> <text top="536" left="370" width="73" height="13" font="38"> </text> <text top="553" left="370" width="53" height="13" font="38">44,278 </text> <text top="536" left="503" width="45" height="13" font="38"> </text> <text top="553" left="503" width="81" height="13" font="38">76,939,222 </text> <text top="536" left="636" width="77" height="13" font="38"> </text> <text top="553" left="636" width="73" height="13" font="38">2,308,177 </text> <text top="584" left="99" width="47" height="16" font="103">Total </text> <text top="570" left="370" width="69" height="13" font="76"> </text> <text top="587" left="370" width="61" height="13" font="76">189,631 </text> <text top="570" left="503" width="37" height="13" font="76"> </text> <text top="587" left="503" width="90" height="13" font="76">312,210,030 </text> <text top="570" left="636" width="77" height="13" font="76"> </text> <text top="587" left="636" width="73" height="13" font="76">9,366,302 </text> <text top="608" left="99" width="11" height="19" font="104"> </text> <text top="614" left="370" width="8" height="13" font="76"> </text> <text top="614" left="503" width="16" height="13" font="38"> </text> <text top="614" left="636" width="8" height="13" font="76"> </text> <text top="646" left="99" width="256" height="16" font="45">Golden Star Resources- Wassa </text> <text top="632" left="370" width="73" height="13" font="38"> </text> <text top="649" left="370" width="53" height="13" font="38">57,198 </text> <text top="632" left="503" width="45" height="13" font="38"> </text> <text top="649" left="503" width="81" height="13" font="38">94,310,013 </text> <text top="632" left="636" width="77" height="13" font="38"> </text> <text top="649" left="636" width="73" height="13" font="38">2,829,301 </text> <text top="680" left="99" width="10" height="16" font="45"> </text> <text top="666" left="370" width="73" height="13" font="38"> </text> <text top="683" left="370" width="53" height="13" font="38">47,029 </text> <text top="666" left="503" width="45" height="13" font="38"> </text> <text top="683" left="503" width="81" height="13" font="38">74,144,781 </text> <text top="666" left="636" width="77" height="13" font="38"> </text> <text top="683" left="636" width="73" height="13" font="38">2,224,344 </text> <text top="714" left="99" width="10" height="16" font="45"> </text> <text top="700" left="370" width="73" height="13" font="38"> </text> <text top="717" left="370" width="53" height="13" font="38">47,649 </text> <text top="700" left="503" width="45" height="13" font="38"> </text> <text top="717" left="503" width="81" height="13" font="38">80,775,376 </text> <text top="700" left="636" width="77" height="13" font="38"> </text> <text top="717" left="636" width="73" height="13" font="38">2,423,262 </text> <text top="749" left="99" width="10" height="16" font="45"> </text> <text top="735" left="370" width="73" height="13" font="38"> </text> <text top="751" left="370" width="53" height="13" font="38">40,359 </text> <text top="735" left="503" width="45" height="13" font="38"> </text> <text top="751" left="503" width="81" height="13" font="38">63,545,140 </text> <text top="735" left="636" width="77" height="13" font="38"> </text> <text top="751" left="636" width="73" height="13" font="38">1,906,354 </text> <text top="783" left="99" width="47" height="16" font="103">Total </text> <text top="769" left="370" width="69" height="13" font="76"> </text> <text top="785" left="370" width="61" height="13" font="76">192,235 </text> <text top="769" left="503" width="37" height="13" font="76"> </text> <text top="785" left="503" width="90" height="13" font="76">312,775,310 </text> <text top="769" left="636" width="77" height="13" font="76"> </text> <text top="785" left="636" width="73" height="13" font="76">9,383,260 </text> <text top="807" left="99" width="187" height="16" font="45">Adamus Resources Ltd </text> <text top="809" left="370" width="251" height="13" font="38"> - - </text> <text top="809" left="636" width="143" height="13" font="38"> - </text> <text top="831" left="99" width="10" height="16" font="45"> </text> <text top="833" left="370" width="251" height="13" font="38"> - - </text> <text top="833" left="636" width="143" height="13" font="38"> - </text> <text top="854" left="99" width="10" height="16" font="45"> </text> <text top="857" left="370" width="251" height="13" font="38"> - - </text> <text top="857" left="636" width="143" height="13" font="38"> - </text> <text top="878" left="99" width="10" height="16" font="45"> </text> <text top="881" left="370" width="251" height="13" font="38"> - - </text> <text top="881" left="636" width="143" height="13" font="38"> - </text> <text top="901" left="99" width="47" height="16" font="103">Total </text> <text top="904" left="370" width="251" height="14" font="76"> - - </text> <text top="904" left="636" width="143" height="13" font="76"> - </text> <text top="936" left="99" width="189" height="16" font="45">Chirano Gold Mines Ltd </text> <text top="922" left="370" width="73" height="13" font="38"> </text> <text top="939" left="370" width="53" height="13" font="38">56,672 </text> <text top="922" left="503" width="37" height="13" font="38"> </text> <text top="939" left="503" width="90" height="13" font="38">104,750,623 </text> <text top="922" left="636" width="77" height="13" font="38"> </text> <text top="939" left="636" width="73" height="13" font="38">3,142,519 </text> <text top="970" left="99" width="10" height="16" font="45"> </text> <text top="956" left="370" width="73" height="13" font="38"> </text> <text top="973" left="370" width="53" height="13" font="38">43,981 </text> <text top="956" left="503" width="45" height="13" font="38"> </text> <text top="973" left="503" width="81" height="13" font="38">74,639,485 </text> <text top="956" left="636" width="77" height="13" font="38"> </text> <text top="973" left="636" width="73" height="13" font="38">2,239,185 </text> <text top="1004" left="99" width="10" height="16" font="45"> </text> <text top="991" left="370" width="73" height="13" font="38"> </text> <text top="1007" left="370" width="53" height="13" font="38">54,496 </text> <text top="991" left="503" width="45" height="13" font="38"> </text> <text top="1007" left="503" width="81" height="13" font="38">90,249,313 </text> <text top="991" left="636" width="77" height="13" font="38"> </text> <text top="1007" left="636" width="73" height="13" font="38">2,707,480 </text> <text top="1039" left="99" width="10" height="16" font="45"> </text> <text top="1025" left="370" width="73" height="13" font="38"> </text> <text top="1042" left="370" width="53" height="13" font="38">65,247 </text> <text top="1025" left="503" width="45" height="13" font="38"> </text> <text top="1042" left="503" width="81" height="13" font="38">71,411,881 </text> <text top="1025" left="636" width="77" height="13" font="38"> </text> <text top="1042" left="636" width="73" height="13" font="38">2,142,357 </text> <text top="1073" left="99" width="47" height="16" font="103">Total </text> <text top="1059" left="370" width="69" height="13" font="76"> </text> <text top="1075" left="370" width="61" height="13" font="76">220,396 </text> <text top="1059" left="503" width="37" height="13" font="76"> </text> <text top="1075" left="503" width="90" height="13" font="76">341,051,301 </text> <text top="1059" left="636" width="69" height="13" font="76"> </text> <text top="1075" left="636" width="81" height="13" font="76">10,231,540 </text> </page> <page number="76" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">67 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="196" left="99" width="166" height="16" font="45">Newmont Ghana Ltd </text> <text top="181" left="370" width="69" height="13" font="38"> </text> <text top="198" left="370" width="61" height="13" font="38">123,375 </text> <text top="181" left="503" width="37" height="13" font="38"> </text> <text top="198" left="503" width="90" height="13" font="38">208,041,762 </text> <text top="181" left="636" width="77" height="13" font="38"> </text> <text top="198" left="636" width="73" height="13" font="38">6,241,253 </text> <text top="230" left="99" width="10" height="16" font="45"> </text> <text top="216" left="370" width="69" height="13" font="38"> </text> <text top="233" left="370" width="61" height="13" font="38">119,637 </text> <text top="216" left="503" width="37" height="13" font="38"> </text> <text top="233" left="503" width="90" height="13" font="38">184,477,711 </text> <text top="216" left="636" width="77" height="13" font="38"> </text> <text top="233" left="636" width="73" height="13" font="38">5,534,332 </text> <text top="264" left="99" width="10" height="16" font="45"> </text> <text top="250" left="370" width="69" height="13" font="38"> </text> <text top="267" left="370" width="61" height="13" font="38">132,716 </text> <text top="250" left="503" width="37" height="13" font="38"> </text> <text top="267" left="503" width="90" height="13" font="38">228,781,035 </text> <text top="250" left="636" width="77" height="13" font="38"> </text> <text top="267" left="636" width="73" height="13" font="38">6,863,432 </text> <text top="298" left="99" width="10" height="16" font="45"> </text> <text top="284" left="370" width="69" height="13" font="38"> </text> <text top="301" left="370" width="61" height="13" font="38">155,369 </text> <text top="284" left="503" width="37" height="13" font="38"> </text> <text top="301" left="503" width="90" height="13" font="38">266,181,618 </text> <text top="284" left="636" width="77" height="13" font="38"> </text> <text top="301" left="636" width="73" height="13" font="38">7,985,449 </text> <text top="332" left="99" width="47" height="16" font="103">Total </text> <text top="318" left="370" width="69" height="13" font="76"> </text> <text top="335" left="370" width="61" height="13" font="76">531,097 </text> <text top="318" left="503" width="37" height="13" font="76"> </text> <text top="335" left="503" width="90" height="13" font="76">887,482,127 </text> <text top="318" left="636" width="69" height="13 " font="76"> </text> <text top="335" left="636" width="81" height="13" font="76">26,624,466 </text> <text top="356" left="99" width="10" height="16" font="103"> </text> <text top="359" left="370" width="8" height="13" font="76"> </text> <text top="359" left="503" width="119" height="13" font="38"> - </text> <text top="359" left="636" width="8" height="13" font="76"> </text> <text top="391" left="99" width="192" height="16" font="45"> Ghana Bauxite Co. Ltd </text> <text top="392" left="370" width="114" height="14" font="37"> 128,927(MT) </text> <text top="377" left="503" width="53" height="13" font="38"> </text> <text top="393" left="503" width="73" height="13" font="38">4,283,465 </text> <text top="393" left="636" width="146" height="13" font="38"> 128,504 </text> <text top="425" left="99" width="19" height="16" font="45"> </text> <text top="426" left="370" width="114" height="14" font="37"> 167,359(MT) </text> <text top="411" left="503" width="53" height="13" font="38"> </text> <text top="428" left="503" width="73" height="13" font="38">8,709,311 </text> <text top="428" left="636" width="146" height="13" font="38"> 261,279 </text> <text top="459" left="99" width="10" height="16" font="45"> </text> <text top="460" left="370" width="114" height="14" font="37"> 214,616(MT) </text> <text top="445" left="503" width="53" height="13" font="38"> </text> <text top="462" left="503" width="73" height="13" font="38">3,773,722 </text> <text top="462" left="636" width="146" height="13" font="38"> 113,212 </text> <text top="494" left="99" width="10" height="16" font="45"> </text> <text top="495" left="370" width="104" height="14" font="37"> 94,930(MT) </text> <text top="480" left="503" width="45" height="13" font="38"> </text> <text top="496" left="503" width="81" height="13" font="38">12,478,174 </text> <text top="496" left="636" width="146" height="13" font="38"> 374,345 </text> <text top="528" left="99" width="47" height="16" font="103">Total </text> <text top="530" left="370" width="96" height="13" font="76"> 605,832(MT) </text> <text top="513" left="503" width="45" height="13" font="76"> </text> <text top="530" left="503" width="81" height="13" font="76">29,244,673 </text> <text top="530" left="636" width="146" height="13" font="76"> 877,340 </text> <text top="562" left="99" width="234" height="16" font="45">Ghana Manganese Company </text> <text top="564" left="370" width="114" height="14" font="37"> 181,641(MT) </text> <text top="548" left="503" width="45" height="13" font="38"> </text> <text top="565" left="503" width="81" height="13" font="38">22,955,453 </text> <text top="565" left="636" width="146" height="13" font="38"> 688,664 </text> <text top="596" left="99" width="10" height="16" font="45"> </text> <text top="598" left="370" width="114" height="14" font="37"> 410,205(MT) </text> <text top="582" left="503" width="45" height="13" font="38"> </text> <text top="599" left="503" width="81" height="13" font="38">27,525,845 </text> <text top="599" left="636" width="146" height="13" font="38"> 825,775 </text> <text top="631" left="99" width="10" height="16" font="45"> </text> <text top="632" left="370" width="114" height="14" font="37"> 359,850(MT) </text> <text top="617" left="503" width="45" height="13" font="38"> </text> <text top="634" left="503" width="81" height="13" font="38">46,452,222 </text> <text top="617" left="636" width="77" height="13" font="38"> </text> <text top="634" left="636" width="73" height="13" font="38">1,393,567 </text> <text top="665" left="99" width="10" height="16" font="45"> </text> <text top="666" left="370" width="114" height="14" font="37"> 400,635(MT) </text> <text top="651" left="503" width="45" height="13" font="38"> </text> <text top="668" left="503" width="81" height="13" font="38">28,555,616 </text> <text top="668" left="636" width="146" height="13" font="38"> 856,669 </text> <text top="699" left="99" width="47" height="16" font="103">Total </text> <text top="702" left="370" width="108" height="13" font="76"> 1,028,431(MT) </text> <text top="685" left="503" width="37" height="13" font="76"> </text> <text top="702" left="503" width="90" height="13" font="76">125,489,136 </text> <text top="685" left="636" width="77" height="13" font="76"> </text> <text top="702" left="636" width="73" height="13" font="76">3,764,674 </text> <text top="725" left="99" width="10" height="16" font="103"> </text> <text top="727" left="370" width="10" height="14" font="37"> </text> <text top="728" left="503" width="8" height="13" font="38"> </text> <text top="728" left="636" width="8" height="13" font="38"> </text> <text top="751" left="99" width="10" height="16" font="103"> </text> <text top="771" left="370" width="4" height="14" font="3"> </text> <text top="771" left="503" width="4" height="14" font="3"> </text> <text top="771" left="636" width="4" height="14" font="3"> </text> <text top="797" left="99" width="4" height="14" font="3"> </text> <text top="797" left="370" width="4" height="14" font="3"> </text> <text top="797" left="503" width="4" height="14" font="3"> </text> <text top="797" left="636" width="4" height="14" font="3"> </text> <text top="800" left="99" width="44" height="16" font="3">Note: </text> <text top="819" left="370" width="4" height="14" font="3"> </text> <text top="819" left="503" width="4" height="14" font="3"> </text> <text top="819" left="636" width="4" height="14" font="3"> </text> <text top="819" left="99" width="481" height="16" font="3">Production figures quoted for bauxite and manganese are in metric </text> <text top="839" left="99" width="53" height="16" font="3">tonnes </text> <text top="858" left="636" width="4" height="14" font="3"> </text> <text top="858" left="99" width="278" height="16" font="3">Adamus was not in production in 2010 </text> <text top="877" left="99" width="655" height="16" font="3">Production totals on this chart are different from annual actuals and they include figures for </text> <text top="897" left="99" width="271" height="16" font="3">the last quarter of the preceding year </text> <text top="938" left="99" width="5" height="16" font="3"> </text> <text top="938" left="370" width="4" height="14" font="3"> </text> <text top="938" left="503" width="4" height="14" font="3"> </text> <text top="938" left="636" width="4" height="14" font="3"> </text> <text top="960" left="99" width="5" height="16" font="3"> </text> <text top="960" left="370" width="4" height="14" font="3"> </text> <text top="960" left="503" width="4" height="14" font="3"> </text> <text top="960" left="636" width="4" height="14" font="3"> </text> <text top="960" left="92" width="4" height="16" font="17"> </text> <text top="998" left="92" width="4" height="14" font="3"> </text> <text top="1020" left="92" width="4" height="14" font="3"> </text> <text top="1043" left="92" width="4" height="14" font="3"> </text> <text top="1065" left="92" width="4" height="14" font="3"> </text> <text top="1088" left="92" width="4" height="14" font="3"> </text> </page> <page number="77" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="105" size="9" family="Times" color="#000000"/> <fontspec id="106" size="6" family="Helvetica" color="#000000"/> <fontspec id="107" size="9" family="Times" color="#1e487c"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">68 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="1056" left="788" width="4" height="14" font="3"> </text> <text top="1074" left="92" width="4" height="14" font="3"> </text> <text top="182" left="94" width="67" height="12" font="105">APPENDIX 5A</text> <text top="182" left="215" width="105" height="12" font="105">DISCREPANCIES 2010.</text> <text top="182" left="289" width="21" height="12" font="105">2010</text> <text top="182" left="386" width="90" height="12" font="105">Discrepancies(A-B)</text> <text top="198" left="215" width="21" height="12" font="105">GHS</text> <text top="198" left="289" width="21" height="12" font="105">GHS</text> <text top="198" left="386" width="21" height="12" font="105">GHS</text> <text top="198" left="477" width="21" height="12" font="105">GHS</text> <text top="213" left="94" width="92" height="12" font="105">REVENUE STREAM</text> <text top="213" left="215" width="60" height="12" font="105">Company(A)</text> <text top="213" left="289" width="73" height="12" font="105">Government(B)</text> <text top="213" left="386" width="98" height="12" font="105">over reporting(A>B)</text> <text top="213" left="477" width="110" height="12" font="105">Under Reporting(B>A)</text> <text top="213" left="559" width="127" height="12" font="105">Net Discrepancy Resolved</text> <text top="213" left="723" width="52" height="12" font="105">unresolved</text> <text top="229" left="94" width="66" height="12" font="105">Property Rate</text> <text top="245" left="94" width="106" height="12" font="42">Anglogold Ashanti-Obuasi</text> <text top="245" left="247" width="34" height="12" font="42">422,801</text> <text top="245" left="219" width="29" height="12" font="42"> </text> <text top="245" left="344" width="34" height="12" font="42">424,600</text> <text top="245" left="292" width="54" height="12" font="42"> </text> <text top="245" left="524" width="31" height="12" font="42">(1,799)</text> <text top="245" left="481" width="45" height="12" font="42"> </text> <text top="245" left="609" width="31" height="12" font="42">(1,799)</text> <text top="245" left="563" width="47" height="12" font="42"> </text> <text top="245" left="754" width="31" height="12" font="42">(1,799)</text> <text top="245" left="726" width="29" height="12" font="42"> </text> <text top="260" left="94" width="94" height="10" font="42">Anglogold -Iduaprim</text> <text top="260" left="252" width="29" height="12" font="42">35,908</text> <text top="260" left="219" width="36" height="12" font="42"> </text> <text top="260" left="356" width="26" height="12" font="42">65000</text> <text top="260" left="519" width="36" height="12" font="42">(29,092)</text> <text top="260" left="481" width="40" height="12" font="42"> </text> <text top="260" left="604" width="36" height="12" font="42">(29,092)</text> <text top="260" left="563" width="43" height="12" font="42"> </text> <text top="260" left="749" width="36" height="12" font="42">(29,092)</text> <text top="260" left="726" width="25" height="12" font="42"> </text> <text top="276" left="94" width="94" height="10" font="42">GSR-Prestea/Bogosu</text> <text top="276" left="252" width="29" height="12" font="42">20,967</text> <text top="276" left="219" width="36" height="12" font="42"> </text> <text top="276" left="441" width="29" height="12" font="42">20,967</text> <text top="276" left="390" width="54" height="12" font="42"> </text> <text top="276" left="607" width="29" height="12" font="42">20,967</text> <text top="276" left="563" width="47" height="12" font="42"> </text> <text top="276" left="753" width="29" height="12" font="42">20,967</text> <text top="276" left="726" width="29" height="12" font="42"> </text> <text top="292" left="94" width="85" height="10" font="42">Ghana Bauxite CO.</text> <text top="291" left="252" width="29" height="12" font="42">11,576</text> <text top="291" left="219" width="36" height="12" font="42"> </text> <text top="291" left="441" width="29" height="12" font="42">11,576</text> <text top="291" left="390" width="54" height="12" font="42"> </text> <text top="291" left="607" width="29" height="12" font="42">11,576</text> <text top="291" left="563" width="47" height="12" font="42"> </text> <text top="291" left="694" width="26" height="9" font="73">11,576</text> <text top="291" left="768" width="3" height="12" font="42">-</text> <text top="291" left="726" width="42" height="12" font="42"> </text> <text top="307" left="94" width="95" height="10" font="42">Ghana Manganse Co.</text> <text top="307" left="252" width="29" height="12" font="105">31,698</text> <text top="307" left="219" width="36" height="12" font="105"> </text> <text top="308" left="351" width="28" height="8" font="106">31,697</text> <text top="308" left="292" width="60" height="8" font="106"> </text> <text top="307" left="464" width="5" height="12" font="42">1</text> <text top="307" left="390" width="76" height="12" font="42"> </text> <text top="307" left="631" width="5" height="12" font="42">1</text> <text top="307" left="563" width="69" height="12" font="42"> </text> <text top="307" left="777" width="5" height="12" font="42">1</text> <text top="307" left="726" width="51" height="12" font="42"> </text> <text top="323" left="94" width="86" height="10" font="42">Goldfields -Tarkwa</text> <text top="323" left="352" width="30" height="9" font="73">308,754</text> <text top="322" left="514" width="41" height="12" font="42">(308,754)</text> <text top="322" left="481" width="36" height="12" font="42"> </text> <text top="322" left="599" width="41" height="12" font="42">(308,754)</text> <text top="322" left="563" width="38" height="12" font="42"> </text> <text top="322" left="744" width="41" height="12" font="42">(308,754)</text> <text top="322" left="726" width="20" height="12" font="42"> </text> <text top="338" left="94" width="99" height="10" font="42">Abosso Goldfields Ltd</text> <text top="338" left="456" width="3" height="12" font="42">-</text> <text top="338" left="390" width="67" height="12" font="42"> </text> <text top="338" left="622" width="3" height="12" font="42">-</text> <text top="338" left="563" width="60" height="12" font="42"> </text> <text top="338" left="768" width="3" height="12" font="42">-</text> <text top="338" left="726" width="42" height="12" font="42"> </text> <text top="354" left="94" width="68" height="10" font="42">GSR(Wassa)Ltd</text> <text top="354" left="252" width="29" height="12" font="42">27,869</text> <text top="354" left="219" width="36" height="12" font="42"> </text> <text top="354" left="441" width="29" height="12" font="42">27,869</text> <text top="354" left="390" width="54" height="12" font="42"> </text> <text top="354" left="607" width="29" height="12" font="42">27,869</text> <text top="354" left="563" width="47" height="12" font="42"> </text> <text top="354" left="753" width="29" height="12" font="42">27,869</text> <text top="354" left="726" width="29" height="12" font="42"> </text> <text top="369" left="94" width="106" height="10" font="42">Chirano Gold Mines Ltd</text> <text top="369" left="252" width="29" height="12" font="105">57,492</text> <text top="369" left="219" width="36" height="12" font="105"> </text> <text top="369" left="441" width="29" height="12" font="42">57,492</text> <text top="369" left="390" width="54" height="12" font="42"> </text> <text top="369" left="607" width="29" height="12" font="42">57,492</text> <text top="369" left="563" width="47" height="12" font="42"> </text> <text top="369" left="693" width="26" height="12" font="42">57492</text> <text top="369" left="768" width="3" height="12" font="42">-</text> <text top="369" left="726" width="42" height="12" font="42"> </text> <text top="385" left="94" width="117" height="10" font="42">Newmont Gold Ghana Ltd</text> <text top="385" left="456" width="3" height="12" font="42">-</text> <text top="385" left="390" width="67" height="12" font="42"> </text> <text top="385" left="622" width="3" height="12" font="42">-</text> <text top="385" left="563" width="60" height="12" font="42"> </text> <text top="385" left="768" width="3" height="12" font="42">-</text> <text top="385" left="726" width="42" height="12" font="42"> </text> <text top="401" left="94" width="95" height="10" font="105">Total (Property Rate)</text> <text top="400" left="247" width="34" height="12" font="42">608,311</text> <text top="400" left="219" width="29" height="12" font="42"> </text> <text top="400" left="344" width="34" height="12" font="42">830,051</text> <text top="400" left="292" width="54" height="12" font="42"> </text> <text top="400" left="435" width="34" height="12" font="105">117,905</text> <text top="400" left="390" width="47" height="12" font="105"> </text> <text top="400" left="514" width="41" height="12" font="42">(339,645)</text> <text top="400" left="481" width="36" height="12" font="42"> </text> <text top="400" left="599" width="41" height="12" font="42">(221,740)</text> <text top="400" left="563" width="38" height="12" font="42"> </text> <text top="400" left="686" width="29" height="12" font="42">69,068</text> <text top="400" left="648" width="40" height="12" font="42"> </text> <text top="400" left="744" width="41" height="12" font="42">(290,808)</text> <text top="400" left="726" width="20" height="12" font="42"> </text> <text top="416" left="622" width="3" height="12" font="42">-</text> <text top="416" left="563" width="60" height="12" font="42"> </text> <text top="416" left="768" width="3" height="12" font="42">-</text> <text top="416" left="726" width="42" height="12" font="42"> </text> <text top="432" left="94" width="73" height="10" font="105">Mineral Royalty</text> <text top="431" left="622" width="3" height="12" font="42">-</text> <text top="431" left="563" width="60" height="12" font="42"> </text> <text top="431" left="768" width="3" height="12" font="42">-</text> <text top="431" left="726" width="42" height="12" font="42"> </text> <text top="447" left="94" width="106" height="12" font="42">Anglogold Ashanti-Obuasi</text> <text top="447" left="234" width="47" height="12" font="42">15,499,943</text> <text top="447" left="219" width="16" height="12" font="42"> </text> <text top="447" left="332" width="48" height="9" font="62">17,360,307</text> <text top="447" left="292" width="41" height="9" font="62"> </text> <text top="447" left="506" width="49" height="12" font="42">(1,860,364)</text> <text top="447" left="481" width="27" height="12" font="42"> </text> <text top="447" left="591" width="49" height="12" font="42">(1,860,364)</text> <text top="447" left="563" width="29" height="12" font="42"> </text> <text top="447" left="669" width="50" height="12" font="42">(1,860,364)</text> <text top="447" left="648" width="22" height="12" font="42"> </text> <text top="447" left="768" width="3" height="12" font="42">-</text> <text top="447" left="726" width="42" height="12" font="42"> </text> <text top="463" left="94" width="94" height="10" font="42">Anglogold -Iduaprim</text> <text top="463" left="239" width="42" height="12" font="42">9,070,786</text> <text top="463" left="219" width="22" height="12" font="42"> </text> <text top="463" left="337" width="42" height="9" font="62">9,070,786</text> <text top="463" left="292" width="47" height="9" font="62"> </text> <text top="463" left="456" width="3" height="12" font="42">-</text> <text top="463" left="390" width="67" height="12" font="42"> </text> <text top="463" left="622" width="3" height="12" font="42">-</text> <text top="463" left="563" width="60" height="12" font="42"> </text> <text top="463" left="768" width="3" height="12" font="42">-</text> <text top="463" left="726" width="42" height="12" font="42"> </text> <text top="479" left="94" width="94" height="10" font="42">GSR-Prestea/Bogosu</text> <text top="478" left="239" width="42" height="12" font="42">6,874,814</text> <text top="478" left="219" width="22" height="12" font="42"> </text> <text top="479" left="337" width="42" height="9" font="62">9,366,302</text> <text top="479" left="292" width="47" height="9" font="62"> </text> <text top="478" left="506" width="49" height="12" font="42">(2,491,488)</text> <text top="478" left="481" width="27" height="12" font="42"> </text> <text top="478" left="591" width="49" height="12" font="42">(2,491,488)</text> <text top="478" left="563" width="29" height="12" font="42"> </text> <text top="478" left="736" width="50" height="12" font="42">(2,491,488)</text> <text top="478" left="726" width="11" height="12" font="42"> </text> <text top="494" left="94" width="85" height="10" font="42">Ghana Bauxite CO.</text> <text top="494" left="239" width="42" height="12" font="105">1,033,823</text> <text top="494" left="219" width="22" height="12" font="105"> </text> <text top="494" left="342" width="37" height="10" font="73">1,033,823</text> <text top="494" left="292" width="51" height="10" font="73"> </text> <text top="494" left="456" width="3" height="12" font="42">-</text> <text top="494" left="390" width="67" height="12" font="42"> </text> <text top="494" left="622" width="3" height="12" font="42">-</text> <text top="494" left="563" width="60" height="12" font="42"> </text> <text top="510" left="94" width="95" height="10" font="42">Ghana Manganse Co.</text> <text top="509" left="239" width="42" height="12" font="42">3,764,674</text> <text top="509" left="219" width="22" height="12" font="42"> </text> <text top="510" left="342" width="37" height="10" font="73">3,764,675</text> <text top="510" left="292" width="51" height="10" font="73"> </text> <text top="509" left="543" width="12" height="12" font="42">(1)</text> <text top="509" left="481" width="65" height="12" font="42"> </text> <text top="509" left="628" width="12" height="12" font="42">(1)</text> <text top="509" left="563" width="67" height="12" font="42"> </text> <text top="509" left="773" width="12" height="12" font="42">(1)</text> <text top="509" left="726" width="49" height="12" font="42"> </text> <text top="525" left="94" width="86" height="10" font="42">Goldfields -Tarkwa</text> <text top="525" left="234" width="47" height="12" font="42">36,139,824</text> <text top="525" left="219" width="16" height="12" font="42"> </text> <text top="526" left="337" width="41" height="10" font="73">43,747,093</text> <text top="526" left="292" width="47" height="10" font="73"> </text> <text top="525" left="506" width="49" height="12" font="42">(7,607,269)</text> <text top="525" left="481" width="27" height="12" font="42"> </text> <text top="525" left="591" width="49" height="12" font="42">(7,607,269)</text> <text top="525" left="563" width="29" height="12" font="42"> </text> <text top="525" left="679" width="40" height="12" font="42">-7607269</text> <text top="525" left="768" width="3" height="12" font="42">-</text> <text top="525" left="726" width="42" height="12" font="42"> </text> <text top="541" left="94" width="99" height="10" font="42">Abosso Goldfields Ltd</text> <text top="540" left="234" width="47" height="12" font="42">15,619,076</text> <text top="540" left="219" width="16" height="12" font="42"> </text> <text top="541" left="337" width="41" height="10" font="73">12,638,871</text> <text top="541" left="292" width="47" height="10" font="73"> </text> <text top="540" left="427" width="42" height="12" font="42">2,980,205</text> <text top="540" left="390" width="40" height="12" font="42"> </text> <text top="540" left="594" width="42" height="12" font="42">2,980,205</text> <text top="540" left="563" width="34" height="12" font="42"> </text> <text top="540" left="683" width="36" height="12" font="42">2980205</text> <text top="540" left="768" width="3" height="12" font="42">-</text> <text top="540" left="726" width="42" height="12" font="42"> </text> <text top="557" left="94" width="68" height="10" font="42">GSR(Wassa)Ltd</text> <text top="556" left="234" width="47" height="12" font="42">11,584,285</text> <text top="556" left="219" width="16" height="12" font="42"> </text> <text top="557" left="342" width="37" height="10" font="73">9,600,151</text> <text top="557" left="292" width="51" height="10" font="73"> </text> <text top="556" left="427" width="42" height="12" font="42">1,984,134</text> <text top="556" left="390" width="40" height="12" font="42"> </text> <text top="556" left="594" width="42" height="12" font="42">1,984,134</text> <text top="556" left="563" width="34" height="12" font="42"> </text> <text top="556" left="740" width="42" height="12" font="42">1,984,134</text> <text top="556" left="726" width="16" height="12" font="42"> </text> <text top="572" left="94" width="106" height="10" font="42">Chirano Gold Mines Ltd</text> <text top="572" left="234" width="47" height="12" font="42">21,637,098</text> <text top="572" left="219" width="16" height="12" font="42"> </text> <text top="572" left="332" width="48" height="9" font="62">17,247,431</text> <text top="572" left="292" width="41" height="9" font="62"> </text> <text top="572" left="427" width="42" height="12" font="42">4,389,667</text> <text top="572" left="390" width="40" height="12" font="42"> </text> <text top="572" left="594" width="42" height="12" font="42">4,389,667</text> <text top="572" left="563" width="34" height="12" font="42"> </text> <text top="572" left="683" width="36" height="12" font="42">4389667</text> <text top="572" left="768" width="3" height="12" font="42">-</text> <text top="572" left="726" width="42" height="12" font="42"> </text> <text top="588" left="94" width="117" height="10" font="42">Newmont Gold Ghana Ltd</text> <text top="587" left="234" width="47" height="12" font="107">26,624,466</text> <text top="587" left="219" width="16" height="12" font="107"> </text> <text top="588" left="332" width="48" height="9" font="62">26,624,466</text> <text top="588" left="292" width="41" height="9" font="62"> </text> <text top="587" left="456" width="3" height="12" font="42">-</text> <text top="587" left="390" width="67" height="12" font="42"> </text> <text top="587" left="622" width="3" height="12" font="42">-</text> <text top="587" left="563" width="60" height="12" font="42"> </text> <text top="587" left="768" width="3" height="12" font="42">-</text> <text top="587" left="726" width="42" height="12" font="42"> </text> <text top="603" left="94" width="103" height="10" font="105">Total(Mineral Royalty)</text> <text top="603" left="232" width="53" height="12" font="42">147,848,789</text> <text top="603" left="326" width="53" height="12" font="42">150,453,905</text> <text top="603" left="292" width="36" height="12" font="42"> </text> <text top="603" left="427" width="42" height="12" font="105">9,354,006</text> <text top="603" left="390" width="40" height="12" font="105"> </text> <text top="603" left="501" width="55" height="12" font="105">(11,959,122)</text> <text top="603" left="481" width="22" height="12" font="105"> </text> <text top="603" left="591" width="49" height="12" font="42">(2,605,116)</text> <text top="603" left="563" width="29" height="12" font="42"> </text> <text top="603" left="669" width="50" height="12" font="42">(2,097,761)</text> <text top="603" left="648" width="22" height="12" font="42"> </text> <text top="603" left="744" width="41" height="12" font="42">(507,355)</text> <text top="603" left="726" width="20" height="12" font="42"> </text> <text top="634" left="94" width="62" height="10" font="105">Corporate tax</text> <text top="650" left="94" width="106" height="12" font="42">Anglogold Ashanti-Obuasi</text> <text top="666" left="94" width="94" height="10" font="42">Anglogold -Iduaprim</text> <text top="666" left="338" width="41" height="8" font="106">8,557,346</text> <text top="666" left="292" width="49" height="8" font="106"> </text> <text top="665" left="506" width="49" height="12" font="42">(8,557,346)</text> <text top="665" left="481" width="27" height="12" font="42"> </text> <text top="665" left="591" width="49" height="12" font="42">(8,557,346)</text> <text top="665" left="563" width="29" height="12" font="42"> </text> <text top="665" left="679" width="40" height="12" font="42">-8557346</text> <text top="665" left="768" width="3" height="12" font="42">-</text> <text top="665" left="726" width="42" height="12" font="42"> </text> <text top="681" left="94" width="94" height="10" font="42">GSR-Prestea/Bogosu</text> <text top="682" left="366" width="3" height="8" font="106">-</text> <text top="682" left="292" width="76" height="8" font="106"> </text> <text top="681" left="456" width="3" height="12" font="42">-</text> <text top="681" left="390" width="67" height="12" font="42"> </text> <text top="681" left="622" width="3" height="12" font="42">-</text> <text top="681" left="563" width="60" height="12" font="42"> </text> <text top="681" left="768" width="3" height="12" font="42">-</text> <text top="681" left="726" width="42" height="12" font="42"> </text> <text top="697" left="94" width="85" height="10" font="42">Ghana Bauxite CO.</text> <text top="697" left="366" width="3" height="8" font="106">-</text> <text top="697" left="292" width="76" height="8" font="106"> </text> <text top="696" left="456" width="3" height="12" font="42">-</text> <text top="696" left="390" width="67" height="12" font="42"> </text> <text top="696" left="622" width="3" height="12" font="42">-</text> <text top="696" left="563" width="60" height="12" font="42"> </text> <text top="696" left="768" width="3" height="12" font="42">-</text> <text top="696" left="726" width="42" height="12" font="42"> </text> <text top="712" left="94" width="95" height="10" font="42">Ghana Manganse Co.</text> <text top="712" left="239" width="42" height="12" font="42">7,560,048</text> <text top="712" left="219" width="22" height="12" font="42"> </text> <text top="713" left="338" width="41" height="8" font="106">7,554,049</text> <text top="713" left="292" width="49" height="8" font="106"> </text> <text top="712" left="446" width="24" height="12" font="42">5,999</text> <text top="712" left="390" width="58" height="12" font="42"> </text> <text top=" 712" left="613" width="24" height="12" font="42">5,999</text> <text top="712" left="563" width="51" height="12" font="42"> </text> <text top="712" left="758" width="24" height="12" font="42">5,999</text> <text top="712" left="726" width="34" height="12" font="42"> </text> <text top="728" left="94" width="86" height="10" font="42">Goldfields -Tarkwa</text> <text top="727" left="234" width="47" height="12" font="42">78,650,353</text> <text top="727" left="219" width="16" height="12" font="42"> </text> <text top="728" left="333" width="46" height="8" font="106">78,650,353</text> <text top="728" left="292" width="42" height="8" font="106"> </text> <text top="727" left="456" width="3" height="12" font="42">-</text> <text top="727" left="390" width="67" height="12" font="42"> </text> <text top="727" left="622" width="3" height="12" font="42">-</text> <text top="727" left="563" width="60" height="12" font="42"> </text> <text top="727" left="768" width="3" height="12" font="42">-</text> <text top="727" left="726" width="42" height="12" font="42"> </text> <text top="743" left="94" width="99" height="10" font="42">Abosso Goldfields Ltd</text> <text top="743" left="234" width="47" height="12" font="42">32,611,150</text> <text top="743" left="219" width="16" height="12" font="42"> </text> <text top="744" left="333" width="46" height="8" font="106">30,472,900</text> <text top="744" left="292" width="42" height="8" font="106"> </text> <text top="743" left="427" width="42" height="12" font="42">2,138,250</text> <text top="743" left="390" width="40" height="12" font="42"> </text> <text top="743" left="594" width="42" height="12" font="42">2,138,250</text> <text top="743" left="563" width="34" height="12" font="42"> </text> <text top="743" left="683" width="36" height="12" font="42">2138250</text> <text top="743" left="768" width="3" height="12" font="42">-</text> <text top="743" left="726" width="42" height="12" font="42"> </text> <text top="759" left="94" width="68" height="10" font="42">GSR(Wassa)Ltd</text> <text top="760" left="366" width="3" height="8" font="106">-</text> <text top="760" left="292" width="76" height="8" font="106"> </text> <text top="759" left="456" width="3" height="12" font="42">-</text> <text top="759" left="390" width="67" height="12" font="42"> </text> <text top="759" left="622" width="3" height="12" font="42">-</text> <text top="759" left="563" width="60" height="12" font="42"> </text> <text top="759" left="768" width="3" height="12" font="42">-</text> <text top="759" left="726" width="42" height="12" font="42"> </text> <text top="774" left="94" width="106" height="10" font="42">Chirano Gold Mines Ltd</text> <text top="775" left="351" width="28" height="8" font="106">15,085</text> <text top="775" left="292" width="60" height="8" font="106"> </text> <text top="774" left="519" width="36" height="12" font="42">(15,085)</text> <text top="774" left="481" width="40" height="12" font="42"> </text> <text top="774" left="604" width="36" height="12" font="42">(15,085)</text> <text top="774" left="563" width="43" height="12" font="42"> </text> <text top="774" left="689" width="30" height="12" font="42">-15085</text> <text top="774" left="768" width="3" height="12" font="42">-</text> <text top="774" left="726" width="42" height="12" font="42"> </text> <text top="790" left="94" width="117" height="10" font="42">Newmont Gold Ghana Ltd</text> <text top="790" left="267" width="3" height="12" font="42">-</text> <text top="790" left="219" width="49" height="12" font="42"> </text> <text top="791" left="366" width="3" height="8" font="106">-</text> <text top="791" left="292" width="76" height="8" font="106"> </text> <text top="790" left="456" width="3" height="12" font="42">-</text> <text top="790" left="390" width="67" height="12" font="42"> </text> <text top="790" left="622" width="3" height="12" font="42">-</text> <text top="790" left="563" width="60" height="12" font="42"> </text> <text top="790" left="768" width="3" height="12" font="42">-</text> <text top="790" left="726" width="42" height="12" font="42"> </text> <text top="806" left="94" width="93" height="10" font="105">Total(corporate Tax)</text> <text top="805" left="228" width="53" height="12" font="105">118,821,551</text> <text top="805" left="219" width="11" height="12" font="105"> </text> <text top="805" left="326" width="53" height="12" font="105">125,249,733</text> <text top="805" left="292" width="36" height="12" font="105"> </text> <text top="805" left="427" width="42" height="12" font="105">2,144,249</text> <text top="805" left="390" width="40" height="12" font="105"> </text> <text top="805" left="506" width="50" height="12" font="105">(8,572,431)</text> <text top="805" left="481" width="27" height="12" font="105"> </text> <text top="805" left="591" width="49" height="12" font="42">(6,428,182)</text> <text top="805" left="563" width="29" height="12" font="42"> </text> <text top="805" left="669" width="50" height="12" font="105">(6,434,181)</text> <text top="805" left="648" width="22" height="12" font="105"> </text> <text top="805" left="758" width="24" height="12" font="42">5,999</text> <text top="805" left="726" width="34" height="12" font="42"> </text> <text top="837" left="94" width="46" height="10" font="105">Dividends</text> <text top="852" left="94" width="106" height="12" font="42">Anglogold Ashanti-Obuasi</text> <text top="868" left="94" width="116" height="12" font="42">Anglogold Ashanti -Iduaprim</text> <text top="868" left="538" width="3" height="12" font="42">-</text> <text top="868" left="481" width="58" height="12" font="42"> </text> <text top="883" left="94" width="10" height="12" font="42">**</text> <text top="883" left="239" width="42" height="12" font="42">2,914,288</text> <text top="883" left="219" width="22" height="12" font="42"> </text> <text top="884" left="338" width="41" height="8" font="106">2,976,370</text> <text top="884" left="292" width="49" height="8" font="106"> </text> <text top="883" left="519" width="36" height="12" font="42">(62,082)</text> <text top="883" left="481" width="40" height="12" font="42"> </text> <text top="883" left="604" width="36" height="12" font="42">(62,082)</text> <text top="883" left="563" width="43" height="12" font="42"> </text> <text top="883" left="683" width="36" height="12" font="42">(62,082)</text> <text top="883" left="648" width="36" height="12" font="42"> </text> <text top="883" left="768" width="3" height="12" font="42">-</text> <text top="883" left="726" width="42" height="12" font="42"> </text> <text top="899" left="94" width="90" height="12" font="42">GSR(Prestea/Bogosu)</text> <text top="899" left="538" width="3" height="12" font="42">-</text> <text top="899" left="481" width="58" height="12" font="42"> </text> <text top="899" left="622" width="3" height="12" font="42">-</text> <text top="899" left="563" width="60" height="12" font="42"> </text> <text top="899" left="768" width="3" height="12" font="42">-</text> <text top="899" left="726" width="42" height="12" font="42"> </text> <text top="915" left="94" width="75" height="12" font="42">Ghana Bauxite Co.</text> <text top="915" left="538" width="3" height="12" font="42">-</text> <text top="915" left="481" width="58" height="12" font="42"> </text> <text top="915" left="622" width="3" height="12" font="42">-</text> <text top="915" left="563" width="60" height="12" font="42"> </text> <text top="915" left="768" width="3" height="12" font="42">-</text> <text top="915" left="726" width="42" height="12" font="42"> </text> <text top="930" left="94" width="84" height="12" font="42">Ghana Manganse Co.</text> <text top="931" left="249" width="33" height="8" font="106">832,542</text> <text top="931" left="218" width="31" height="8" font="106"> </text> <text top="931" left="346" width="33" height="8" font="106">832,542</text> <text top="931" left="292" width="56" height="8" font="106"> </text> <text top="930" left="538" width="3" height="12" font="42">-</text> <text top="930" left="481" width="58" height="12" font="42"> </text> <text top="930" left="622" width="3" height="12" font="42">-</text> <text top="930" left="563" width="60" height="12" font="42"> </text> <text top="930" left="768" width="3" height="12" font="42">-</text> <text top="930" left="726" width="42" height="12" font="42"> </text> <text top="946" left="94" width="78" height="12" font="42">Goldfields -Tarkwa</text> <text top="947" left="333" width="46" height="8" font="106">14,342,500</text> <text top="947" left="292" width="42" height="8" font="106"> </text> <text top="946" left="501" width="55" height="12" font="42">(14,342,500)</text> <text top="946" left="481" width="22" height="12" font="42"> </text> <text top="946" left="585" width="55" height="12" font="42">(14,342,500)</text> <text top="946" left="563" width="25" height="12" font="42"> </text> <text top="946" left="664" width="55" height="12" font="42">(14,342,500)</text> <text top="946" left="648" width="18" height="12" font="42"> </text> <text top="946" left="768" width="3" height="12" font="42">-</text> <text top="946" left="726" width="42" height="12" font="42"> </text> <text top="961" left="94" width="90" height="12" font="42">Abosso Goldfields Ltd</text> <text top="962" left="338" width="41" height="8" font="106">4,288,800</text> <text top="962" left="292" width="49" height="8" font="106"> </text> <text top="961" left="506" width="49" height="12" font="42">(4,288,800)</text> <text top="961" left="481" width="27" height="12" font="42"> </text> <text top="961" left="591" width="49" height="12" font="42">(4,288,800)</text> <text top="961" left="563" width="29" height="12" font="42"> </text> <text top="961" left="736" width="50" height="12" font="42">(4,288,800)</text> <text top="961" left="726" width="11" height="12" font="42"> </text> <text top="977" left="94" width="48" height="12" font="42">GSR-Wassa</text> <text top="977" left="538" width="3" height="12" font="42">-</text> <text top="977" left="481" width="58" height="12" font="42"> </text> <text top="977" left="622" width="3" height="12" font="42">-</text> <text top="977" left="563" width="60" height="12" font="42"> </text> <text top="977" left="768" width="3" height="12" font="42">-</text> <text top="977" left="726" width="42" height="12" font="42"> </text> <text top="992" left="94" width="98" height="12" font="42">Chirano Gold Mines Ltd</text> <text top="992" left="538" width="3" height="12" font="42">-</text> <text top="992" left="481" width="58" height="12" font="42"> </text> <text top="992" left="622" width="3" height="12" font="42">-</text> <text top="992" left="563" width="60" height="12" font="42"> </text> <text top="992" left="768" width="3" height="12" font="42">-</text> <text top="992" left="726" width="42" height="12" font="42"> </text> <text top="1008" left="94" width="108" height="12" font="42">Newmont Gold Ghana Ltd</text> <text top="1008" left="538" width="3" height="12" font="42">-</text> <text top="1008" left="481" width="58" height="12" font="42"> </text> <text top="1008" left="622" width="3" height="12" font="42">-</text> <text top="1008" left="563" width="60" height="12" font="42"> </text> <text top="1008" left="768" width="3" height="12" font="42">-</text> <text top="1008" left="726" width="42" height="12" font="42"> </text> <text top="1024" left="94" width="80" height="12" font="105">Total(Dividends)</text> <text top="1024" left="239" width="42" height="12" font="105">3,746,830</text> <text top="1024" left="219" width="22" height="12" font="105"> </text> <text top="1024" left="331" width="47" height="12" font="105">22,440,212</text> <text top="1024" left="292" width="40" height="12" font="105"> </text> <text top="1024" left="501" width="55" height="12" font="105">(18,693,382)</text> <text top="1024" left="481" width="22" height="12" font="105"> </text> <text top="1024" left="585" width="55" height="12" font="42">(18,693,382)</text> <text top="1024" left="563" width="25" height="12" font="42"> </text> <text top="1024" left="664" width="55" height="12" font="42">(14,404,582)</text> <text top="1024" left="648" width="18" height="12" font="42"> </text> <text top="1024" left="736" width="50" height="12" font="42">(4,288,800)</text> <text top="1024" left="726" width="11" height="12" font="42"> </text> <text top="1055" left="669" width="50" height="12" font="42">(5,080,964)</text> <text top="1055" left="648" width="22" height="12" font="42"> </text> </page> <page number="78" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="108" size="6" family="Times" color="#000000"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">69 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="182" left="92" width="4" height="14" font="3"> </text> <text top="1041" left="788" width="4" height="14" font="3"> </text> <text top="1059" left="92" width="4" height="14" font="3"> </text> <text top="1081" left="92" width="4" height="14" font="3"> </text> <text top="204" left="94" width="64" height="11" font="65">APPENDIX 5B</text> <text top="204" left="206" width="98" height="11" font="65">DISCREPANCIES 2011.</text> <text top="204" left="349" width="84" height="11" font="65">Discrepancies(A-B)</text> <text top="216" left="206" width="20" height="11" font="65">GHS</text> <text top="216" left="277" width="20" height="11" font="65">GHS</text> <text top="216" left="349" width="20" height="11" font="65">GHS</text> <text top="216" left="450" width="20" height="11" font="65">GHS</text> <text top="229" left="94" width="85" height="11" font="65">REVENUE STREAM</text> <text top="229" left="206" width="56" height="11" font="65">Company(A)</text> <text top="229" left="277" width="402" height="11" font="65">Government(B) over reporting(A>B) Under Reporting(B>A) Net Discrepancy Resolved</text> <text top="229" left="724" width="48" height="11" font="65">unresolved</text> <text top="244" left="94" width="62" height="11" font="65">Property Rate</text> <text top="258" left="94" width="99" height="11" font="50">Anglogold Ashanti-Obuasi</text> <text top="258" left="238" width="32" height="11" font="50">424,600</text> <text top="258" left="210" width="29" height="11" font="50"> </text> <text top="259" left="315" width="28" height="9" font="108">424,600</text> <text top="259" left="280" width="37" height="9" font="108"> </text> <text top="258" left="539" width="3" height="11" font="50">-</text> <text top="258" left="453" width="87" height="11" font="50"> </text> <text top="258" left="618" width="3" height="11" font="50">-</text> <text top="258" left="562" width="58" height="11" font="50"> </text> <text top="258" left="769" width="3" height="11" font="50">-</text> <text top="258" left="715" width="56" height="11" font="50"> </text> <text top="273" left="94" width="88" height="9" font="50">Anglogold -Iduaprim</text> <text top="273" left="246" width="27" height="11" font="50">77,566</text> <text top="273" left="416" width="27" height="11" font="50">77,566</text> <text top="273" left="352" width="65" height="11" font="50"> </text> <text top="273" left="605" width="27" height="11" font="50">77,566</text> <text top="273" left="562" width="44" height="11" font="50"> </text> <text top="273" left="755" width="27" height="11" font="50">77,566</text> <text top="273" left="715" width="42" height="11" font="50"> </text> <text top="289" left="94" width="88" height="9" font="50">GSR-Prestea/Bogosu</text> <text top="287" left="242" width="28" height="12" font="42">31,194</text> <text top="287" left="210" width="33" height="12" font="42"> </text> <text top="288" left="416" width="27" height="11" font="50">31,194</text> <text top="288" left="352" width="65" height="11" font="50"> </text> <text top="288" left="605" width="27" height="11" font="50">31,194</text> <text top="288" left="562" width="44" height="11" font="50"> </text> <text top="288" left="755" width="27" height="11" font="50">31,194</text> <text top="288" left="715" width="42" height="11" font="50"> </text> <text top="304" left="94" width="79" height="9" font="50">Ghana Bauxite CO.</text> <text top="303" left="242" width="28" height="12" font="42">11,576</text> <text top="303" left="210" width="33" height="12" font="42"> </text> <text top="303" left="416" width="27" height="11" font="50">11,576</text> <text top="303" left="352" width="65" height="11" font="50"> </text> <text top="303" left="605" width="27" height="11" font="50">11,576</text> <text top="303" left="562" width="44" height="11" font="50"> </text> <text top="303" left="683" width="24" height="11" font="50">11576</text> <text top="303" left="769" width="3" height="11" font="50">-</text> <text top="303" left="715" width="56" height="11" font="50"> </text> <text top="319" left="94" width="88" height="9" font="50">Ghana Manganse Co.</text> <text top="318" left="242" width="28" height="12" font="42">42,226</text> <text top="318" left="210" width="33" height="12" font="42"> </text> <text top="319" left="416" width="27" height="11" font="50">42,226</text> <text top="319" left="352" width="65" height="11" font="50"> </text> <text top="319" left="605" width="27" height="11" font="50">42,226</text> <text top="319" left="562" width="44" height="11" font="50"> </text> <text top="319" left="755" width="27" height="11" font="50">42,226</text> <text top="319" left="715" width="42" height="11" font="50"> </text> <text top="334" left="94" width="80" height="9" font="50">Goldfields -Tarkwa</text> <text top="334" left="429" width="3" height="11" font="50">-</text> <text top="334" left="352" width="79" height="11" font="50"> </text> <text top="334" left="618" width="3" height="11" font="50">-</text> <text top="334" left="562" width="58" height="11" font="50"> </text> <text top="334" left="769" width="3" height="11" font="50">-</text> <text top="334" left="715" width="56" height="11" font="50"> </text> <text top="350" left="94" width="93" height="9" font="50">Abosso Goldfields Ltd</text> <text top="349" left="429" width="3" height="11" font="50">-</text> <text top="349" left="352" width="79" height="11" font="50"> </text> <text top="349" left="618" width="3" height="11" font="50">-</text> <text top="349" left="562" width="58" height="11" font="50"> </text> <text top="349" left="769" width="3" height="11" font="50">-</text> <text top="349" left="715" width="56" height="11" font="50"> </text> <text top="365" left="94" width="63" height="9" font="50">GSR(Wassa)Ltd</text> <text top="364" left="242" width="28" height="12" font="42">29,869</text> <text top="364" left="210" width="33" height="12" font="42"> </text> <text top="364" left="416" width="27" height="11" font="50">29,869</text> <text top="364" left="352" width="65" height="11" font="50"> </text> <text top="364" left="605" width="27" height="11" font="50">29,869</text> <text top="364" left="562" width="44" height="11" font="50"> </text> <text top="364" left="755" width="27" height="11" font="50">29,869</text> <text top="364" left="715" width="42" height="11" font="50"> </text> <text top="380" left="94" width="99" height="9" font="50">Chirano Gold Mines Ltd</text> <text top="379" left="242" width="28" height="12" font="42">57,492</text> <text top="379" left="210" width="33" height="12" font="42"> </text> <text top="380" left="416" width="27" height="11" font="50">57,492</text> <text top="380" left="352" width="65" height="11" font="50"> </text> <text top="380" left="605" width="27" height="11" font="50">57,492</text> <text top="380" left="562" width="44" height="11" font="50"> </text> <text top="380" left="677" width="27" height="11" font="50">57,492</text> <text top="380" left="642" width="38" height="11" font="50"> </text> <text top="380" left="769" width="3" height="11" font="50">-</text> <text top="380" left="715" width="56" height="11" font="50"> </text> <text top="395" left="94" width="109" height="9" font="50">Newmont Gold Ghana Ltd</text> <text top="395" left="429" width="3" height="11" font="50">-</text> <text top="395" left="352" width="79" height="11" font="50"> </text> <text top="395" left="618" width="3" height="11" font="50">-</text> <text top="395" left="562" width="58" height="11" font="50"> </text> <text top="395" left="769" width="3" height="11" font="50">-</text> <text top="395" left="715" width="56" height="11" font="50"> </text> <text top="410" left="94" width="89" height="9" font="65">Total (Property Rate)</text> <text top="409" left="238" width="32" height="11" font="65">674,523</text> <text top="409" left="210" width="29" height="11" font="65"> </text> <text top="409" left="411" width="32" height="11" font="65">249,923</text> <text top="409" left="352" width="60" height="11" font="65"> </text> <text top="409" left="539" width="3" height="11" font="50">-</text> <text top="409" left="453" width="87" height="11" font="50"> </text> <text top="409" left="600" width="32" height="11" font="50">249,923</text> <text top="409" left="562" width="40" height="11" font="50"> </text> <text top="409" left="677" width="27" height="11" font="50">69,068</text> <text top="409" left="642" width="38" height="11" font="50"> </text> <text top="409" left="751" width="32" height="11" font="50">180,855</text> <text top="409" left="715" width="38" height="11" font="50"> </text> <text top="424" left="94" width="55" height="9" font="65">Ground Rent</text> <text top="439" left="94" width="93" height="9" font="50">Ghana Manganese Ltd</text> <text top="438" left="237" width="33" height="12" font="42">134,290</text> <text top="438" left="210" width="30" height="12" font="42"> </text> <text top="439" left="411" width="32" height="11" font="50">134,290</text> <text top="439" left="352" width="60" height="11" font="50"> </text> <text top="439" left="600" width="32" height="11" font="50">134,290</text> <text top="439" left="562" width="40" height="11" font="50"> </text> <text top="439" left="751" width="32" height="11" font="65">134,290</text> <text top="439" left="715" width="38" height="11" font="65"> </text> <text top="454" left="94" width="83" height="9" font="65">Total(Ground Rent)</text> <text top="460" left="618" width="3" height="11" font="50">-</text> <text top="460" left="562" width="58" height="11" font="50"> </text> <text top="460" left="769" width="3" height="11" font="50">-</text> <text top="460" left="715" width="56" height="11" font="50"> </text> <text top="475" left="94" width="68" height="9" font="65">Mineral Royalty</text> <text top="474" left="618" width="3" height="11" font="50">-</text> <text top="474" left="562" width="58" height="11" font="50"> </text> <text top="474" left="769" width="3" height="11" font="50">-</text> <text top="474" left="715" width="56" height="11" font="50"> </text> <text top="489" left="94" width="99" height="11" font="50">Anglogold Ashanti-Obuasi</text> <text top="489" left="229" width="44" height="11" font="50">19,665,203</text> <text top="489" left="297" width="44" height="11" font="50">19,665,202</text> <text top="489" left="280" width="19" height="11" font="50"> </text> <text top="489" left="438" width="5" height="11" font="50">1</text> <text top="489" left="352" width="87" height="11" font="50"> </text> <text top="489" left="627" width="5" height="11" font="50">1</text> <text top="489" left="562" width="67" height="11" font="50"> </text> <text top="489" left="778" width="5" height="11" font="50">1</text> <text top="489" left="715" width="65" height="11" font="50"> </text> <text top="504" left="94" width="88" height="9" font="50">Anglogold -Iduaprim</text> <text top="503" left="226" width="44" height="11" font="50">13,691,446</text> <text top="503" left="210" width="17" height="11" font="50"> </text> <text top="503" left="297" width="44" height="11" font="50">13,691,446</text> <text top="503" left="280" width="19" height="11" font="50"> </text> <text top="503" left="429" width="3" height="11" font="50">-</text> <text top="503" left="352" width="79" height="11" font="50"> </text> <text top="503" left="618" width="3" height="11" font="50">-</text> <text top="503" left="562" width="58" height="11" font="50"> </text> <text top="503" left="769" width="3" height="11" font="50">-</text> <text top="503" left="715" width="56" height="11" font="50"> </text> <text top="518" left="94" width="78" height="9" font="50">Adamus resources</text> <text top="518" left="230" width="39" height="11" font="50">6,729,928</text> <text top="518" left="210" width="23" height="11" font="50"> </text> <text top="518" left="302" width="39" height="11" font="50">6,729,929</text> <text top="518" left="280" width="23" height="11" font="50"> </text> <text top="533" left="94" width="88" height="9" font="50">GSR-Prestea/Bogosu</text> <text top="532" left="230" width="39" height="11" font="50">8,451,056</text> <text top="532" left="210" width="23" height="11" font="50"> </text> <text top="532" left="297" width="44" height="11" font="50">12,573,619</text> <text top="532" left="280" width="19" height="11" font="50"> </text> <text top="532" left="509" width="46" height="11" font="50">(4,122,563)</text> <text top="532" left="453" width="58" height="11" font="50"> </text> <text top="532" left="589" width="46" height="11" font="50">(4,122,563)</text> <text top="532" left="562" width="27" height="11" font="50"> </text> <text top="532" left="739" width="46" height="11" font="50">(4,122,563)</text> <text top="532" left="715" width="27" height="11" font="50"> </text> <text top="547" left="94" width="79" height="9" font="50">Ghana Bauxite CO.</text> <text top="547" left="238" width="32" height="11" font="50">689,863</text> <text top="547" left="210" width="29" height="11" font="50"> </text> <text top="547" left="310" width="32" height="11" font="50">689,863</text> <text top="547" left="280" width="31" height="11" font="50"> </text> <text top="547" left="429" width="3" height="11" font="50">-</text> <text top="547" left="352" width="79" height="11" font="50"> </text> <text top="547" left="618" width="3" height="11" font="50">-</text> <text top="547" left="562" width="58" height="11" font="50"> </text> <text top="562" left="94" width="88" height="9" font="50">Ghana Manganse Co.</text> <text top="561" left="230" width="39" height="11" font="50">6,685,574</text> <text top="561" left="210" width="23" height="11" font="50"> </text> <text top="561" left="302" width="39" height="11" font="50">6,685,574</text> <text top="561" left="280" width="23" height="11" font="50"> </text> <text top="561" left="539" width="3" height="11" font="50">-</text> <text top="561" left="453" width="87" height="11" font="50"> </text> <text top="561" left="618" width="3" height="11" font="50">-</text> <text top="561" left="562" width="58" height="11" font="50"> </text> <text top="561" left="769" width="3" height="11" font="50">-</text> <text top="561" left="715" width="56" height="11" font="50"> </text> <text top="576" left="94" width="80" height="9" font="50">Goldfields -Tarkwa</text> <text top="576" left="226" width="44" height="11" font="50">55,503,839</text> <text top="576" left="210" width="17" height="11" font="50"> </text> <text top="576" left="297" width="44" height="11" font="50">57,693,232</text> <text top="576" left="280" width="19" height="11" font="50"> </text> <text top="576" left="509" width="46" height="11" font="50">(2,189,393)</text> <text top="576" left="453" width="58" height="11" font="50"> </text> <text top="576" left="589" width="46" height="11" font="50">(2,189,393)</text> <text top="576" left="562" width="27" height="11" font="50"> </text> <text top="576" left="670" width="37" height="11" font="50">-2189393</text> <text top="576" left="769" width="3" height="11" font="50">-</text> <text top="576" left="715" width="56" height="11" font="50"> </text> <text top="591" left="94" width="93" height="9" font="50">Abosso Goldfields Ltd</text> <text top="590" left="226" width="44" height="11" font="50">18,607,347</text> <text top="590" left="210" width="17" height="11" font="50"> </text> <text top="590" left="297" width="44" height="11" font="50">18,607,347</text> <text top="590" left="280" width="19" height="11" font="50"> </text> <text top="590" left="429" width="3" height="11" font="50">-</text> <text top="590" left="352" width="79" height="11" font="50"> </text> <text top="590" left="618" width="3" height="11" font="50">-</text> <text top="590" left="562" width="58" height="11" font="50"> </text> <text top="590" left="769" width="3" height="11" font="50">-</text> <text top="590" left="715" width="56" height="11" font="50"> </text> <text top="605" left="94" width="63" height="9" font="50">GSR(Wassa)Lt d</text> <text top="605" left="226" width="44" height="11" font="50">16,515,428</text> <text top="605" left="210" width="17" height="11" font="50"> </text> <text top="605" left="297" width="44" height="11" font="50">14,872,591</text> <text top="605" left="280" width="19" height="11" font="50"> </text> <text top="605" left="403" width="39" height="11" font="50">1,642,837</text> <text top="605" left="352" width="52" height="11" font="50"> </text> <text top="605" left="592" width="39" height="11" font="50">1,642,837</text> <text top="605" left="562" width="31" height="11" font="50"> </text> <text top="605" left="743" width="39" height="11" font="50">1,642,837</text> <text top="605" left="715" width="29" height="11" font="50"> </text> <text top="620" left="94" width="99" height="9" font="50">Chirano Gold Mines Ltd</text> <text top="620" left="229" width="44" height="11" font="50">17,355,550</text> <text top="620" left="297" width="44" height="11" font="50">19,129,768</text> <text top="620" left="280" width="19" height="11" font="50"> </text> <text top="620" left="509" width="46" height="11" font="50">(1,774,218)</text> <text top="620" left="453" width="58" height="11" font="50"> </text> <text top="620" left="589" width="46" height="11" font="50">(1,774,218)</text> <text top="620" left="562" width="27" height="11" font="50"> </text> <text top="620" left="670" width="37" height="11" font="50">-1774218</text> <text top="620" left="769" width="3" height="11" font="50">-</text> <text top="620" left="715" width="56" height="11" font="50"> </text> <text top="634" left="94" width="109" height="9" font="50">Newmont Gold Ghana Ltd</text> <text top="634" left="226" width="44" height="11" font="50">47,812,790</text> <text top="634" left="210" width="17" height="11" font="50"> </text> <text top="634" left="297" width="44" height="11" font="50">47,812,791</text> <text top="634" left="280" width="19" height="11" font="50"> </text> <text top="634" left="434" width="12" height="11" font="50">(1)</text> <text top="634" left="352" width="83" height="11" font="50"> </text> <text top="634" left="623" width="12" height="11" font="50">(1)</text> <text top="634" left="562" width="63" height="11" font="50"> </text> <text top="634" left="774" width="12" height="11" font="50">(1)</text> <text top="634" left="715" width="60" height="11" font="50"> </text> <text top="649" left="94" width="96" height="9" font="65">Total(Mineral Royalty)</text> <text top="648" left="224" width="49" height="11" font="65">211,708,024</text> <text top="648" left="293" width="49" height="11" font="65">218,151,362</text> <text top="648" left="280" width="15" height="11" font="65"> </text> <text top="648" left="403" width="39" height="11" font="65">1,642,837</text> <text top="648" left="352" width="52" height="11" font="65"> </text> <text top="648" left="509" width="47" height="11" font="65">(8,086,174)</text> <text top="648" left="453" width="58" height="11" font="65"> </text> <text top="648" left="589" width="47" height="11" font="65">(6,443,337)</text> <text top="648" left="562" width="27" height="11" font="65"> </text> <text top="648" left="661" width="47" height="11" font="65">(3,963,611)</text> <text top="648" left="642" width="21" height="11" font="65"> </text> <text top="648" left="739" width="47" height="11" font="65">(2,479,726)</text> <text top="648" left="715" width="27" height="11" font="65"> </text> <text top="666" left="94" width="58" height="9" font="65">Corporate tax</text> <text top="680" left="94" width="99" height="11" font="50">Anglogold Ashanti-Obuasi</text> <text top="695" left="94" width="88" height="9" font="50">Anglogold -Iduaprim</text> <text top="695" left="297" width="44" height="11" font="50">56,794,976</text> <text top="695" left="280" width="19" height="11" font="50"> </text> <text top="695" left="504" width="51" height="11" font="50">(56,794,976)</text> <text top="695" left="453" width="52" height="11" font="50"> </text> <text top="695" left="584" width="51" height="11" font="50">(56,794,976)</text> <text top="695" left="562" width="23" height="11" font="50"> </text> <text top="695" left="660" width="48" height="11" font="50">-56,794,976</text> <text top="696" left="772" width="3" height="9" font="108">-</text> <text top="696" left="714" width="60" height="9" font="108"> </text> <text top="710" left="94" width="80" height="9" font="50">Adamus Resources</text> <text top="724" left="94" width="88" height="9" font="50">GSR-Prestea/Bogosu</text> <text top="724" left="429" width="3" height="11" font="50">-</text> <text top="724" left="352" width="79" height="11" font="50"> </text> <text top="724" left="618" width="3" height="11" font="50">-</text> <text top="724" left="562" width="58" height="11" font="50"> </text> <text top="725" left="772" width="3" height="9" font="108">-</text> <text top="725" left="714" width="60" height="9" font="108"> </text> <text top="739" left="94" width="79" height="9" font="50">Ghana Bauxite CO.</text> <text top="738" left="429" width="3" height="11" font="50">-</text> <text top="738" left="352" width="79" height="11" font="50"> </text> <text top="738" left="618" width="3" height="11" font="50">-</text> <text top="738" left="562" width="58" height="11" font="50"> </text> <text top="739" left="772" width="3" height="9" font="108">-</text> <text top="739" left="714" width="60" height="9" font="108"> </text> <text top="753" left="94" width="88" height="9" font="50">Ghana Manganse Co.</text> <text top="753" left="226" width="45" height="9" font="50">13,922,429</text> <text top="753" left="210" width="17" height="9" font="50"> </text> <text top="753" left="297" width="44" height="11" font="50">42,813,036</text> <text top="753" left="280" width="19" height="11" font="50"> </text> <text top="753" left="504" width="51" height="11" font="50">(28,890,607)</text> <text top="753" left="453" width="52" height="11" font="50"> </text> <text top="753" left="584" width="51" height="11" font="50">(28,890,607)</text> <text top="753" left="562" width="23" height="11" font="50"> </text> <text top="753" left="644" width="63" height="11" font="50">(28,890,607.00)</text> <text top="753" left="642" width="4" height="11" font="50"> </text> <text top="754" left="772" width="3" height="9" font="108">-</text> <text top="754" left="714" width="60" height="9" font="108"> </text> <text top="768" left="94" width="80" height="9" font="50">Goldfields -Tarkwa</text> <text top="768" left="221" width="50" height="9" font="50">184,674,712</text> <text top="768" left="210" width="13" height="9" font="50"> </text> <text top="767" left="293" width="49" height="11" font="50">214,666,712</text> <text top="767" left="280" width="15" height="11" font="50"> </text> <text top="767" left="504" width="51" height="11" font="50">(29,992,000)</text> <text top="767" left="453" width="52" height="11" font="50"> </text> <text top="767" left="584" width="51" height="11" font="50">(29,992,000)</text> <text top="767" left="562" width="23" height="11" font="50"> </text> <text top="767" left="656" width="51" height="11" font="50">(29,992,000)</text> <text top="767" left="642" width="17" height="11" font="50"> </text> <text top="768" left="772" width="3" height="9" font="108">-</text> <text top="768" left="714" width="60" height="9" font="108"> </text> <text top="782" left="94" width="93" height="9" font="50">Abosso Goldfields Ltd</text> <text top="782" left="226" width="44" height="11" font="50">41,296,620</text> <text top="782" left="210" width="17" height="11" font="50"> </text> <text top="782" left="297" width="44" height="11" font="50">53,362,556</text> <text top="782" left="280" width="19" height="11" font="50"> </text> <text top="782" left="504" width="51" height="11" font="50">(12,065,936)</text> <text top="782" left="453" width="52" height="11" font="50"> </text> <text top="782" left="584" width="51" height="11" font="50">(12,065,936)</text> <text top="782" left="562" width="23" height="11" font="50"> </text> <text top="782" left="665" width="42" height="11" font="50">-12065936</text> <text top="783" left="772" width="3" height="9" font="108">-</text> <text top="783" left="714" width="60" height="9" font="108"> </text> <text top="797" left="94" width="63" height="9" font="50">GSR(Wassa)Ltd</text> <text top="796" left="429" width="3" height="11" font="50">-</text> <text top="796" left="352" width="79" height="11" font="50"> </text> <text top="796" left="618" width="3" height="11" font="50">-</text> <text top="796" left="562" width="58" height="11" font="50"> </text> <text top="797" left="772" width="3" height="9" font="108">-</text> <text top="797" left="714" width="60" height="9" font="108"> </text> <text top="812" left="94" width="99" height="9" font="50">Chirano Gold Mines Ltd</text> <text top="812" left="229" width="45" height="9" font="50">46,349,031</text> <text top="811" left="297" width="44" height="11" font="50">28,890,606</text> <text top="811" left="280" width="19" height="11" font="50"> </text> <text top="811" left="399" width="44" height="11" font="50">17,458,425</text> <text top="811" left="352" width="48" height="11" font="50"> </text> <text top="811" left="587" width="44" height="11" font="50">17,458,425</text> <text top="811" left="562" width="27" height="11" font="50"> </text> <text top="811" left="660" width="44" height="11" font="50">17,458,425</text> <text top="811" left="642" width="19" height="11" font="50"> </text> <text top="812" left="772" width="3" height="9" font="108">-</text> <text top="812" left="714" width="60" height="9" font="108"> </text> <text top="826" left="94" width="109" height="9" font="50">Newmont Gold Ghana Ltd</text> <text top="826" left="221" width="50" height="9" font="50">139,590,210</text> <text top="826" left="210" width="13" height="9" font="50"> </text> <text top="826" left="293" width="49" height="11" font="50">103,297,879</text> <text top="826" left="280" width="15" height="11" font="50"> </text> <text top="826" left="399" width="44" height="11" font="50">36,292,331</text> <text top="826" left="352" width="48" height="11" font="50"> </text> <text top="826" left="587" width="44" height="11" font="50">36,292,331</text> <text top="826" left="562" width="27" height="11" font="50"> </text> <text top="826" left="660" width="44" height="11" font="50">36,292,331</text> <text top="826" left="642" width="19" height="11" font="50"> </text> <text top="826" left="772" width="3" height="9" font="108">-</text> <text top="826" left="714" width="60" height="9" font="108"> </text> <text top="840" left="94" width="86" height="9" font="65">Total(corporate Tax)</text> <text top="840" left="399" width="44" height="11" font="65">53,750,756</text> <text top="840" left="352" width="48" height="11" font="65"> </text> <text top="840" left="499" width="56" height="11" font="65">(127,743,519)</text> <text top="840" left="453" width="48" height="11" font="65"> </text> <text top="840" left="584" width="51" height="11" font="50">(73,992,763)</text> <text top="840" left="562" width="23" height="11" font="50"> </text> <text top="840" left="656" width="51" height="11" font="50">(73,992,763)</text> <text top="840" left="642" width="17" height="11" font="50"> </text> <text top="841" left="772" width="3" height="9" font="108">-</text> <text top="841" left="714" width="60" height="9" font="108"> </text> <text top="858" left="94" width="43" height="9" font="65">Dividends</text> <text top="873" left="94" width="99" height="11" font="50">Anglogold Ashanti-Obuasi</text> <text top="887" left="94" width="108" height="11" font="50">Anglogold Ashanti -Iduaprim</text> <text top="887" left="618" width="3" height="11" font="50">-</text> <text top="887" left="562" width="58" height="11" font="50"> </text> <text top="900" left="94" width="9" height="11" font="50">**</text> <text top="900" left="230" width="39" height="11" font="50">3,392,757</text> <text top="900" left="210" width="23" height="11" font="50"> </text> <text top="900" left="302" width="39" height="11" font="50">3,392,503</text> <text top="900" left="280" width="23" height="11" font="50"> </text> <text top="900" left="428" width="14" height="11" font="50">254</text> <text top="900" left="352" width="77" height="11" font="50"> </text> <text top="900" left="617" width="14" height="11" font="50">254</text> <text top="900" left="562" width="56" height="11" font="50"> </text> <text top="900" left="768" width="14" height="11" font="50">254</text> <text top="900" left="715" width="54" height="11" font="50"> </text> <text top="913" left="94" width="86" height="11" font="50">Adamus Resources Ltd</text> <text top="913" left="429" width="3" height="11" font="50">-</text> <text top="913" left="352" width="79" height="11" font="50"> </text> <text top="913" left="539" width="3" height="11" font="50">-</text> <text top="913" left="453" width="87" height="11" font="50"> </text> <text top="913" left="618" width="3" height="11" font="50">-</text> <text top="913" left="562" width="58" height="11" font="50"> </text> <text top="913" left="769" width="3" height="11" font="50">-</text> <text top="913" left="715" width="56" height="11" font="50"> </text> <text top="927" left="94" width="84" height="11" font="50">GSR(Prestea/Bogosu)</text> <text top="927" left="429" width="3" height="11" font="50">-</text> <text top="927" left="352" width="79" height="11" font="50"> </text> <text top="927" left="539" width="3" height="11" font="50">-</text> <text top="927" left="453" width="87" height="11" font="50"> </text> <text top="927" left="618" width="3" height="11" font="50">-</text> <text top="927" left="562" width="58" height="11" font="50"> </text> <text top="927" left="769" width="3" height="11" font="50">-</text> <text top="927" left="715" width="56" height="11" font="50"> </text> <text top="942" left="94" width="69" height="11" font="50">Ghana Bauxite Co.</text> <text top="942" left="429" width="3" height="11" font="50">-</text> <text top="942" left="352" width="79" height="11" font="50"> </text> <text top="942" left="539" width="3" height="11" font="50">-</text> <text top="942" left="453" width="87" height="11" font="50"> </text> <text top="942" left="618" width="3" height="11" font="50">-</text> <text top="942" left="562" width="58" height="11" font="50"> </text> <text top="942" left="769" width="3" height="11" font="50">-</text> <text top="942" left="715" width="56" height="11" font="50"> </text> <text top="956" left="94" width="78" height="11" font="50">Ghana Manganse Co.</text> <text top="956" left="238" width="32" height="11" font="50">898,369</text> <text top="956" left="210" width="29" height="11" font="50"> </text> <text top="956" left="310" width="32" height="11" font="50">898,369</text> <text top="956" left="280" width="31" height="11" font="50"> </text> <text top="956" left="429" width="3" height="11" font="50">-</text> <text top="956" left="352" width="79" height="11" font="50"> </text> <text top="956" left="539" width="3" height="11" font="50">-</text> <text top="956" left="453" width="87" height="11" font="50"> </text> <text top="956" left="618" width="3" height="11" font="50">-</text> <text top="956" left="562" width="58" height="11" font="50"> </text> <text top="956" left="769" width="3" height="11" font="50">-</text> <text top="956" left="715" width="56" height="11" font="50"> </text> <text top="971" left="94" width="73" height="11" font="50">Goldfields -Tarkwa</text> <text top="971" left="226" width="44" height="11" font="50">43,500,000</text> <text top="971" left="210" width="17" height="11" font="50"> </text> <text top="971" left="297" width="44" height="11" font="50">39,722,000</text> <text top="971" left="280" width="19" height="11" font="50"> </text> <text top="971" left="403" width="39" height="11" font="50">3,778,000</text> <text top="971" left="352" width="52" height="11" font="50"> </text> <text top="971" left="592" width="39" height="11" font="50">3,778,000</text> <text top="971" left="562" width="31" height="11" font="50"> </text> <text top="971" left="743" width="39" height="11" font="50">3,778,000</text> <text top="971" left="715" width="29" height="11" font="50"> </text> <text top="985" left="94" width="84" height="11" font="50">Abosso Goldfields Ltd</text> <text top="985" left="230" width="39" height="11" font="50">7,500,000</text> <text top="985" left="210" width="23" height="11" font="50"> </text> <text top="985" left="403" width="39" height="11" font="50">7,500,000</text> <text top="985" left="352" width="52" height="11" font="50"> </text> <text top="985" left="592" width="39" height="11" font="50">7,500,000</text> <text top="985" left="562" width="31" height="11" font="50"> </text> <text top="985" left="743" width="39" height="11" font="50">7,500,000</text> <text top="985" left="715" width="29" height="11" font="50"> </text> <text top="1000" left="94" width="44" height="11" font="50">GSR-Wassa</text> <text top="1000" left="429" width="3" height="11" font="50">-</text> <text top="1000" left="352" width="79" height="11" font="50"> </text> <text top="1000" left="539" width="3" height="11" font="50">-</text> <text top="1000" left="453" width="87" height="11" font="50"> </text> <text top="1000" left="769" width="3" height="11" font="50">-</text> <text top="1000" left="715" width="56" height="11" font="50"> </text> <text top="1014" left="94" width="91" height="11" font="50">Chirano Gold Mines Ltd</text> <text top="1014" left="429" width="3" height="11" font="50">-</text> <text top="1014" left="352" width="79" height="11" font="50"> </text> <text top="1014" left="539" width="3" height="11" font="50">-</text> <text top="1014" left="453" width="87" height="11" font="50"> </text> <text top="1014" left="769" width="3" height="11" font="50">-</text> <text top="1014" left="715" width="56" height="11" font="50"> </text> <text top="1029" left="94" width="100" height="11" font="50">Newmont Gold Ghana Ltd</text> <text top="1029" left="429" width="3" height="11" font="50">-</text> <text top="1029" left="352" width="79" height="11" font="50"> </text> <text top="1029" left="539" width="3" height="11" font="50">-</text> <text top="1029" left="453" width="87" height="11" font="50"> </text> <text top="1029" left="769" width="3" height="11" font="50">-</text> <text top="1029" left="715" width="56" height="11" font="50"> </text> <text top="1040" left="94" width="74" height="11" font="65">Total(Dividends)</text> <text top="1040" left="213" width="57" height="11" font="50">55,291,125.74</text> <text top="1040" left="210" width="4" height="11" font="50"> </text> <text top="1040" left="297" width="44" height="11" font="50">44,012,872</text> <text top="1040" left="280" width="19" height="11" font="50"> </text> <text top="1040" left="399" width="44" height="11" font="50">11,278,254</text> <text top="1040" left="352" width="48" height="11" font="50"> </text> <text top="1040" left="539" width="4" height="11" font="65">-</text> <text top="1040" left="453" width="87" height="11" font="65"> </text> <text top="1040" left="587" width="44" height="11" font="50">11,278,254</text> <text top="1040" left="562" width="27" height="11" font="50"> </text> <text top="1040" left="738" width="44" height="11" font="65">11,278,254</text> <text top="1040" left="715" width="25" height="11" font="65"> </text> </page> <page number="79" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">70 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="182" left="92" width="4" height="14" font="3"> </text> <text top="204" left="92" width="198" height="15" font="11">APPENDIX 6: DISBURSEMENT </text> <text top="916" left="768" width="4" height="14" font="3"> </text> <text top="934" left="92" width="4" height="14" font="3"> </text> <text top="956" left="92" width="4" height="14" font="3"> </text> <text top="227" left="95" width="102" height="13" font="38">APPENDIX 6A1</text> <text top="246" left="95" width="382" height="13" font="76">DISBURSEMENTS FROM REGIONAL OFFICES OF OASL.</text> <text top="309" left="95" width="43" height="13" font="38">YEAR:</text> <text top="309" left="206" width="31" height="13" font="38">2010</text> <text top="347" left="95" width="122" height="13" font="76">ASHANTI REGION</text> <text top="347" left="377" width="285" height="13" font="76">Payment from Anglogold Ashanti-Obuasi.</text> <text top="386" left="698" width="35" height="13" font="76">Total</text> <text top="405" left="95" width="38" height="13" font="76">DATE</text> <text top="405" left="242" width="390" height="13" font="76">February Payment August Payment December payment</text> <text top="423" left="123" width="44" height="13" font="38">Mar-09</text> <text top="442" left="125" width="42" height="13" font="38">Apr-09</text> <text top="442" left="290" width="82" height="13" font="38">3,269,050.48</text> <text top="461" left="119" width="47" height="13" font="38">May-09</text> <text top="482" left="125" width="42" height="13" font="38">Jun-09</text> <text top="501" left="129" width="37" height="13" font="38">Jul-09</text> <text top="519" left="122" width="45" height="13" font="38">Aug-09</text> <text top="538" left="122" width="45" height="13" font="38">Sep-09</text> <text top="556" left="124" width="43" height="13" font="38">Oct-09</text> <text top="556" left="285" width="82" height="13" font="38">4,158,509.28</text> <text top="556" left="246" width="43" height="13" font="38"> </text> <text top="575" left="124" width="43" height="13" font="38">Nov-09</text> <text top="594" left="122" width="45" height="13" font="38">Dec-09</text> <text top="594" left="242" width="8" height="13" font="38"> </text> <text top="613" left="125" width="42" height="13" font="38">Jan-10</text> <text top="613" left="404" width="82" height="13" font="38">4,619,763.65</text> <text top="613" left="382" width="26" height="13" font="38"> </text> <text top="632" left="123" width="44" height="13" font="38">Feb-10</text> <text top="650" left="123" width="44" height="13" font="38">Mar-10</text> <text top="669" left="125" width="42" height="13" font="38">Apr-10</text> <text top="669" left="404" width="82" height="13" font="38">4,837,702.25</text> <text top="669" left="382" width="26" height="13" font="38"> </text> <text top="687" left="119" width="47" height="13" font="38">May-10</text> <text top="706" left="125" width="42" height="13" font="38">Jun-10</text> <text top="706" left="549" width="43" height="13" font="38">5186.5</text> <text top="725" left="129" width="37" height="13" font="38">Jul-10</text> <text top="725" left="505" width="82" height="13" font="38">3,903,320.82</text> <text top="725" left="500" width="8" height="13" font="38"> </text> <text top="781" left="95" width="31" height="13" font="38">Total</text> <text top="781" left="285" width="82" height="13" font="38">7,427,559.76</text> <text top="781" left="246" width="43" height="13" font="38"> </text> <text top="781" left="404" width="82" height="13" font="38">9,457,465.90</text> <text top="781" left="382" width="26" height="13" font="38"> </text> <text top="781" left="505" width="82" height="13" font="38">3,908,507.32</text> <text top="781" left="500" width="8" height="13" font="38"> </text> <text top="818" left="95" width="109" height="13" font="38">Obuasi Municipal</text> <text top="818" left="298" width="70" height="13" font="76">201,432.52</text> <text top="818" left="246" width="52" height="13" font="76"> </text> <text top="818" left="416" width="70" height="13" font="76">256,482.79</text> <text top="818" left="382" width="35" height="13" font="76"> </text> <text top="818" left="517" width="70" height="13" font="38">105,998.25</text> <text top="818" left="500" width="21" height="13" font="38"> </text> <text top="818" left="689" width="70" height="13" font="38">563,913.56</text> <text top="818" left="671" width="22" height="13" font="38"> </text> <text top="836" left="95" width="86" height="13" font="38">Adansi South</text> <text top="837" left="305" width="62" height="13" font="76">58,093.62</text> <text top="837" left="246" width="61" height="13" font="76"> </text> <text top="837" left="423" width="62" height="13" font="76">73,970.25</text> <text top="837" left="382" width="43" height="13" font="76"> </text> <text top="837" left="525" width="62" height="13" font="76">30,569.84</text> <text top="837" left="500" width="26" height="13" font="76"> </text> <text top="836" left="689" width="70" height="13" font="38">162,633.71</text> <text top="836" left="671" width="22" height="13" font="38"> </text> <text top="855" left="95" width="82" height="13" font="38">Adansi North</text> <text top="855" left="305" width="62" height="13" font="76">28,776.07</text> <text top="855" left="246" width="61" height="13" font="76"> </text> <text top="855" left="423" width="62" height="13" font="76">36,640.40</text> <text top="855" left="382" width="43" height="13" font="76"> </text> <text top="855" left="525" width="62" height="13" font="76">15,142.46</text> <text top="855" left="500" width="26" height="13" font="76"> </text> <text top="855" left="697" width="63" height="13" font="38">80,558.93</text> <text top="855" left="671" width="26" height="13" font="38"> </text> <text top="873" left="95" width="110" height="13" font="38">Bekwai Municipal</text> <text top="874" left="305" width="62" height="13" font="76">27,965.21</text> <text top="874" left="246" width="61" height="13" font="76"> </text> <text top="874" left="423" width="62" height="13" font="76">35,607.93</text> <text top="874" left="382" width="43" height="13" font="76"> </text> <text top="874" left="525" width="62" height="13" font="76">14,715.76</text> <text top="874" left="500" width="26" height="13" font="76"> </text> <text top="873" left="697" width="63" height="13" font="38">78,288.90</text> <text top="873" left="671" width="26" height="13" font="38"> </text> <text top="892" left="95" width="105" height="13" font="38">Amansie Central</text> <text top="892" left="305" width="62" height="13" font="76">51,934.91</text> <text top="892" left="246" width="61" height="13" font="76"> </text> <text top="892" left="423" width="62" height="13" font="76">66,128.40</text> <text top="892" left="382" width="43" height="13" font="76"> </text> <text top="892" left="525" width="62" height="13" font="76">27,329.03</text> <text top="892" left="500" width="26" height="13" font="76"> </text> <text top="892" left="689" width="70" height="13" font="38">145,392.33</text> <text top="892" left="671" width="22" height="13" font="38"> </text> <text top="911" left="95" width="35" height="13" font="76">Total</text> <text top="911" left="298" width="70" height="13" font="38">368,202.33</text> <text top="911" left="246" width="52" height="13" font="38"> </text> <text top="911" left="677" width="82" height="13" font="76">1,030,787.43</text> <text top="911" left="671" width="8" height="13" font="76"> </text> </page> <page number="80" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">71 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="838" left="727" width="4" height="14" font="3"> </text> <text top="856" left="92" width="4" height="14" font="3"> </text> <text top="879" left="92" width="4" height="14" font="3"> </text> <text top="901" left="92" width="4" height="14" font="3"> </text> <text top="924" left="92" width="4" height="14" font="3"> </text> <text top="946" left="92" width="4" height="14" font="3"> </text> <text top="969" left="92" width="4" height="14" font="3"> </text> <text top="991" left="92" width="4" height="14" font="3"> </text> <text top="1014" left="92" width="4" height="14" font="3"> </text> <text top="1036" left="92" width="4" height="14" font="3"> </text> <text top="1059" left="92" width="4" height="14" font="3"> </text> <text top="1082" left="92" width="4" height="14" font="3"> </text> <text top="182" left="95" width="110" height="13" font="38">APPENDIX 6A2</text> <text top="201" left="95" width="382" height="13" font="76">DISBURSEMENTS FROM REGIONAL OFFICES OF OASL.</text> <text top="219" left="95" width="43" height="13" font="38">YEAR:</text> <text top="219" left="240" width="31" height="13" font="38">2011</text> <text top="257" left="95" width="122" height="13" font="76">ASHANTI REGION</text> <text top="256" left="400" width="261" height="13" font="38">Payment from Anglogold Ashanti-Obuasi.</text> < text top="312" left="95" width="37" height="13" font="38">DATE</text> <text top="312" left="276" width="100" height="13" font="38">March Payment</text> <text top="312" left="400" width="130" height="13" font="38">September Payment</text> <text top="331" left="129" width="45" height="13" font="38">Aug-10</text> <text top="331" left="400" width="139" height="13" font="38">(january to April 2011)</text> <text top="349" left="129" width="45" height="13" font="38">Sep-10</text> <text top="368" left="131" width="43" height="13" font="38">Oct-10</text> <text top="368" left="309" width="82" height="13" font="38">3,999,520.38</text> <text top="368" left="280" width="30" height="13" font="38"> </text> <text top="387" left="131" width="43" height="13" font="38">Nov-10</text> <text top="405" left="129" width="45" height="13" font="38">Dec-10</text> <text top="424" left="132" width="42" height="13" font="38">Jan-11</text> <text top="424" left="435" width="82" height="13" font="38">3,544,282.18</text> <text top="424" left="405" width="35" height="13" font="38"> </text> <text top="442" left="130" width="44" height="13" font="38">Feb-11</text> <text top="461" left="130" width="44" height="13" font="38">Mar-11</text> <text top="479" left="132" width="42" height="13" font="38">Apr-11</text> <text top="479" left="435" width="82" height="13" font="38">4,762,146.31</text> <text top="479" left="405" width="35" height="13" font="38"> </text> <text top="498" left="127" width="47" height="13" font="38">May-11</text> <text top="517" left="132" width="42" height="13" font="38">Jun-11</text> <text top="535" left="137" width="37" height="13" font="38">Jul-11</text> <text top="684" left="95" width="31" height="13" font="38">Total</text> <text top="684" left="309" width="82" height="13" font="38">3,999,520.38</text> <text top="684" left="280" width="30" height="13" font="38"> </text> <text top="684" left="435" width="82" height="13" font="38">8,306,428.49</text> <text top="684" left="405" width="35" height="13" font="38"> </text> <text top="684" left="612" width="5" height="13" font="38">-</text> <text top="684" left="532" width="83" height="13" font="38"> </text> <text top="721" left="95" width="109" height="13" font="38">Obuasi Municipal</text> <text top="721" left="320" width="70" height="13" font="38">108,466.51</text> <text top="721" left="280" width="43" height="13" font="38"> </text> <text top="721" left="447" width="70" height="13" font="38">225,269.34</text> <text top="721" left="405" width="43" height="13" font="38"> </text> <text top="721" left="612" width="5" height="13" font="38">-</text> <text top="721" left="532" width="83" height="13" font="38"> </text> <text top="721" left="699" width="5" height="13" font="38">-</text> <text top="721" left="646" width="56" height="13" font="38"> </text> <text top="740" left="95" width="86" height="13" font="38">Adansi South</text> <text top="740" left="328" width="63" height="13" font="38">30,990.12</text> <text top="740" left="280" width="52" height="13" font="38"> </text> <text top="740" left="455" width="62" height="13" font="38">64,362.03</text> <text top="740" left="405" width="52" height="13" font="38"> </text> <text top="740" left="612" width="5" height="13" font="38">-</text> <text top="740" left="532" width="83" height="13" font="38"> </text> <text top="740" left="699" width="5" height="13" font="38">-</text> <text top="740" left="646" width="56" height="13" font="38"> </text> <text top="758" left="95" width="82" height="13" font="38">Adansi North</text> <text top="758" left="328" width="63" height="13" font="38">15,495.06</text> <text top="758" left="280" width="52" height="13" font="38"> </text> <text top="758" left="455" width="62" height="13" font="38">32,181.01</text> <text top="758" left="405" width="52" height="13" font="38"> </text> <text top="758" left="612" width="5" height="13" font="38">-</text> <text top="758" left="532" width="83" height="13" font="38"> </text> <text top="758" left="699" width="5" height="13" font="38">-</text> <text top="758" left="646" width="56" height="13" font="38"> </text> <text top="777" left="95" width="110" height="13" font="38">Bekwai Municipal</text> <text top="777" left="328" width="63" height="13" font="38">15,058.43</text> <text top="777" left="280" width="52" height="13" font="38"> </text> <text top="777" left="455" width="62" height="13" font="38">31,274.20</text> <text top="777" left="405" width="52" height="13" font="38"> </text> <text top="777" left="612" width="5" height="13" font="38">-</text> <text top="777" left="532" width="83" height="13" font="38"> </text> <text top="777" left="699" width="5" height="13" font="38">-</text> <text top="777" left="646" width="56" height="13" font="38"> </text> <text top="795" left="95" width="105" height="13" font="38">Amansie Central</text> <text top="795" left="328" width="63" height="13" font="38">27,965.41</text> <text top="795" left="280" width="52" height="13" font="38"> </text> <text top="795" left="455" width="62" height="13" font="38">58,080.13</text> <text top="795" left="405" width="52" height="13" font="38"> </text> <text top="795" left="612" width="5" height="13" font="38">-</text> <text top="795" left="532" width="83" height="13" font="38"> </text> <text top="795" left="699" width="5" height="13" font="38">-</text> <text top="795" left="646" width="56" height="13" font="38"> </text> <text top="833" left="95" width="31" height="13" font="38">Total</text> <text top="833" left="320" width="70" height="13" font="76">197,975.54</text> <text top="833" left="280" width="43" height="13" font="76"> </text> <text top="833" left="447" width="70" height="13" font="76">411,166.72</text> <text top="833" left="405" width="43" height="13" font="76"> </text> </page> <page number="81" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">72 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="670" left="788" width="4" height="14" font="3"> </text> <text top="688" left="92" width="4" height="14" font="3"> </text> <text top="711" left="92" width="4" height="14" font="3"> </text> <text top="733" left="92" width="4" height="14" font="3"> </text> <text top="756" left="92" width="4" height="14" font="3"> </text> <text top="778" left="92" width="4" height="14" font="3"> </text> <text top="801" left="92" width="4" height="14" font="3"> </text> <text top="823" left="92" width="4" height="14" font="3"> </text> <text top="846" left="92" width="4" height="14" font="3"> </text> <text top="868" left="92" width="4" height="14" font="3"> </text> <text top="891" left="92" width="4" height="14" font="3"> </text> <text top="914" left="92" width="4" height="14" font="3"> </text> <text top="936" left="92" width="4" height="14" font="3"> </text> <text top="959" left="92" width="4" height="14" font="3"> </text> <text top="981" left="92" width="4" height="14" font="3"> </text> <text top="1004" left="92" width="4" height="14" font="3"> </text> <text top="1026" left="92" width="4" height="14" font="3"> </text> <text top="1049" left="92" width="4" height="14" font="3"> </text> <text top="1071" left="92" width="4" height="14" font="3"> </text> <text top="182" left="95" width="92" height="12" font="92">APPENDIX 6B1</text> <text top="199" left="95" width="344" height="12" font="92">DISBURSEMENTS FROM REGIONAL OFFICES OF OASL.</text> <text top="215" left="95" width="39" height="12" font="89">YEAR:</text> <text top="215" left="275" width="28" height="12" font="89">2010</text> <text top="232" left="307" width="27" height="12" font="92">GHS</text> <text top="249" left="95" width="148" height="12" font="92">BRONG-AHAFO REGION</text> <text top="249" left="427" width="356" height="12" font="92">NEWMONT PAYMENT DUE ASUTIFI DISTRICT ASSEMBLY.</text> <text top="282" left="95" width="34" height="12" font="92">DATE</text> <text top="282" left="188" width="209" height="12" font="92">February Payment June Payment</text> <text top="282" left="427" width="231" height="12" font="92">August Payment December Payment</text> <text top="282" left="721" width="31" height="12" font="92">Total</text> <text top="300" left="535" width="148" height="11" font="93">Paid to District in Jan 2011</text> <text top="315" left="144" width="40" height="12" font="89">Mar-09</text> <text top="332" left="146" width="38" height="12" font="89">Apr-09</text> <text top="332" left="225" width="74" height="12" font="89">5,359,095.97</text> <text top="332" left="192" width="35" height="12" font="89"> </text> <text top="349" left="141" width="43" height="12" font="89">May-09</text> <text top="366" left="146" width="38" height="12" font="89">Jun-09</text> <text top="382" left="150" width="34" height="12" font="89">Jul-09</text> <text top="399" left="143" width="41" height="12" font="89">Aug-09</text> <text top="416" left="143" width="41" height="12" font="89">Sep-09</text> <text top="433" left="145" width="39" height="12" font="89">Oct-09</text> <text top="433" left="225" width="74" height="12" font="89">5,634,886.26</text> <text top="433" left="192" width="35" height="12" font="89"> </text> <text top="449" left="145" width="39" height="12" font="89">Nov-09</text> <text top="466" left="143" width="41" height="12" font="89">Dec-09</text> <text top="483" left="146" width="38" height="12" font="89">Jan-10</text> <text top="483" left="345" width="74" height="12" font="89">4,399,276.45</text> <text top="483" left="311" width="35" height="12" font="89"> </text> <text top="483" left="452" width="74" height="12" font="89">1,841,977.00</text> <text top="483" left="431" width="23" height="12" font="89"> </text> <text top="499" left="144" width="40" height="12" font="89">Feb-10</text> <text top="516" left="144" width="40" height="12" font="89">Mar-10</text> <text top="533" left="146" width="38" height="12" font="89">Apr-10</text> <text top="533" left="452" width="74" height="12" font="89">5,534,331.89</text> <text top="533" left="431" width="23" height="12" font="89"> </text> <text top="550" left="141" width="43" height="12" font="89">May-10</text> <text top="566" left="146" width="38" height="12" font="89">Jun-10</text> <text top="583" left="150" width="34" height="12" font="89">Jul-10</text> <text top="583" left="606" width="74" height="12" font="89">6,863,431.74</text> <text top="583" left="539" width="70" height="12" font="89"> </text> <text top="617" left="95" width="31" height="12" font="92">Total</text> <text top="617" left="218" width="81" height="12" font="92">10,993,982.23</text> <text top="617" left="192" width="27" height="12" font="92"> </text> <text top="617" left="345" width="74" height="12" font="92">4,399,276.45</text> <text top="617" left="311" width="35" height="12" font="92"> </text> <text top="617" left="452" width="74" height="12" font="92">7,376,308.89</text> <text top="617" left="431" width="23" height="12" font="92"> </text> <text top="617" left="606" width="74" height="12" font="92">6,863,431.74</text> <text top="617" left="539" width="70" height="12" font="92"> </text> <text top="667" left="95" width="76" height="12" font="92">Amount Due</text> <text top="667" left="236" width="63" height="12" font="92">544,202.12</text> <text top="667" left="192" width="47" height="12" font="92"> </text> <text top="667" left="356" width="63" height="12" font="92">217,764.18</text> <text top="667" left="311" width="47" height="12" font="92"> </text> <text top="667" left="463" width="63" height="12" font="92">365,127.29</text> <text top="667" left="431" width="35" height="12" font="92"> </text> <text top="667" left="616" width="63" height="12" font="92">339,739.87</text> <text top="667" left="539" width="78" height="12" font="92"> </text> <text top="667" left="707" width="74" height="12" font="92">1,466,833.47</text> <text top="667" left="692" width="15" height="12" font="92"> </text> </page> <page number="82" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="109" size="12" family="Helvetica" color="#000000"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">73 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="182" left="92" width="4" height="14" font="3"> </text> <text top="672" left="750" width="4" height="14" font="3"> </text> <text top="690" left="92" width="4" height="14" font="3"> </text> <text top="713" left="92" width="4" height="14" font="3"> </text> <text top="735" left="92" width="4" height="14" font="3"> </text> <text top="758" left="92" width="4" height="14" font="3"> </text> <text top="780" left="92" width="4" height="14" font="3"> </text> <text top="803" left="92" width="4" height="14" font="3"> </text> <text top="826" left="92" width="4" height="14" font="3"> </text> <text top="848" left="92" width="4" height="14" font="3"> </text> <text top="871" left="92" width="4" height="14" font="3"> </text> <text top="893" left="92" width="4" height="14" font="3"> </text> <text top="916" left="92" width="4" height="14" font="3"> </text> <text top="938" left="92" width="4" height="14" font="3"> </text> <text top="961" left="92" width="4" height="14" font="3"> </text> <text top="983" left="92" width="4" height="14" font="3"> </text> <text top="1006" left="92" width="4" height="14" font="3"> </text> <text top="1028" left="92" width="4" height="14" font="3"> </text> <text top="1051" left="92" width="4" height="14" font="3"> </text> <text top="1073" left="92" width="4" height="14" font="3"> </text> <text top="205" left="95" width="100" height="13" font="38">APPENDIX 6B2</text> <text top="224" left="95" width="382" height="13" font="76">DISBURSEMENTS FROM REGIONAL OFFICES OF OASL.</text> <text top="242" left="95" width="43" height="13" font="38">YEAR:</text> <text top="242" left="209" width="31" height="13" font="38">2011</text> <text top="261" left="245" width="30" height="13" font="38">GHS</text> <text top="285" left="95" width="165" height="13" font="76">BRONG-AHAFO REGION</text> <text top="284" left="306" width="391" height="13" font="38">NEWMONT PAYMENT DUE ASUTIFI DISTRICT ASSEMBLY.</text> <text top="314" left="306" width="94" height="13" font="38">March Transfer</text> <text top="314" left="466" width="124" height="13" font="38">September Transfer</text> <text top="333" left="95" width="37" height="13" font="38">DATE</text> <text top="333" left="311" width="141" height="13" font="109">(August-october 2010)</text> <text top="333" left="667" width="44" height="13" font="38">TOTAL</text> <text top="351" left="123" width="47" height="13" font="38">May-10</text> <text top="370" left="128" width="42" height="13" font="38">Jun-10</text> <text top="388" left="132" width="37" height="13" font="38">Jul-10</text> <text top="407" left="125" width="45" height="13" font="38">Aug-10</text> <text top="407" left="245" width="4" height="13" font="38">.</text> <text top="425" left="125" width="45" height="13" font="38">Sep-10</text> <text top="444" left="127" width="43" height="13" font="38">Oct-10</text> <text top="444" left="374" width="82" height="13" font="38">7,985,449.35</text> <text top="444" left="311" width="65" height="13" font="38"> </text> <text top="463" left="127" width="43" height="13" font="38">Nov-10</text> <text top="481" left="125" width="45" height="13" font="38">Dec-10</text> <text top="500" left="128" width="42" height="13" font="38">Jan-11</text> <text top="500" left="504" width="82" height="13" font="38">8,727,255.64</text> <text top="500" left="470" width="35" height="13" font="38"> </text> <text top="518" left="126" width="44" height="13" font="38">Feb-11</text> <text top="537" left="126" width="44" height="13" font="38">Mar-11</text> <text top="556" left="128" width="42" height="13" font="38">Apr-11</text> <text top="556" left="497" width="90" height="13" font="38">11,428,276.55</text> <text top="556" left="470" width="30" height="13" font="38"> </text> <text top="630" left="95" width="31" height="13" font="38">Total</text> <text top="630" left="374" width="82" height="13" font="38">7,985,449.35</text> <text top="630" left="311" width="65" height="13" font="38"> </text> <text top="630" left="497" width="90" height="13" font="38">20,155,532.19</text> <text top="630" left="470" width="30" height="13" font="38"> </text> <text top="667" left="95" width="79" height="13" font="38">Amount Due</text> <text top="667" left="386" width="70" height="13" font="38">395,279.74</text> <text top="667" left="311" width="78" height="13" font="38"> </text> <text top="667" left="516" width="70" height="13" font="38">997,698.84</text> <text top="667" left="470" width="48" height="13" font="38"> </text> </page> <page number="83" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">74 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="182" left="92" width="4" height="14" font="3"> </text> <text top="204" left="92" width="4" height="14" font="3"> </text> <text top="771" left="716" width="4" height="14" font="3"> </text> <text top="789" left="92" width="4" height="14" font="3"> </text> <text top="812" left="92" width="4" height="14" font="3"> </text> <text top="834" left="92" width="4" height="14" font="3"> </text> <text top="857" left="92" width="4" height="14" font="3"> </text> <text top="880" left="92" width="4" height="14" font="3"> </text> <text top="902" left="92" width="4" height="14" font="3"> </text> <text top="925" left="92" width="4" height="14" font="3"> </text> <text top="947" left="92" width="4" height="14" font="3"> </text> <text top="970" left="92" width="4" height="14" font="3"> </text> <text top="992" left="92" width="4" height="14" font="3"> </text> <text top="1015" left="92" width="4" height="14" font="3"> </text> <text top="1037" left="92" width="4" height="14" font="3"> </text> <text top="1060" left="92" width="4" height="14" font="3"> </text> <text top="1083" left="92" width="4" height="14" font="3"> </text> <text top="227" left="95" width="100" height="13" font="38">APPENDIX 6C1</text> <text top="246" left="95" width="316" height="13" font="76">DISBURSEMENTS TO DISTRICT ASSEMBLIES.</text> <text top="264" left="95" width="43" height="13" font="38">YEAR:</text> <text top="264" left="319" width="31" height="13" font="38">2010</text> <text top="284" left="95" width="129" height="13" font="76">WESTERN REGION</text> <text top="302" left="95" width="230" height="13" font="38">PRESTEA/HUNI VALLEY DISTRICT</text> <text top="321" left="237" width="102" height="13" font="76">GGL(TARKWA)</text> <text top="321" left="355" width="101" height="13" font="76">GSR PRESTEA</text> <text top="321" left="470" width="65" height="13" font="76">ABOSSO </text> <text top="320" left="609" width="44" height="13" font="38">TOTAL</text> <text top="339" left="95" width="115" height="13" font="38"> DATE</text> <text top="339" left="355" width="63" height="13" font="76">BOGOSU</text> <text top="339" left="470" width="90" height="13" font="76">GOLDFIELDS</text> <text top="357" left="187" width="45" height="13" font="38">Aug-09</text> <text top="376" left="187" width="45" height="13" font="38">Sep-09</text> <text top="394" left="189" width="43" height="13" font="38">Oct-09</text> <text top="413" left="189" width="43" height="13" font="38">Nov-09</text> <text top="432" left="187" width="45" height="13" font="38">Dec-09</text> <text top="450" left="190" width="42" height="13" font="38">Jan-10</text> <text top="451" left="264" width="82" height="13" font="76">8,102,980.20</text> <text top="451" left="242" width="26" height="13" font="76"> </text> <text top="450" left="517" width="82" height="13" font="38">2,142,986.53</text> <text top="450" left="475" width="43" height="13" font="38"> </text> <text top="469" left="188" width="44" height="13" font="38">Feb-10</text> <text top="469" left="383" width="82" height="13" font="38">2,207,094.91</text> <text top="487" left="188" width="44" height="13" font="38">Mar-10</text> <text top="506" left="190" width="42" height="13" font="38">Apr-10</text> <text top="507" left="264" width="82" height="13" font="76">8,139,368.75</text> <text top="507" left="242" width="26" height="13" font="76"> </text> <text top="506" left="378" width="82" height="13" font="38">2,562,518.37</text> <text top="506" left="360" width="21" height="13" font="38"> </text> <text top="506" left="517" width="82" height="13" font="38">2,592,633.34</text> <text top="506" left="475" width="43" height="13" font="38"> </text> <text top="525" left="185" width="47" height="13" font="38">May-10</text> <text top="543" left="190" width="42" height="13" font="38">Jun-10</text> <text top="562" left="195" width="37" height="13" font="38">Jul-10</text> <text top="562" left="256" width="90" height="13" font="76">10,204,737.46</text> <text top="562" left="242" width="17" height="13" font="76"> </text> <text top="562" left="378" width="82" height="13" font="76">2,288,511.69</text> <text top="562" left="360" width="21" height="13" font="76"> </text> <text top="562" left="517" width="82" height="13" font="76">2,911,099.12</text> <text top="562" left="475" width="43" height="13" font="76"> </text> <text top="729" left="95" width="31" height="13" font="38">Total</text> <text top="729" left="256" width="90" height="13" font="76">26,447,086.41</text> <text top="729" left="242" width="17" height="13" font="76"> </text> <text top="729" left="383" width="82" height="13" font="76">7,058,124.97</text> <text top="729" left="522" width="82" height="13" font="76">7,646,718.99</text> <text top="766" left="95" width="77" height="13" font="38">Amount due</text> <text top="766" left="276" width="70" height="13" font="38">785,478.47</text> <text top="766" left="242" width="35" height="13" font="38"> </text> <text top="766" left="390" width="70" height="13" font="38">349,377.19</text> <text top="766" left="360" width="35" height="13" font="38"> </text> <text top="767" left="529" width="70" height="13" font="76">378,512.59</text> <text top="767" left="475" width="56" height="13" font="76"> </text> <text top="767" left="626" width="82" height="13" font="76">1,513,368.24</text> <text top="767" left="613" width="13" height="13" font="76"> </text> </page> <page number="84" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">75 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="182" left="92" width="4" height="14" font="3"> </text> <text top="204" left="92" width="4" height="14" font="3"> </text> <text top="771" left="770" width="4" height="14" font="3"> </text> <text top="789" left="92" width="4" height="14" font="3"> </text> <text top="812" left="92" width="4" height="14" font="3"> </text> <text top="834" left="92" width="4" height="14" font="3"> </text> <text top="857" left="92" width="4" height="14" font="3"> </text> <text top="880" left="92" width="4" height="14" font="3"> </text> <text top="902" left="92" width="4" height="14" font="3"> </text> <text top="925" left="92" width="4" height="14" font="3"> </text> <text top="947" left="92" width="4" height="14" font="3"> </text> <text top="970" left="92" width="4" height="14" font="3"> </text> <text top="992" left="92" width="4" height="14" font="3"> </text> <text top="1015" left="92" width="4" height="14" font="3"> </text> <text top="1037" left="92" width="4" height="14" font="3"> </text> <text top="1060" left="92" width="4" height="14" font="3"> </text> <text top="1083" left="92" width="4" height="14" font="3"> </text> <text top="227" left="95" width="100" height="13" font="38">APPENDIX 6C2</text> <text top="246" left="95" width="316" height="13" font="76">DISBURSEMENTS TO DISTRICT ASSEMBLIES.</text> <text top="264" left="95" width="43" height="13" font="38">YEAR:</text> <text top="264" left="305" width="31" height="13" font="38">2011</text> <text top="284" left="95" width="129" height="13" font="76">WESTERN REGION</text> <text top="302" left="95" width="230" height="13" font="38">PRESTEA/HUNI VALLEY DISTRICT</text> <text top="321" left="186" width="102" height="13" font="76">GGL(TARKWA)</text> <text top="321" left="341" width="101" height="13" font="76">GSR PRESTEA</text> <text top="321" left="468" width="65" height="13" font="76">ABOSSO </text> <text top="320" left="623" width="44" height="13" font="38">TOTAL</text> <text top="339" left="95" width="115" height="13" font="38"> DATE</text> <text top="339" left="341" width="63" height="13" font="76">BOGOSU</text> <text top="339" left="468" width="90" height="13" font="76">GOLDFIELDS</text> <text top="357" left="136" width="45" height="13" font="38">Aug-10</text> <text top="376" left="136" width="45" height="13" font="38">Sep-10</text> <text top="376" left="249" width="82" height="13" font="76">7,607,288.56</text> <text top="376" left="190" width="61" height="13" font="76"> </text> <text top="376" left="532" width="82" height="13" font="38">2,024,451.46</text> <text top="376" left="472" width="61" height="13" font="38"> </text> <text top="394" left="138" width="43" height="13" font="38">Oct-10</text> <text top="395" left="249" width="82" height="13" font="76">9,692,717.71</text> <text top="395" left="190" width="61" height="13" font="76"> </text> <text top="394" left="532" width="82" height="13" font="38">2,967,700.63</text> <text top="394" left="472" width="61" height="13" font="38"> </text> <text top="413" left="138" width="43" height="13" font="38">Nov-10</text> <text top="432" left="136" width="45" height="13" font="38">Dec-10</text> <text top="450" left="139" width="42" height="13" font="38">Jan-11</text> <text top="451" left="249" width="82" height="13" font="76">2,819,393.38</text> <text top="451" left="190" width="61" height="13" font="76"> </text> <text top="450" left="532" width="82" height="13" font="38">1,568,735.99</text> <text top="450" left="472" width="61" height="13" font="38"> </text> <text top="469" left="137" width="44" height="13" font="38">Feb-11</text> <text top="469" left="249" width="82" height="13" font="76">4,094,391.25</text> <text top="469" left="190" width="61" height="13" font="76"> </text> <text top="469" left="381" width="82" height="13" font="38">1,667,364.02</text> <text top="469" left="532" width="82" height="13" font="76">1,357,017.83</text> <text top="469" left="472" width="61" height="13" font="76"> </text> <text top="487" left="137" width="44" height="13" font="38">Mar-11</text> <text top="488" left="249" width="82" height="13" font="76">3,494,214.97</text> <text top="488" left="190" width="61" height="13" font="76"> </text> <text top="487" left="532" width="82" height="13" font="38">1,130,243.57</text> <text top="487" left="472" width="61" height="13" font="38"> </text> <text top="506" left="139" width="42" height="13" font="38">Apr-11</text> <text top="507" left="249" width="82" height="13" font="76">3,908,131.12</text> <text top="507" left="190" width="61" height="13" font="76"> </text> <text top="506" left="376" width="82" height="13" font="38">1,901,236.10</text> <text top="506" left="346" width="35" height="13" font="38"> </text> <text top="506" left="532" width="82" height="13" font="38">1,063,655.06</text> <text top="506" left="472" width="61" height="13" font="38"> </text> <text top="525" left="134" width="47" height="13" font="38">May-11</text> <text top="543" left="139" width="42" height="13" font="38">Jun-11</text> <text top="562" left="143" width="37" height="13" font="38">Jul-11</text> <text top="729" left="95" width="31" height="13" font="38">Total</text> <text top="729" left="242" width="90" height="13" font="76">31,616,136.99</text> <text top="729" left="190" width="52" height="13" font="76"> </text> <text top="729" left="381" width="82" height="13" font="76">3,568,600.12</text> <text top="729" left="528" width="90" height="13" font="76">10,111,804.54</text> <text top="766" left="95" width="77" height="13" font="38">Amount due</text> <text top="766" left="262" width="70" height="13" font="38">938,999.27</text> <text top="766" left="190" width="74" height="13" font="38"> </text> <text top="766" left="388" width="70" height="13" font="38">176,645.71</text> <text top="766" left="346" width="43" height="13" font="38"> </text> <text top="767" left="544" width="70" height="13" font="76">500,534.32</text> <text top="767" left="472" width="74" height="13" font="76"> </text> <text top="767" left="679" width="82" height="13" font="76">1,616,179.30</text> <text top="767" left="628" width="52" height="13" font="76"> </text> </page> <page number="85" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top ="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">76 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="182" left="92" width="4" height="14" font="3"> </text> <text top="673" left="788" width="4" height="14" font="3"> </text> <text top="691" left="92" width="4" height="14" font="3"> </text> <text top="713" left="92" width="4" height="14" font="3"> </text> <text top="736" left="92" width="4" height="14" font="3"> </text> <text top="758" left="92" width="4" height="14" font="3"> </text> <text top="781" left="92" width="4" height="14" font="3"> </text> <text top="804" left="92" width="4" height="14" font="3"> </text> <text top="826" left="92" width="4" height="14" font="3"> </text> <text top="849" left="92" width="4" height="14" font="3"> </text> <text top="871" left="92" width="4" height="14" font="3"> </text> <text top="894" left="92" width="4" height="14" font="3"> </text> <text top="916" left="92" width="4" height="14" font="3"> </text> <text top="939" left="92" width="4" height="14" font="3"> </text> <text top="962" left="92" width="4" height="14" font="3"> </text> <text top="984" left="92" width="4" height="14" font="3"> </text> <text top="1007" left="92" width="4" height="14" font="3"> </text> <text top="1029" left="92" width="4" height="14" font="3"> </text> <text top="1052" left="92" width="4" height="14" font="3"> </text> <text top="1074" left="92" width="4" height="14" font="3"> </text> <text top="205" left="95" width="99" height="13" font="38">APPENDIX 6D1</text> <text top="224" left="95" width="315" height="13" font="76">DISBURSEMENTS TO DISTRICT ASSEMBLIES.</text> <text top="242" left="95" width="43" height="13" font="38">YEAR:</text> <text top="242" left="270" width="31" height="13" font="38">2010</text> <text top="261" left="95" width="129" height="13" font="76">WESTERN REGION</text> <text top="279" left="95" width="163" height="13" font="38">MPOHOR WASSA EAST</text> <text top="316" left="95" width="37" height="13" font="38">DATE</text> <text top="334" left="306" width="127" height="13" font="38">GSR (WASSA) LTD</text> <text top="353" left="179" width="90" height="13" font="38">June Payment</text> <text top="353" left="306" width="105" height="13" font="38">August Payment</text> <text top="353" left="448" width="125" height="13" font="38">December Payment</text> <text top="353" left="699" width="31" height="13" font="38">Total</text> <text top="390" left="129" width="45" height="13" font="38">Aug-09</text> <text top="408" left="129" width="45" height="13" font="38">Sep-09</text> <text top="427" left="131" width="43" height="13" font="38">Oct-09</text> <text top="445" left="131" width="43" height="13" font="38">Nov-09</text> <text top="464" left="129" width="45" height="13" font="38">Dec-09</text> <text top="482" left="132" width="42" height="13" font="38">Jan-10</text> <text top="501" left="130" width="44" height="13" font="38">Feb-10</text> <text top="501" left="219" width="82" height="13" font="38">2,829,300.68</text> <text top="519" left="130" width="44" height="13" font="38">Mar-10</text> <text top="538" left="132" width="42" height="13" font="38">Apr-10</text> <text top="538" left="357" width="82" height="13" font="38">2,224,343.64</text> <text top="538" left="310" width="48" height="13" font="38"> </text> <text top="556" left="127" width="47" height="13" font="38">May-10</text> <text top="575" left="132" width="42" height="13" font="38">Jun-10</text> <text top="594" left="137" width="37" height="13" font="38">Jul-10</text> <text top="594" left="502" width="82" height="13" font="38">2,423,261.51</text> <text top="594" left="453" width="52" height="13" font="38"> </text> <text top="630" left="95" width="31" height="13" font="38">Total</text> <text top="630" left="214" width="82" height="13" font="38">2,829,300.68</text> <text top="630" left="184" width="34" height="13" font="38"> </text> <text top="630" left="357" width="82" height="13" font="38">2,224,343.64</text> <text top="630" left="310" width="48" height="13" font="38"> </text> <text top="630" left="502" width="82" height="13" font="38">2,423,261.51</text> <text top="630" left="453" width="52" height="13" font="38"> </text> <text top="668" left="95" width="77" height="13" font="38">Amount due</text> <text top="668" left="226" width="70" height="13" font="38">140,050.38</text> <text top="668" left="184" width="43" height="13" font="38"> </text> <text top="668" left="369" width="70" height="13" font="38">110,105.01</text> <text top="668" left="310" width="61" height="13" font="38"> </text> <text top="668" left="514" width="70" height="13" font="38">115,153.39</text> <text top="668" left="453" width="65" height="13" font="38"> </text> <text top="668" left="710" width="70" height="13" font="38">365,308.78</text> <text top="668" left="704" width="8" height="13" font="38"> </text> </page> <page number="86" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">77 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="182" left="92" width="4" height="14" font="3"> </text> <text top="204" left="92" width="4" height="14" font="3"> </text> <text top="227" left="92" width="4" height="14" font="3"> </text> <text top="249" left="92" width="4" height="14" font="3"> </text> <text top="742" left="745" width="4" height="14" font="3"> </text> <text top="760" left="92" width="4" height="14" font="3"> </text> <text top="783" left="92" width="4" height="14" font="3"> </text> <text top="805" left="92" width="4" height="14" font="3"> </text> <text top="828" left="92" width="4" height="14" font="3"> </text> <text top="850" left="92" width="4" height="14" font="3"> </text> <text top="873" left="92" width="4" height="14" font="3"> </text> <text top="895" left="92" width="4" height="14" font="3"> </text> <text top="918" left="92" width="4" height="14" font="3"> </text> <text top="940" left="92" width="4" height="14" font="3"> </text> <text top="963" left="92" width="4" height="14" font="3"> </text> <text top="985" left="92" width="4" height="14" font="3"> </text> <text top="1008" left="92" width="4" height="14" font="3"> </text> <text top="1031" left="92" width="4" height="14" font="3"> </text> <text top="1053" left="92" width="4" height="14" font="3"> </text> <text top="1076" left="92" width="4" height="14" font="3"> </text> <text top="272" left="95" width="100" height="13" font="38">APPENDIX 6D2</text> <text top="291" left="95" width="316" height="13" font="76">DISBURSEMENTS TO DISTRICT ASSEMBLIES.</text> <text top="309" left="95" width="43" height="13" font="38">YEAR:</text> <text top="309" left="264" width="31" height="13" font="38">2011</text> <text top="329" left="95" width="129" height="13" font="76">WESTERN REGION</text> <text top="347" left="95" width="164" height="13" font="38">MPOHOR WASSA EAST</text> <text top="384" left="95" width="37" height="13" font="38">DATE</text> <text top="402" left="300" width="127" height="13" font="38">GSR (WASSA) LTD</text> <text top="421" left="181" width="100" height="13" font="38">March Payment</text> <text top="421" left="300" width="130" height="13" font="38">September Payment</text> <text top="421" left="655" width="31" height="13" font="38">Total</text> <text top="458" left="130" width="45" height="13" font="38">Aug-10</text> <text top="477" left="130" width="45" height="13" font="38">Sep-10</text> <text top="495" left="132" width="43" height="13" font="38">Oct-10</text> <text top="495" left="220" width="70" height="13" font="38">216,890.24</text> <text top="495" left="185" width="39" height="13" font="38"> </text> <text top="514" left="132" width="43" height="13" font="38">Nov-10</text> <text top="532" left="130" width="45" height="13" font="38">Dec-10</text> <text top="551" left="134" width="42" height="13" font="38">Jan-11</text> <text top="551" left="335" width="82" height="13" font="38">2,907,080.82</text> <text top="551" left="304" width="35" height="13" font="38"> </text> <text top="570" left="131" width="44" height="13" font="38">Feb-11</text> <text top="588" left="131" width="44" height="13" font="38">Mar-11</text> <text top="607" left="134" width="42" height="13" font="38">Apr-11</text> <text top="607" left="335" width="82" height="13" font="38">3,295,466.40</text> <text top="607" left="304" width="35" height="13" font="38"> </text> <text top="625" left="128" width="47" height="13" font="38">May-11</text> <text top="644" left="134" width="42" height="13" font="38">Jun-11</text> <text top="662" left="138" width="37" height="13" font="38">Jul-11</text> <text top="700" left="95" width="31" height="13" font="38">Total</text> <text top="700" left="220" width="70" height="13" font="38">216,890.24</text> <text top="700" left="185" width="39" height="13" font="38"> </text> <text top="700" left="335" width="82" height="13" font="38">6,202,547.22</text> <text top="700" left="304" width="35" height="13" font="38"> </text> <text top="700" left="522" width="5" height="13" font="38">-</text> <text top="700" left="431" width="91" height="13" font="38"> </text> <text top="737" left="95" width="77" height="13" font="38">Amount due</text> <text top="737" left="235" width="55" height="13" font="38">7,729.86</text> <text top="737" left="185" width="52" height="13" font="38"> </text> <text top="737" left="347" width="70" height="13" font="38">226,585.25</text> <text top="737" left="304" width="43" height="13" font="38"> </text> <text top="737" left="522" width="5" height="13" font="38">-</text> <text top="737" left="431" width="91" height="13" font="38"> </text> <text top="737" left="666" width="70" height="13" font="38">234,315.11</text> <text top="737" left="659" width="8" height="13" font="38"> </text> </page> <page number="87" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">78 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="182" left="92" width="4" height="14" font="3"> </text> <text top="204" left="92" width="4" height="14" font="3"> </text> <text top="749" left="788" width="4" height="14" font="3"> </text> <text top="767" left="92" width="4" height="14" font="3"> </text> <text top="789" left="92" width="4" height="14" font="3"> </text> <text top="812" left="92" width="4" height="14" font="3"> </text> <text top="834" left="92" width="4" height="14" font="3"> </text> <text top="857" left="92" width="4" height="14" font="3"> </text> <text top="879" left="92" width="4" height="14" font="3"> </text> <text top="902" left="92" width="4" height="14" font="3"> </text> <text top="924" left="92" width="4" height="14" font="3"> </text> <text top="947" left="92" width="4" height="14" font="3"> </text> <text top="970" left="92" width="4" height="14" font="3"> </text> <text top="992" left="92" width="4" height="14" font="3"> </text> <text top="1015" left="92" width="4" height="14" font="3"> </text> <text top="1037" left="92" width="4" height="14" font="3"> </text> <text top="1060" left="92" width="4" height="14" font="3"> </text> <text top="1082" left="92" width="4" height="14" font="3"> </text> <text top="227" left="95" width="99" height="13" font="38">APPENDIX 6E1</text> <text top="245" left="95" width="43" height="13" font="38">YEAR:</text> <text top="245" left="198" width="31" height="13" font="38">2010</text> <text top="265" left="95" width="128" height="13" font="76">WESTERN REGION</text> <text top="282" left="95" width="287" height="13" font="38">TARKWA NSUAEM MUNICIPAL ASSEMBLY</text> <text top="338" left="95" width="37" height="13" font="38">DATE</text> <text top="338" left="234" width="33" height="13" font="76">GMC</text> <text top="338" left="333" width="332" height="13" font="76">GGL(TARKWA) A ASH(IDUAPRIM) GSR(WASSA)</text> <text top="338" left="679" width="51" height="13" font="76"> TOTAL</text> <text top="375" left="115" width="45" height="13" font="38">Aug-09</text> <text top="393" left="115" width="45" height="13" font="38">Sep-09</text> <text top="411" left="117" width="43" height="13" font="38">Oct-09</text> <text top="430" left="117" width="43" height="13" font="38">Nov-09</text> <text top="448" left="115" width="45" height="13" font="38">Dec-09</text> <text top="467" left="118" width="41" height="13" font="38">Jan-10</text> <text top="467" left="351" width="82" height="13" font="38">8,102,980.20</text> <text top="467" left="337" width="17" height="13" font="38"> </text> <text top="485" left="116" width="44" height="13" font="38">Feb-10</text> <text top="485" left="258" width="70" height="13" font="38">688,663.66</text> <text top="485" left="481" width="82" height="13" font="38">2,371,186.94</text> <text top="485" left="447" width="39" height="13" font="38"> </text> <text top="504" left="116" width="44" height="13" font="38">Mar-10</text> <text top="522" left="118" width="41" height="13" font="38">Apr-10</text> <text top="522" left="254" width="70" height="13" font="38">825,775.43</text> <text top="522" left="238" width="17" height="13" font="38"> </text> <text top="522" left="351" width="82" height="13" font="38">8,139,368.75</text> <text top="522" left="337" width="17" height="13" font="38"> </text> <text top="523" left="481" width="82" height="13" font="76">1,343,681.47</text> <text top="523" left="447" width="39" height="13" font="76"> </text> <text top="540" left="113" width="47" height="13" font="38">May-10</text> <text top="540" left="501" width="62" height="13" font="38">14,753.64</text> <text top="540" left="447" width="56" height="13" font="38"> </text> <text top="559" left="118" width="41" height="13" font="38">Jun-10</text> <text top="577" left="122" width="37" height="13" font="38">Jul-10</text> <text top="577" left="246" width="82" height="13" font="38">1,393,566.79</text> <text top="577" left="344" width="89" height="13" font="38">10,204,737.46</text> <text top="577" left="337" width="8" height="13" font="38"> </text> <text top="578" left="482" width="82" height="13" font="76">2,406,785.06</text> <text top="578" left="447" width="39" height="13" font="76"> </text> <text top="670" left="95" width="44" height="13" font="38">TOTAL</text> <text top="670" left="242" width="82" height="13" font="76">2,908,005.88</text> <text top="670" left="239" width="4" height="13" font="76"> </text> <text top="670" left="344" width="89" height="13" font="76">26,447,086.41</text> <text top="670" left="337" width="8" height="13" font="76"> </text> <text top="670" left="482" width="82" height="13" font="76">6,136,407.11</text> <text top="670" left="447" width="39" height="13" font="76"> </text> <text top="670" left="691" width="89" height="13" font="76">35,491,499.40</text> <text top="670" left="683" width="8" height="13" font="76"> </text> <text top="744" left="95" width="83" height="13" font="76">Amount due</text> <text top="743" left="254" width="70" height="13" font="38">143,946.29</text> <text top="743" left="239" width="17" height="13" font="38"> </text> <text top="743" left="363" width="70" height="13" font="38">523,652.31</text> <text top="743" left="337" width="30" height="13" font="38"> </text> <text top="743" left="493" width="70" height="13" font="38">303,752.15</text> <text top="743" left="447" width="47" height="13" font="38"> </text> <text top="743" left="710" width="70" height="13" font="38">971,350.75</text> <text top="743" left="683" width="30" height="13" font="38"> </text> </page> <page number="88" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">79 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="182" left="92" width="4" height="14" font="3"> </text> <text top="204" left="92" width="4" height="14" font="3"> </text> <text top="609" left="788" width="4" height="14" font="3"> </text> <text top="627" left="92" width="4" height="14" font="3"> </text> <text top="650" left="92" width="4" height="14" font="3"> </text> <text top="672" left="92" width="4" height="14" font="3"> </text> <text top="695" left="92" width="4" height="14" font="3"> </text> <text top="717" left="92" width="4" height="14" font="3"> </text> <text top="740" left="92" width="4" height="14" font="3"> </text> <text top="762" left="92" width="4" height="14" font="3"> </text> <text top="785" left="92" width="4" height="14" font="3"> </text> <text top="808" left="92" width="4" height="14" font="3"> </text> <text top="830" left="92" width="4" height="14" font="3"> </text> <text top="853" left="92" width="4" height="14" font="3"> </text> <text top="875" left="92" width="4" height="14" font="3"> </text> <text top="898" left="92" width="4" height="14" font="3"> </text> <text top="920" left="92" width="4" height="14" font="3"> </text> <text top="943" left="92" width="4" height="14" font="3"> </text> <text top="965" left="92" width="4" height="14" font="3"> </text> <text top="988" left="92" width="4" height="14" font="3"> </text> <text top="1011" left="92" width="4" height="14" font="3"> </text> <text top="1033" left="92" width="4" height="14" font="3"> </text> <text top="1056" left="92" width="4" height="14" font="3"> </text> <text top="1078" left="92" width="4" height="14" font="3"> </text> <text top="226" left="94" width="76" height="10" font="68">APPENDIX 6E2</text> <text top="241" left="94" width="99" height="10" font="69">WESTERN REGION</text> <text top="255" left="94" width="220" height="10" font="68">TARKWA NSUAEM MUNICIPAL ASSEMBLY</text> <text top="269" left="266" width="24" height="10" font="68">2011</text> <text top="283" left="94" width="28" height="10" font="68">DATE</text> <text top="297" left="201" width="25" height="10" font="69">GMC</text> <text top="297" left="293" width="78" height="10" font="69">GGL(TARKWA)</text> <text top="297" left="392" width="94" height="10" font="69">A ASH(IDUAPRIM)</text> <text top="297" left="497" width="71" height="10" font="69">GSR(WASSA)</text> <text top="297" left="657" width="39" height="10" font="69"> TOTAL</text> <text top="312" left="497" width="32" height="10" font="69">March</text> <text top="312" left="577" width="58" height="10" font="69">September</text> <text top="325" left="109" width="34" height="10" font="68">Aug-10</text> <text top="339" left="109" width="34" height="10" font="68">Sep-10</text> <text top="339" left="323" width="63" height="10" font="68">7,607,288.56</text> <text top="339" left="297" width="26" height="10" font="68"> </text> <text top="353" left="111" width="33" height="10" font="68">Oct-10</text> <text top="354" left="323" width="63" height="10" font="69">9,692,717.71</text> <text top="354" left="297" width="26" height="10" font="69"> </text> <text top="354" left="427" width="63" height="10" font="69">2,949,133.12</text> <text top="354" left="396" width="33" height="10" font="69"> </text> <text top="353" left="531" width="39" height="10" font="68">216,890</text> <text top="353" left="501" width="33" height="10" font="68"> </text> <text top="368" left="111" width="33" height="10" font="68">Nov-10</text> <text top="382" left="109" width="34" height="10" font="68">Dec-10</text> <text top="396" left="112" width="32" height="10" font="68">Jan-11</text> <text top="396" left="224" width="63" height="10" font="68">2,078,612.67</text> <text top="396" left="204" width="20" height="10" font="68"> </text> <text top="396" left="323" width="63" height="10" font="69">2,819,393.38</text> <text top="396" left="297" width="26" height="10" font="69"> </text> <text top="396" left="427" width="63" height="10" font="69">3,715,518.55</text> <text top="396" left="396" width="33" height="10" font="69"> </text> <text top="396" left="587" width="63" height="10" font="68">2,907,080.80</text> <text top="396" left="580" width="10" height="10" font="68"> </text> <text top="410" left="110" width="33" height="10" font="68">Feb-11</text> <text top="410" left="323" width="63" height="10" font="68">4,094,391.25</text> <text top="410" left="297" width="26" height="10" font="68"> </text> <text top="424" left="110" width="33" height="10" font="68">Mar-11</text> <text top="424" left="323" width="63" height="10" font="68">3,494,214.97</text> <text top="424" left="297" width="26" height="10" font="68"> </text> <text top="438" left="112" width="32" height="10" font="68">Apr-11</text> <text top="439" left="224" width="63" height="10" font="69">2,454,368.92</text> <text top="439" left="204" width="20" height="10" font="69"> </text> <text top="439" left="323" width="63" height="10" font="69">3,908,131.12</text> <text top="439" left="297" width="26" height="10" font="69"> </text> <text top="439" left="427" width="63" height="10" font="69">3,344,959.20</text> <text top="439" left="396" width="33" height="10" font="69"> </text> <text top="439" left="587" width="63" height="10" font="69">3,295,466.40</text> <text top="439" left="580" width="10" height="10" font="69"> </text> <text top="452" left="108" width="36" height="10" font="68">May-11</text> <text top="467" left="112" width="32" height="10" font="68">Jun-11</text> <text top="481" left="115" width="29" height="10" font="68">Jul-11</text> <text top="551" left="94" width="33" height="10" font="68">TOTAL</text> <text top="552" left="224" width="63" height="10" font="69">4,532,981.59</text> <text top="552" left="204" width="20" height="10" font="69"> </text> <text top="552" left="317" width="68" height="10" font="69">31,616,136.99</text> <text top="552" left="297" width="23" height="10" font="69"> </text> <text top="552" left="422" width="68" height="10" font="69">10,009,610.87</text> <text top="552" left="396" width="26" height="10" font="69"> </text> <text top="552" left="516" width="54" height="10" font="69">216,890.00</text> <text top="552" left="501" width="16" height="10" font="69"> </text> <text top="552" left="587" width="63" height="10" font="69">6,202,547.20</text> <text top="552" left="580" width="10" height="10" font="69"> </text> <text top="552" left="660" width="68" height="10" font="69">46,375,619.45</text> <text top="552" left="660" width="3" height="10" font="69"> </text> <text top="608" left="94" width="63" height="10" font="69">Amount due</text> <text top="608" left="233" width="54" height="10" font="68">224,382.59</text> <text top="608" left="204" width="30" height="10" font="68"> </text> <text top="608" left="332" width="53" height="10" font="68">625,999.51</text> <text top="608" left="297" width="36" height="10" font="68"> </text> <text top="608" left="436" width="54" height="10" font="68">495,475.74</text> <text top="608" left="396" width="43" height="10" font="68"> </text> <text top="608" left="528" width="42" height="10" font="68">2,254.57</text> <text top="608" left="501" width="30" height="10" font="68"> </text> <text top="608" left="602" width="48" height="10" font="68">76,971.44</text> <text top="608" left="580" width="23" height="10" font="68"> </text> <text top="608" left="666" width="63" height="10" font="68">1,425,083.85</text> <text top="608" left="660" width="6" height="10" font="68"> </text> </page> <page number="89" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="110" size="14" family="Helvetica" color="#000000"/> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">80 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="182" left="92" width="4" height="14" font="3"> </text> <text top="734" left="713" width="4" height="14" font="3"> </text> <text top="752" left="92" width="4" height="14" font="3"> </text> <text top="774" left="92" width="4" height="14" font="3"> </text> <text top="797" left="92" width="4" height="14" font="3"> </text> <text top="819" left="92" width="4" height="14" font="3"> </text> <text top="842" left="92" width="4" height="14" font="3"> </text> <text top="864" left="92" width="4" height="14" font="3"> </text> <text top="887" left="92" width="4" height="14" font="3"> </text> <text top="909" left="92" width="4" height="14" font="3"> </text> <text top="932" left="92" width="4" height="14" font="3"> </text> <text top="955" left="92" width="4" height="14" font="3"> </text> <text top="977" left="92" width="4" height="14" font="3"> </text> <text top="1000" left="92" width="4" height="14" font="3"> </text> <text top="1022" left="92" width="4" height="14" font="3"> </text> <text top="1045" left="92" width="4" height="14" font="3"> </text> <text top="1067" left="92" width="4" height="14" font="3"> </text> <text top="205" left="95" width="101" height="13" font="76">APPENDIX 6F1</text> <text top="224" left="95" width="382" height="13" font="76">DISBURSEMENTS FROM REGIONAL OFFICES OF OASL.</text> <text top="242" left="95" width="43" height="13" font="38">YEAR:</text> <text top="242" left="209" width="31" height="13" font="38">2010</text> <text top="261" left="95" width="129" height="13" font="76">WESTERN REGION</text> <text top="279" left="95" width="335" height="13" font="38">BIBIANI AHWIASO BEKWAI DISTRICT ASSEMBLY.</text> <text top="316" left="95" width="37" height="13" font="38">DATE</text> <text top="335" left="245" width="309" height="13" font="76">CHIRANO GOLD MINE GHANA BAUXITE LTD</text> <text top="335" left="611" width="47" height="13" font="76">TOTAL</text> <text top="372" left="115" width="45" height="13" font="38">Aug-09</text> <text top="390" left="115" width="45" height="13" font="38">Sep-09</text> <text top="409" left="117" width="43" height="13" font="38">Oct-09</text> <text top="428" left="117" width="43" height="13" font="38">Nov-09</text> <text top="446" left="115" width="45" height="13" font="38">Dec-09</text> <text top="465" left="118" width="42" height="13" font="38">Jan-10</text> <text top="465" left="314" width="82" height="13" font="38">3,142,519.14</text> <text top="465" left="249" width="65" height="13" font="38"> </text> <text top="465" left="480" width="70" height="13" font="76">128,503.96</text> <text top="465" left="410" width="74" height="13" font="76"> </text> <text top="465" left="622" width="82" height="13" font="76">3,271,023.10</text> <text top="465" left="564" width="61" height="13" font="76"> </text> <text top="483" left="116" width="44" height="13" font="38">Feb-10</text> <text top="502" left="116" width="44" height="13" font="38">Mar-10</text> <text top="502" left="504" width="51" height="13" font="38">8086.21</text> <text top="520" left="118" width="42" height="13" font="38">Apr-10</text> <text top="521" left="314" width="82" height="13" font="76">2,239,167.76</text> <text top="521" left="249" width="65" height="13" font="76"> </text> <text top="521" left="480" width="70" height="13" font="76">261,279.37</text> <text top="521" left="410" width="74" height="13" font="76"> </text> <text top="539" left="113" width="47" height="13" font="38">May-10</text> <text top="558" left="118" width="42" height="13" font="38">Jun-10</text> <text top="576" left="123" width="37" height="13" font="38">Jul-10</text> <text top="576" left="314" width="82" height="13" font="38">2,707,479.65</text> <text top="576" left="249" width="65" height="13" font="38"> </text> <text top="577" left="480" width="70" height="13" font="76">113,211.68</text> <text top="577" left="410" width="74" height="13" font="76"> </text> <text top="669" left="95" width="44" height="13" font="38">TOTAL</text> <text top="670" left="314" width="82" height="13" font="76">8,089,166.55</text> <text top="670" left="249" width="65" height="13" font="76"> </text> <text top="670" left="480" width="70" height="13" font="76">511,081.22</text> <text top="670" left="410" width="74" height="13" font="76"> </text> <text top="670" left="622" width="82" height="13" font="76">3,271,023.10</text> <text top="670" left="564" width="61" height="13" font="76"> </text> <text top="708" left="95" width="93" height="15" font="110">Amount Due</text> <text top="708" left="316" width="79" height="15" font="110">180,186.18</text> <text top="708" left="251" width="70" height="15" font="110"> </text> <text top="708" left="479" width="70" height="15" font="110">25,298.52</text> <text top="708" left="411" width="70" height="15" font="110"> </text> <text top="708" left="624" width="79" height="15" font="110">205,484.71</text> <text top="708" left="565" width="61" height="15" font="110"> </text> </page> <page number="90" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="1 4" font="3">81 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="182" left="92" width="4" height="14" font="3"> </text> <text top="712" left="749" width="4" height="14" font="3"> </text> <text top="730" left="92" width="4" height="14" font="3"> </text> <text top="752" left="92" width="4" height="14" font="3"> </text> <text top="775" left="92" width="4" height="14" font="3"> </text> <text top="797" left="92" width="4" height="14" font="3"> </text> <text top="820" left="92" width="4" height="14" font="3"> </text> <text top="842" left="92" width="4" height="14" font="3"> </text> <text top="865" left="92" width="4" height="14" font="3"> </text> <text top="887" left="92" width="4" height="14" font="3"> </text> <text top="910" left="92" width="4" height="14" font="3"> </text> <text top="933" left="92" width="4" height="14" font="3"> </text> <text top="955" left="92" width="4" height="14" font="3"> </text> <text top="978" left="92" width="4" height="14" font="3"> </text> <text top="1000" left="92" width="4" height="14" font="3"> </text> <text top="1023" left="92" width="4" height="14" font="3"> </text> <text top="1045" left="92" width="4" height="14" font="3"> </text> <text top="1068" left="92" width="4" height="14" font="3"> </text> <text top="205" left="95" width="99" height="13" font="38">APPENDIX 6F2</text> <text top="224" left="95" width="382" height="13" font="76">DISBURSEMENTS FROM REGIONAL OFFICES OF OASL.</text> <text top="242" left="95" width="43" height="13" font="38">YEAR:</text> <text top="242" left="249" width="31" height="13" font="38">2011</text> <text top="261" left="95" width="129" height="13" font="76">WESTERN REGION</text> <text top="279" left="95" width="335" height="13" font="38">BIBIANI AHWIASO BEKWAI DISTRICT ASSEMBLY.</text> <text top="316" left="95" width="37" height="13" font="38">DATE</text> <text top="335" left="285" width="150" height="13" font="76">CHIRANO GOLD MINE</text> <text top="335" left="451" width="148" height="13" font="76">GHANA BAUXITE LTD</text> <text top="335" left="656" width="47" height="13" font="76">TOTAL</text> <text top="372" left="147" width="45" height="13" font="38">Aug-10</text> <text top="390" left="147" width="45" height="13" font="38">Sep-10</text> <text top="390" left="535" width="70" height="13" font="38">148,397.41</text> <text top="390" left="455" width="83" height="13" font="38"> </text> <text top="409" left="149" width="43" height="13" font="38">Oct-10</text> <text top="410" left="363" width="82" height="13" font="76">1,074,908.66</text> <text top="428" left="149" width="43" height="13" font="38">Nov-10</text> <text top="446" left="147" width="45" height="13" font="38">Dec-10</text> <text top="465" left="150" width="42" height="13" font="38">Jan-11</text> <text top="465" left="359" width="82" height="13" font="38">7,532,186.90</text> <text top="465" left="290" width="69" height="13" font="38"> </text> <text top="483" left="148" width="44" height="13" font="38">Feb-11</text> <text top="502" left="148" width="44" height="13" font="38">Mar-11</text> <text top="521" left="150" width="42" height="13" font="38">Apr-11</text> <text top="521" left="535" width="70" height="13" font="38">298,237.50</text> <text top="521" left="455" width="83" height="13" font="38"> </text> <text top="539" left="145" width="47" height="13" font="38">May-11</text> <text top="558" left="150" width="42" height="13" font="38">Jun-11</text> <text top="576" left="154" width="37" height="13" font="38">Jul-11</text> <text top="669" left="95" width="44" height="13" font="38">TOTAL</text> <text top="670" left="359" width="82" height="13" font="76">8,607,095.56</text> <text top="670" left="290" width="69" height="13" font="76"> </text> <text top="670" left="535" width="70" height="13" font="76">446,634.91</text> <text top="670" left="455" width="83" height="13" font="76"> </text> <text top="707" left="95" width="85" height="13" font="76">Amount Due</text> <text top="707" left="371" width="70" height="13" font="76">191,723.05</text> <text top="707" left="290" width="83" height="13" font="76"> </text> <text top="707" left="543" width="63" height="13" font="76">22,108.43</text> <text top="707" left="455" width="91" height="13" font="76"> </text> <text top="707" left="670" width="70" height="13" font="76">213,831.48</text> <text top="707" left="619" width="52" height="13" font="76"> </text> </page> <page number="91" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">82 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="182" left="92" width="528" height="15" font="11">APPENDIX 7: Lodgments and payments from the Mineral Development Fund. </text> <text top="205" left="92" width="39" height="15" font="0">DATE </text> <text top="205" left="185" width="35" height="15" font="0">MDF </text> <text top="228" left="185" width="77" height="15" font="0">Lodgments </text> <text top="205" left="297" width="49" height="15" font="0">Source </text> <text top="205" left="363" width="70" height="15" font="0">Payments </text> <text top="205" left="481" width="86" height="15" font="0">Descriptions </text> <text top="266" left="92" width="4" height="14" font="3"> </text> <text top="266" left="185" width="4" height="14" font="3"> </text> <text top="266" left="297" width="4" height="14" font="3"> </text> <text top="266" left="363" width="4" height="14" font="3"> </text> <text top="265" left="481" width="55" height="15" font="0">Salaries </text> <text top="288" left="481" width="72" height="15" font="0">/Transfers </text> <text top="265" left="599" width="85" height="15" font="0">Developmen</text> <text top="288" left="599" width="76" height="15" font="0">tal/Service </text> <text top="311" left="599" width="65" height="15" font="0">Activities </text> <text top="265" left="704" width="49" height="15" font="0">Travel </text> <text top="288" left="704" width="68" height="15" font="0">Expenses/</text> <text top="311" left="704" width="49" height="15" font="0">Others </text> <text top="349" left="92" width="182" height="14" font="3">05/01/2010 4,942,288.55 </text> <text top="349" left="297" width="43" height="14" font="3">C&AG </text> <text top="349" left="363" width="4" height="14" font="3"> </text> <text top="349" left="481" width="4" height="14" font="3"> </text> <text top="349" left="599" width="4" height="14" font="3"> </text> <text top="349" left="704" width="4" height="14" font="3"> </text> <text top="387" left="92" width="81" height="14" font="3">15/01/2010 </text> <text top="454" left="185" width="77" height="14" font="3">212,707.13 </text> <text top="454" left="297" width="50" height="14" font="3">C & AG </text> <text top="454" left="363" width="77" height="14" font="3">212,707.13 </text> <text top="386" left="481" width="46" height="14" font="3">Ghana </text> <text top="409" left="481" width="89" height="14" font="3">Consolidated </text> <text top="432" left="481" width="101" height="14" font="3">Diamond Staff </text> <text top="454" left="481" width="53" height="14" font="3">Salaries </text> <text top="454" left="599" width="4" height="14" font="3"> </text> <text top="454" left="704" width="4" height="14" font="3"> </text> <text top="492" left="92" width="81" height="14" font="3">15/01/2010 </text> <text top="537" left="185" width="4" height="14" font="3"> </text> <text top="537" left="297" width="4" height="14" font="3"> </text> <text top="537" left="363" width="48" height="14" font="3">20,000 </text> <text top="537" left="481" width="4" height="14" font="3"> </text> <text top="492" left="599" width="55" height="14" font="3">UMART-</text> <text top="514" left="599" width="63" height="14" font="3">electrical </text> <text top="537" left="599" width="43" height="14" font="3">works </text> <text top="537" left="704" width="4" height="14" font="3"> </text> <text top="575" left="92" width="81" height="14" font="3">21/01/2010 </text> <text top="598" left="185" width="77" height="14" font="3">334,294.11 </text> <text top="598" left="297" width="50" height="14" font="3">C & AG </text> <text top="598" left="363" width="77" height="14" font="3">325,285.00 </text> <text top="575" left="481" width="4" height="14" font="3"> </text> <text top="575" left="599" width="66" height="14" font="3">GSD Field </text> <text top="598" left="599" width="43" height="14" font="3">Work </text> <text top="598" left="704" width="4" height="14" font="3"> </text> <text top="636" left="92" width="81" height="14" font="3">21/01/2010 </text> <text top="703" left="185" width="4" height="14" font="3"> </text> <text top="703" left="297" width="4" height="14" font="3"> </text> <text top="703" left="363" width="77" height="14" font="3">334,294.11 </text> <text top="635" left="481" width="46" height="14" font="3">Ghana </text> <text top="658" left="481" width="89" height="14" font="3">Consolidated </text> <text top="680" left="481" width="101" height="14" font="3">Diamond Staff </text> <text top="703" left="481" width="53" height="14" font="3">Salaries </text> <text top="703" left="599" width="4" height="14" font="3"> </text> <text top="703" left="704" width="4" height="14" font="3"> </text> <text top="741" left="92" width="182" height="14" font="3">17/02/2010 4,630,953.05 </text> <text top="741" left="297" width="50" height="14" font="3">C & AG </text> <text top="741" left="363" width="4" height="14" font="3"> </text> <text top="741" left="481" width="4" height="14" font="3"> </text> <text top="741" left="599" width="4" height="14" font="3"> </text> <text top="741" left="704" width="4" height="14" font="3"> </text> <text top="779" left="92" width="81" height="14" font="3">05/03/2010 </text> <text top="801" left="185" width="4" height="14" font="3"> </text> <text top="801" left="297" width="4" height="14" font="3"> </text> <text top="801" left="363" width="89" height="14" font="3">3,348,800.93 </text> <text top="779" left="481" width="4" height="14" font="3"> </text> <text top="779" left="599" width="90" height="14" font="3">GSD –seismic </text> <text top="801" left="599" width="75" height="14" font="3">equipment </text> <text top="801" left="704" width="4" height="14" font="3"> </text> <text top="839" left="92" width="81" height="14" font="3">15/03/2010 </text> <text top="907" left="185" width="4" height="14" font="3"> </text> <text top="907" left="297" width="4" height="14" font="3"> </text> <text top="907" left="363" width="77" height="14" font="3">204,169.00 </text> <text top="839" left="481" width="46" height="14" font="3">Ghana </text> <text top="862" left="481" width="89" height="14" font="3">Consolidated </text> <text top="884" left="481" width="101" height="14" font="3">Diamond Staff </text> <text top="907" left="481" width="53" height="14" font="3">Salaries </text> <text top="907" left="599" width="4" height="14" font="3"> </text> <text top="907" left="704" width="4" height="14" font="3"> </text> </page> <page number="92" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">83 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="183" left="92" width="81" height="14" font="3">16/03/2010 </text> <text top="355" left="185" width="4" height="14" font="3"> </text> <text top="355" left="297" width="4" height="14" font="3"> </text> <text top="355" left="363" width="69" height="14" font="3">24,206.92 </text> <text top="355" left="481" width="4" height="14" font="3"> </text> <text top="355" left="599" width="4" height="14" font="3"> </text> <text top="183" left="704" width="51" height="14" font="3">Min. of </text> <text top="205" left="704" width="56" height="14" font="3">Lands & </text> <text top="228" left="704" width="53" height="14" font="3">Natural </text> <text top="250" left="704" width="67" height="14" font="3">Resources</text> <text top="273" left="704" width="68" height="14" font="3">-Overseas </text> <text top="295" left="704" width="44" height="14" font="3">Travel </text> <text top="318" left="704" width="64" height="14" font="3">Expenses </text> <text top="355" left="704" width="4" height="14" font="3"> </text> <text top="393" left="92" width="162" height="14" font="3">28/04/2010 29,053.47 </text> <text top="393" left="297" width="46" height="14" font="3">C &AG </text> <text top="393" left="363" width="4" height="14" font="3"> </text> <text top="393" left="481" width="4" height="14" font="3"> </text> <text top="393" left="599" width="4" height="14" font="3"> </text> <text top="393" left="704" width="4" height="14" font="3"> </text> <text top="431" left="92" width="81" height="14" font="3">17/05/2010 </text> <text top="499" left="185" width="4" height="14" font="3"> </text> <text top="499" left="297" width="4" height="14" font="3"> </text> <text top="499" left="363" width="77" height="14" font="3">144,424.00 </text> <text top="431" left="481" width="46" height="14" font="3">Ghana </text> <text top="453" left="481" width="89" height="14" font="3">Consolidated </text> <text top="476" left="481" width="101" height="14" font="3">Diamond Staff </text> <text top="499" left="481" width="53" height="14" font="3">Salaries </text> <text top="499" left="599" width="4" height="14" font="3"> </text> <text top="499" left="704" width="4" height="14" font="3"> </text> <text top="537" left="92" width="182" height="14" font="3">02/06/2010 2,028,147.79 </text> <text top="537" left="297" width="50" height="14" font="3">C & AG </text> <text top="537" left="363" width="4" height="14" font="3"> </text> <text top="537" left="481" width="4" height="14" font="3"> </text> <text top="537" left="599" width="4" height="14" font="3"> </text> <text top="537" left="704" width="4" height="14" font="3"> </text> <text top="574" left="92" width="81" height="14" font="3">02/06/2010 </text> <text top="619" left="185" width="4" height="14" font="3"> </text> <text top="619" left="297" width="4" height="14" font="3"> </text> <text top="619" left="363" width="89" height="14" font="3">2,028,147.79 </text> <text top="574" left="481" width="74" height="14" font="3">OASL- 10% </text> <text top="597" left="481" width="52" height="14" font="3">Royalty </text> <text top="619" left="481" width="58" height="14" font="3">Transfer </text> <text top="619" left="599" width="4" height="14" font="3"> </text> <text top="619" left="704" width="4" height="14" font="3"> </text> <text top="657" left="92" width="81" height="14" font="3">11/06/2010 </text> <text top="748" left="185" width="4" height="14" font="3"> </text> <text top="748" left="297" width="4" height="14" font="3"> </text> <text top="748" left="363" width="48" height="14" font="3">20,000 </text> <text top="748" left="481" width="4" height="14" font="3"> </text> <text top="657" left="599" width="59" height="14" font="3">National </text> <text top="680" left="599" width="80" height="14" font="3">Continental </text> <text top="702" left="599" width="36" height="14" font="3">Shelf </text> <text top="725" left="599" width="92" height="14" font="3">Development </text> <text top="748" left="599" width="50" height="14" font="3">Project </text> <text top="748" left="704" width="4" height="14" font="3"> </text> <text top="785" left="92" width="81" height="14" font="3">04/08/2010 </text> <text top="808" left="185" width="4" height="14" font="3"> </text> <text top="808" left="297" width="4" height="14" font="3"> </text> <text top="808" left="363" width="57" height="14" font="3">741,400 </text> <text top="808" left="481" width="4" height="14" font="3"> </text> <text top="785" left="599" width="75" height="14" font="3">GSD – field </text> <text top="808" left="599" width="61" height="14" font="3">activities </text> <text top="808" left="704" width="4" height="14" font="3"> </text> <text top="846" left="92" width="182" height="14" font="3">04/08/2010 4,027,134.70 </text> <text top="846" left="297" width="50" height="14" font="3">C & AG </text> <text top="846" left="363" width="4" height="14" font="3"> </text> <text top="846" left="481" width="4" height="14" font="3"> </text> <text top="846" left="599" width="4" height="14" font="3"> </text> <text top="846" left="704" width="4" height="14" font="3"> </text> <text top="884" left="92" width="81" height="14" font="3">06/08/2010 </text> <text top="951" left="185" width="4" height="14" font="3"> </text> <text top="951" left="297" width="4" height="14" font="3"> </text> <text top="951" left="363" width="77" height="14" font="3">153,564.68 </text> <text top="883" left="481" width="46" height="14" font="3">Ghana </text> <text top="906" left="481" width="89" height="14" font="3">Consolidated </text> <text top="929" left="481" width="101" height="14" font="3">Diamond Staff </text> <text top="951" left="481" width="53" height="14" font="3">Salaries </text> <text top="951" left="599" width="4" height="14" font="3"> </text> <text top="951" left="704" width="4" height="14" font="3"> </text> <text top="989" left="92" width="81" height="14" font="3">06/08/2010 </text> <text top="1012" left="185" width="4" height="14" font="3"> </text> <text top="1012" left="297" width="4" height="14" font="3"> </text> <text top="1012" left="363" width="69" height="14" font="3">26,293.22 </text> <text top="1012" left="481" width="4" height="14" font="3"> </text> <text top="989" left="599" width="67" height="14" font="3">Boundary </text> <text top="1012" left="599" width="83" height="14" font="3">Commission </text> <text top="1012" left="704" width="4" height="14" font="3"> </text> </page> <page number="93" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">84 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="183" left="92" width="81" height="14" font="3">20/08/2010 </text> <text top="250" left="185" width="7" height="14" font="3"> </text> <text top="250" left="297" width="4" height="14" font="3"> </text> <text top="250" left="363" width="77" height="14" font="3">442,764.00 </text> <text top="183" left="481" width="4" height="14" font="3"> </text> <text top="183" left="599" width="58" height="14" font="3">Forestry </text> <text top="205" left="599" width="71" height="14" font="3">Plantation </text> <text top="228" left="599" width="38" height="14" font="3">Devt. </text> <text top="250" left="599" width="85" height="14" font="3">Programme. </text> <text top="250" left="704" width="4" height="14" font="3"> </text> <text top="288" left="92" width="81" height="14" font="3">08/09/2010 </text> <text top="356" left="185" width="7" height="14" font="3"> </text> <text top="356" left="297" width="4" height="14" font="3"> </text> <text top="356" left="363" width="77" height="14" font="3">247,686.91 </text> <text top="288" left="481" width="46" height="14" font="3">Ghana </text> <text top="311" left="481" width="89" height="14" font="3">Consolidated </text> <text top="333" left="481" width="101" height="14" font="3">Diamond Staff </text> <text top="356" left="481" width="53" height="14" font="3">Salaries </text> <text top="356" left="599" width="4" height="14" font="3"> </text> <text top="356" left="704" width="4" height="14" font="3"> </text> <text top="394" left="92" width="97" height="14" font="3">01/12/2010 </text> <text top="431" left="185" width="4" height="14" font="3"> </text> <text top="431" left="297" width="4" height="14" font="3"> </text> <text top="431" left="363" width="89" height="14" font="3">1,440,030.70 </text> <text top="394" left="481" width="4" height="14" font="3"> </text> <text top="408" left="599" width="90" height="14" font="3">GSD –seismic </text> <text top="431" left="599" width="75" height="14" font="3">equipment </text> <text top="431" left="704" width="4" height="14" font="3"> </text> <text top="469" left="92" width="81" height="14" font="3">07/12/2010 </text> <text top="559" left="185" width="4" height="14" font="3"> </text> <text top="559" left="297" width="4" height="14" font="3"> </text> <text top="559" left="363" width="89" height="14" font="3">1,407,361.79 </text> <text top="469" left="481" width="4" height="14" font="3"> </text> <text top="469" left="599" width="42" height="14" font="3">GNPC-</text> <text top="491" left="599" width="59" height="14" font="3">National </text> <text top="514" left="599" width="80" height="14" font="3">Continental </text> <text top="536" left="599" width="74" height="14" font="3">Shelf Devt. </text> <text top="559" left="599" width="50" height="14" font="3">Project </text> <text top="559" left="704" width="4" height="14" font="3"> </text> <text top="597" left="92" width="81" height="14" font="3">15/12/2010 </text> <text top="665" left="185" width="4" height="14" font="3"> </text> <text top="665" left="297" width="4" height="14" font="3"> </text> <text top="665" left="363" width="77" height="14" font="3">276,926.74 </text> <text top="597" left="481" width="46" height="14" font="3">Ghana </text> <text top="619" left="481" width="89" height="14" font="3">Consolidated </text> <text top="642" left="481" width="101" height="14" font="3">Diamond Staff </text> <text top="665" left="481" width="53" height="14" font="3">Salaries </text> <text top="665" left="599" width="4" height="14" font="3"> </text> <text top="665" left="704" width="4" height="14" font="3"> </text> <text top="739" left="92" width="38" height="15" font="0">Total </text> <text top="702" left="185" width="98" height="15" font="0">16,204,578.80 </text> <text top="739" left="185" width="4" height="15" font="0"> </text> <text top="739" left="297" width="4" height="15" font="0"> </text> <text top="702" left="363" width="98" height="15" font="0">11,398,062.92 </text> <text top="739" left="363" width="4" height="15" font="0"> </text> <text top="702" left="481" width="90" height="15" font="0">3,601,920.36 </text> <text top="739" left="481" width="4" height="15" font="0"> </text> <text top="702" left="599" width="69" height="15" font="0">7,771,936 </text> <text top="739" left="599" width="4" height="15" font="0"> </text> <text top="739" left="704" width="69" height="15" font="0">24,206.92 </text> <text top="777" left="92" width="5" height="16" font="3"> </text> <text top="817" left="92" width="9" height="28" font="101"> </text> <text top="853" left="92" width="9" height="28" font="101"> </text> <text top="888" left="92" width="9" height="28" font="101"> </text> <text top="923" left="92" width="9" height="28" font="101"> </text> <text top="958" left="92" width="9" height="28" font="101"> </text> <text top="994" left="92" width="9" height="28" font="101"> </text> <text top="1029" left="92" width="9" height="28" font="101"> </text> <text top="1064" left="92" width="9" height="28" font="101"> </text> </page> <page number="94" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">85 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="182" left="92" width="4" height="14" font="3"> </text> <text top="205" left="92" width="39" height="15" font="0">DATE </text> <text top="205" left="185" width="35" height="15" font="0">MDF </text> <text top="228" left="185" width="77" height="15" font="0">Lodgments </text> <text top="205" left="297" width="37" height="15" font="0">Sourc</text> <text top="228" left="297" width="12" height="15" font="0">e </text> <text top="205" left="356" width="70" height="15" font="0">Payments </text> <text top="205" left="481" width="86" height="15" font="0">Descriptions </text> <text top="266" left="92" width="4" height="14" font="3"> </text> <text top="266" left="185" width="4" height="14" font="3"> </text> <text top="266" left="297" width="4" height="14" font="3"> </text> <text top="266" left="356" width="4" height="14" font="3"> </text> <text top="265" left="481" width="55" height="15" font="0">Salaries </text> <text top="288" left="481" width="72" height="15" font="0">/Transfers </text> <text top="265" left="599" width="85" height="15" font="0">Developmen</text> <text top="288" left="599" width="76" height="15" font="0">tal/Service </text> <text top="311" left="599" width="65" height="15" font="0">Activities </text> <text top="265" left="704" width="49" height="15" font="0">Travel </text> <text top="288" left="704" width="79" height="15" font="0">Expenses/O</text> <text top="311" left="704" width="38" height="15" font="0">thers </text> <text top="349" left="92" width="182" height="14" font="3">14/03/2011 3,579,678.06 </text> <text top="349" left="297" width="43" height="14" font="3">C&AG </text> <text top="349" left="356" width="4" height="14" font="3"> </text> <text top="349" left="481" width="4" height="14" font="3"> </text> <text top="349" left="599" width="4" height="14" font="3"> </text> <text top="349" left="704" width="4" height="14" font="3"> </text> <text top="387" left="92" width="81" height="14" font="3">18/03/2011 </text> <text top="522" left="185" width="7" height="14" font="3"> </text> <text top="522" left="297" width="4" height="14" font="3"> </text> <text top="522" left="356" width="77" height="14" font="3">650,000.00 </text> <text top="522" left="481" width="4" height="14" font="3"> </text> <text top="386" left="599" width="92" height="14" font="3">Min. of Lands </text> <text top="409" left="599" width="67" height="14" font="3">& Natural </text> <text top="432" left="599" width="78" height="14" font="3">Resources –</text> <text top="454" left="599" width="49" height="14" font="3">Mining </text> <text top="477" left="599" width="44" height="14" font="3">sector </text> <text top="499" left="599" width="66" height="14" font="3">proposed </text> <text top="522" left="599" width="55" height="14" font="3">services </text> <text top="522" left="704" width="4" height="14" font="3"> </text> <text top="560" left="92" width="81" height="14" font="3">18/03/2011 </text> <text top="627" left="185" width="4" height="14" font="3"> </text> <text top="627" left="297" width="4" height="14" font="3"> </text> <text top="627" left="356" width="69" height="14" font="3">38,786.45 </text> <text top="627" left="481" width="4" height="14" font="3"> </text> <text top="560" left="599" width="39" height="14" font="3">GSD –</text> <text top="582" left="599" width="88" height="14" font="3">Construction </text> <text top="605" left="599" width="66" height="14" font="3">of Library </text> <text top="627" left="599" width="38" height="14" font="3">block </text> <text top="627" left="704" width="4" height="14" font="3"> </text> <text top="665" left="92" width="81" height="14" font="3">18/03/2011 </text> <text top="755" left="185" width="4" height="14" font="3"> </text> <text top="755" left="297" width="4" height="14" font="3"> </text> <text top="755" left="356" width="57" height="14" font="3">859,000 </text> <text top="665" left="481" width="4" height="14" font="3"> </text> <text top="665" left="599" width="70" height="14" font="3">Boundary </text> <text top="688" left="599" width="83" height="14" font="3">Commission </text> <text top="710" left="599" width="72" height="14" font="3">– half year </text> <text top="733" left="599" width="79" height="14" font="3">operational </text> <text top="755" left="599" width="65" height="14" font="3">activities </text> <text top="755" left="704" width="4" height="14" font="3"> </text> <text top="793" left="92" width="81" height="14" font="3">29/03/2011 </text> <text top="816" left="185" width="4" height="14" font="3"> </text> <text top="816" left="297" width="4" height="14" font="3"> </text> <text top="816" left="356" width="40" height="14" font="3">10.00 </text> <text top="816" left="481" width="4" height="14" font="3"> </text> <text top="816" left="599" width="4" height="14" font="3"> </text> <text top="793" left="704" width="36" height="14" font="3">Bank </text> <text top="816" left="704" width="72" height="14" font="3">Statement </text> <text top="854" left="92" width="81" height="14" font="3">29/03/2011 </text> <text top="921" left="185" width="4" height="14" font="3"> </text> <text top="921" left="297" width="4" height="14" font="3"> </text> <text top="921" left="356" width="77" height="14" font="3">188,925.34 </text> <text top="854" left="481" width="46" height="14" font="3">Ghana </text> <text top="876" left="481" width="89" height="14" font="3">Consolidated </text> <text top="899" left="481" width="101" height="14" font="3">Diamond Staff </text> <text top="921" left="481" width="53" height="14" font="3">Salaries </text> <text top="921" left="599" width="4" height="14" font="3"> </text> <text top="921" left="704" width="4" height="14" font="3"> </text> <text top="959" left="92" width="81" height="14" font="3">18/04/2011 </text> <text top="1004" left="185" width="4" height="14" font="3"> </text> <text top="1004" left="297" width="4" height="14" font="3"> </text> <text top="1004" left="356" width="69" height="14" font="3">19,096.67 </text> <text top="959" left="481" width="4" height="14" font="3"> </text> <text top="959" left="599" width="50" height="14" font="3">UMAT- </text> <text top="982" left="599" width="88" height="14" font="3">Construction </text> <text top="1004" left="599" width="55" height="14" font="3">services </text> <text top="1004" left="704" width="4" height="14" font="3"> </text> </page> <page number="95" position="absolute" top="0" left="0" height="1263" widt h="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">86 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="183" left="92" width="81" height="14" font="3">20/04/2011 </text> <text top="228" left="185" width="4" height="14" font="3"> </text> <text top="228" left="297" width="4" height="14" font="3"> </text> <text top="228" left="356" width="77" height="14" font="3">380,056.61 </text> <text top="228" left="481" width="4" height="14" font="3"> </text> <text top="183" left="599" width="50" height="14" font="3">UMAT- </text> <text top="205" left="599" width="88" height="14" font="3">Construction </text> <text top="228" left="599" width="55" height="14" font="3">services </text> <text top="228" left="704" width="4" height="14" font="3"> </text> <text top="266" left="92" width="81" height="14" font="3">20/04/2011 </text> <text top="311" left="185" width="4" height="14" font="3"> </text> <text top="311" left="297" width="4" height="14" font="3"> </text> <text top="311" left="356" width="77" height="14" font="3">289,075.89 </text> <text top="311" left="481" width="4" height="14" font="3"> </text> <text top="266" left="599" width="50" height="14" font="3">UMAT- </text> <text top="288" left="599" width="88" height="14" font="3">Construction </text> <text top="311" left="599" width="55" height="14" font="3">services </text> <text top="274" left="704" width="4" height="14" font="3"> </text> <text top="311" left="704" width="4" height="14" font="3"> </text> <text top="349" left="92" width="81" height="14" font="3">17/05/2011 </text> <text top="416" left="185" width="4" height="14" font="3"> </text> <text top="416" left="297" width="4" height="14" font="3"> </text> <text top="416" left="356" width="77" height="14" font="3">191,477.74 </text> <text top="348" left="481" width="46" height="14" font="3">Ghana </text> <text top="371" left="481" width="89" height="14" font="3">Consolidated </text> <text top="394" left="481" width="101" height="14" font="3">Diamond Staff </text> <text top="416" left="481" width="53" height="14" font="3">Salaries </text> <text top="416" left="599" width="4" height="14" font="3"> </text> <text top="416" left="704" width="4" height="14" font="3"> </text> <text top="454" left="92" width="81" height="14" font="3">05/07/2011 </text> <text top="477" left="185" width="89" height="14" font="3">3,966,672.12 </text> <text top="454" left="297" width="27" height="14" font="3">C & </text> <text top="477" left="297" width="23" height="14" font="3">AG </text> <text top="477" left="356" width="4" height="14" font="3"> </text> <text top="477" left="481" width="4" height="14" font="3"> </text> <text top="477" left="599" width="4" height="14" font="3"> </text> <text top="477" left="704" width="4" height="14" font="3"> </text> <text top="515" left="92" width="81" height="14" font="3">20/07/2011 </text> <text top="605" left="185" width="4" height="14" font="3"> </text> <text top="605" left="297" width="4" height="14" font="3"> </text> <text top="605" left="356" width="89" height="14" font="3">3,000,000.00 </text> <text top="605" left="481" width="4" height="14" font="3"> </text> <text top="514" left="599" width="61" height="14" font="3">Minerals </text> <text top="537" left="599" width="83" height="14" font="3">Commission </text> <text top="560" left="599" width="44" height="14" font="3">– field </text> <text top="582" left="599" width="49" height="14" font="3">service </text> <text top="605" left="599" width="61" height="14" font="3">activities </text> <text top="605" left="704" width="4" height="14" font="3"> </text> <text top="643" left="92" width="81" height="14" font="3">19/08/2011 </text> <text top="665" left="185" width="69" height="14" font="3">25,596.00 </text> <text top="643" left="297" width="27" height="14" font="3">C & </text> <text top="665" left="297" width="23" height="14" font="3">AG </text> <text top="665" left="356" width="4" height="14" font="3"> </text> <text top="665" left="481" width="4" height="14" font="3"> </text> <text top="665" left="599" width="4" height="14" font="3"> </text> <text top="665" left="704" width="4" height="14" font="3"> </text> <text top="703" left="92" width="81" height="14" font="3">14/09/2011 </text> <text top="726" left="185" width="89" height="14" font="3">7,111,287.77 </text> <text top="703" left="297" width="27" height="14" font="3">C & </text> <text top="726" left="297" width="23" height="14" font="3">AG </text> <text top="726" left="356" width="4" height="14" font="3"> </text> <text top="726" left="481" width="4" height="14" font="3"> </text> <text top="726" left="599" width="4" height="14" font="3"> </text> <text top="726" left="704" width="4" height="14" font="3"> </text> <text top="764" left="92" width="81" height="14" font="3">19/09/2011 </text> <text top="854" left="185" width="4" height="14" font="3"> </text> <text top="854" left="297" width="4" height="14" font="3"> </text> <text top="854" left="356" width="89" height="14" font="3">1,550,392.87 </text> <text top="854" left="481" width="4" height="14" font="3"> </text> <text top="763" left="599" width="86" height="14" font="3">GSD – const. </text> <text top="786" left="599" width="75" height="14" font="3">of 2-storey </text> <text top="808" left="599" width="79" height="14" font="3">building for </text> <text top="831" left="599" width="51" height="14" font="3">seismic </text> <text top="854" left="599" width="75" height="14" font="3">equipment </text> <text top="854" left="704" width="4" height="14" font="3"> </text> <text top="892" left="92" width="81" height="14" font="3">22/09/2011 </text> <text top="959" left="185" width="4" height="14" font="3"> </text> <text top="959" left="297" width="4" height="14" font="3"> </text> <text top="959" left="356" width="77" height="14" font="3">305,048.69 </text> <text top="892" left="481" width="46" height="14" font="3">Ghana </text> <text top="914" left="481" width="89" height="14" font="3">Consolidated </text> <text top="937" left="481" width="101" height="14" font="3">Diamond Staff </text> <text top="959" left="481" width="53" height="14" font="3">Salaries </text> <text top="959" left="599" width="4" height="14" font="3"> </text> <text top="959" left="704" width="4" height="14" font="3"> </text> </page> <page number="96" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">87 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="183" left="92" width="81" height="14" font="3">03/10/2011 </text> <text top="273" left="185" width="4" height="14" font="3"> </text> <text top="273" left="297" width="4" height="14" font="3"> </text> <text top="273" left="356" width="69" height="14" font="3">30,619.57 </text> <text top="273" left="481" width="4" height="14" font="3"> </text> <text top="183" left="599" width="86" height="14" font="3">GSD – const. </text> <text top="205" left="599" width="75" height="14" font="3">of 2-storey </text> <text top="228" left="599" width="56" height="14" font="3">building </text> <text top="250" left="599" width="51" height="14" font="3">seismic </text> <text top="273" left="599" width="79" height="14" font="3">equipment </text> <text top="273" left="704" width="4" height="14" font="3"> </text> <text top="311" left="92" width="81" height="14" font="3">07/10/2011 </text> <text top="401" left="185" width="7" height="14" font="3"> </text> <text top="401" left="297" width="4" height="14" font="3"> </text> <text top="401" left="356" width="69" height="14" font="3">25,596.00 </text> <text top="311" left="481" width="4" height="14" font="3"> </text> <text top="311" left="599" width="61" height="14" font="3">Minerals </text> <text top="333" left="599" width="83" height="14" font="3">Commission </text> <text top="356" left="599" width="44" height="14" font="3">– field </text> <text top="378" left="599" width="49" height="14" font="3">service </text> <text top="401" left="599" width="65" height="14" font="3">activities </text> <text top="401" left="704" width="4" height="14" font="3"> </text> <text top="439" left="92" width="81" height="14" font="3">10/10/2011 </text> <text top="475" left="185" width="7" height="14" font="3"> </text> <text top="475" left="297" width="4" height="14" font="3"> </text> <text top="475" left="356" width="40" height="14" font="3">20.00 </text> <text top="439" left="481" width="4" height="14" font="3"> </text> <text top="475" left="599" width="4" height="14" font="3"> </text> <text top="453" left="704" width="36" height="14" font="3">Bank </text> <text top="475" left="704" width="72" height="14" font="3">Statement </text> <text top="513" left="92" width="81" height="14" font="3">18/10/2011 </text> <text top="566" left="185" width="4" height="14" font="3"> </text> <text top="603" left="185" width="4" height="14" font="3"> </text> <text top="603" left="297" width="4" height="14" font="3"> </text> <text top="603" left="356" width="89" height="14" font="3">1,399,231.35 </text> <text top="513" left="481" width="4" height="14" font="3"> </text> <text top="513" left="599" width="82" height="14" font="3">GSD –const. </text> <text top="535" left="599" width="65" height="14" font="3">of storey </text> <text top="558" left="599" width="79" height="14" font="3">building for </text> <text top="581" left="599" width="51" height="14" font="3">seismic </text> <text top="603" left="599" width="75" height="14" font="3">equipment </text> <text top="603" left="704" width="4" height="14" font="3"> </text> <text top="641" left="92" width="81" height="14" font="3">18/11/2011 </text> <text top="776" left="185" width="4" height="14" font="3"> </text> <text top="776" left="297" width="4" height="14" font="3"> </text> <text top="776" left="356" width="69" height="14" font="3">99,238.60 </text> <text top="641" left="481" width="4" height="14" font="3"> </text> <text top="641" left="599" width="92" height="14" font="3">Min. of Lands </text> <text top="663" left="599" width="67" height="14" font="3">& Natural </text> <text top="686" left="599" width="78" height="14" font="3">Resources –</text> <text top="709" left="599" width="49" height="14" font="3">Mining </text> <text top="731" left="599" width="44" height="14" font="3">sector </text> <text top="754" left="599" width="66" height="14" font="3">proposed </text> <text top="776" left="599" width="55" height="14" font="3">services </text> <text top="776" left="704" width="4" height="14" font="3"> </text> <text top="814" left="92" width="81" height="14" font="3">24/11/2011 </text> <text top="882" left="185" width="4" height="14" font="3"> </text> <text top="882" left="297" width="4" height="14" font="3"> </text> <text top="882" left="356" width="77" height="14" font="3">204,262.93 </text> <text top="814" left="481" width="46" height="14" font="3">Ghana </text> <text top="837" left="481" width="89" height="14" font="3">Consolidated </text> <text top="859" left="481" width="101" height="14" font="3">Diamond Staff </text> <text top="882" left="481" width="53" height="14" font="3">Salaries </text> <text top="882" left="599" width="4" height="14" font="3"> </text> <text top="882" left="704" width="4" height="14" font="3"> </text> <text top="920" left="92" width="81" height="14" font="3">14/12/2011 </text> <text top="942" left="185" width="89" height="14" font="3">1,397,621.78 </text> <text top="920" left="297" width="27" height="14" font="3">C & </text> <text top="942" left="297" width="23" height="14" font="3">AG </text> <text top="942" left="356" width="4" height="14" font="3"> </text> <text top="920" left="481" width="4" height="14" font="3"> </text> <text top="942" left="599" width="4" height="14" font="3"> </text> <text top="942" left="704" width="4" height="14" font="3"> </text> <text top="980" left="92" width="81" height="14" font="3">21/12/2011 </text> <text top="1003" left="185" width="4" height="14" font="3"> </text> <text top="1003" left="297" width="4" height="14" font="3"> </text> <text top="1003" left="356" width="32" height="14" font="3">1.00 </text> <text top="980" left="481" width="4" height="14" font="3"> </text> <text top="1003" left="599" width="4" height="14" font="3"> </text> <text top="980" left="704" width="36" height="14" font="3">Bank </text> <text top="1003" left="704" width="72" height="14" font="3">Statement </text> </page> <page number="97" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">88 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="280" left="92" width="38" height="15" font="0">Total </text> <text top="280" left="185" width="115" height="15" font="0">16,080,855.73 </text> <text top="280" left="356" width="90" height="15" font="0">9,230,839.71 </text> <text top="205" left="481" width="4" height="15" font="0"> </text> <text top="242" left="481" width="77" height="15" font="0">889,714.70 </text> <text top="280" left="481" width="4" height="15" font="0"> </text> <text top="183" left="599" width="26" height="15" font="0"> </text> <text top="205" left="599" width="90" height="15" font="0">8,341,094.01 </text> <text top="242" left="599" width="4" height="15" font="0"> </text> <text top="280" left="599" width="4" height="15" font="0"> </text> <text top="280" left="704" width="40" height="15" font="0">31.00 </text> <text top="321" left="92" width="9" height="28" font="101"> </text> <text top="356" left="92" width="9" height="28" font="101"> </text> <text top="391" left="92" width="9" height="28" font="101"> </text> <text top="426" left="92" width="9" height="28" font="101"> </text> <text top="462" left="92" width="9" height="28" font="101"> </text> <text top="497" left="92" width="9" height="28" font="101"> </text> <text top="532" left="92" width="9" height="28" font="101"> </text> <text top="567" left="92" width="9" height="28" font="101"> </text> <text top="602" left="92" width="9" height="28" font="101"> </text> <text top="638" left="92" width="9" height="28" font="101"> </text> <text top="673" left="92" width="9" height="28" font="101"> </text> <text top="708" left="92" width="9" height="28" font="101"> </text> <text top="744" left="92" width="9" height="28" font="101"> </text> <text top="779" left="92" width="9" height="28" font="101"> </text> <text top="814" left="92" width="9" height="28" font="101"> </text> <text top="849" left="92" width="9" height="28" font="101"> </text> <text top="884" left="92" width="9" height="28" font="101"> </text> <text top="920" left="92" width="9" height="28" font="101"> </text> <text top="955" left="92" width="9" height="28" font="101"> </text> <text top="990" left="92" width="9" height="28" font="101"> </text> <text top="1025" left="92" width="9" height="28" font="101"> </text> <text top="1061" left="92" width="9" height="28" font="101"> </text> </page> <page number="98" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">89 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="185" left="92" width="9" height="28" font="101"> </text> <text top="217" left="92" width="401" height="15" font="11">APPENDIX 8A NON TAX REVENUE (MoFEP) Dividends -2010 </text> <text top="1015" left="666" width="9" height="28" font="101"> </text> <text top="1041" left="92" width="5" height="16" font="0"> </text> <text top="1060" left="92" width="5" height="16" font="0"> </text> <text top="1080" left="92" width="5" height="16" font="0"> </text> </page> <page number="99" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">90 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="182" left="92" width="400" height="15" font="11">APPENDIX 8B NON TAX REVENUE (MoFEP) Dividends -2011 </text> <text top="1037" left="706" width="9" height="28" font="101"> </text> <text top="1066" left="92" width="9" height="28" font="101"> </text> </page> <page number="100" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">91 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="182" left="92" width="4" height="15" font="11"> </text> <text top="219" left="92" width="421" height="15" font="11">APPENDIX 9A: GRA – Corporate Tax and Royalty Receipt - 2010 </text> <text top="979" left="765" width="9" height="28" font="101"> </text> <text top="1008" left="92" width="9" height="28" font="101"> </text> <text top="1044" left="92" width="9" height="28" font="101"> </text> </page> <page number="101" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">92 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="185" left="92" width="9" height="28" font="101"> </text> <text top="220" left="92" width="9" height="28" font="101"> </text> <text top="252" left="92" width="421" height="15" font="11">APPENDIX 9B: GRA – Corporate Tax and Royalty Receipt - 2011 </text> <text top="1072" left="777" width="9" height="28" font="101"> </text> </page> <page number="102" position="absolute" top="0" left="0" height="1263" width="892"> <text top="107" left="92" width="673" height="15" font="15">Final Report -Aggregation and Reconciliation of Mining Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="92" width="4" height="15" font="16"> </text> <text top="126" left="440" width="4" height="16" font="17"> </text> <text top="1122" left="772" width="20" height="14" font="3">93 </text> <text top="1141" left="92" width="4" height="14" font="3"> </text> <text top="162" left="92" width="700" height="14" font="3"> </text> <text top="185" left="92" width="9" height="28" font="101"> </text> <text top="220" left="92" width="9" height="28" font="101"> </text> <text top="256" left="92" width="9" height="28" font="101"> </text> <text top="291" left="92" width="9" height="28" font="101"> </text> <text top="326" left="92" width="9" height="28" font="101"> </text> <text top="361" left="92" width="9" height="28" font="101"> </text> <text top="397" left="92" width="9" height="28" font="101"> </text> <text top="432" left="92" width="9" height="28" font="101"> </text> <text top="467" left="92" width="9" height="28" font="101"> </text> <text top="502" left="92" width="9" height="28" font="101"> </text> <text top="538" left="92" width="9" height="28" font="101"> </text> <text top="573" left="92" width="9" height="28" font="101"> </text> <text top="608" left="92" width="9" height="28" font="101"> </text> <text top="643" left="92" width="9" height="28" font="101"> </text> <text top="679" left="92" width="9" height="28" font="101"> </text> <text top="714" left="92" width="9" height="28" font="101"> </text> <text top="749" left="92" width="9" height="28" font="101"> </text> <text top="784" left="92" width="9" height="28" font="101"> </text> </page> <page number="103" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="111" size="19" family="Times" color="#000000"/> <fontspec id="112" size="21" family="Helvetica" color="#000000"/> <text top="113" left="458" width="4" height="18" font="2"> </text> <text top="137" left="226" width="465" height="20" font="111">MINISTRY OF FINANCE AND ECONOMIC PLANNING</text> <text top="137" left="226" width="465" height="20" font="111">MINISTRY OF FINANCE AND ECONOMIC PLANNING</text> <text top="137" left="226" width="465" height="20" font="111">MINISTRY OF FINANCE AND ECONOMIC PLANNING</text> <text top="137" left="226" width="471" height="21" font="111">MINISTRY OF FINANCE AND ECONOMIC PLANNING </text> <text top="164" left="164" width="288" height="17" font="2">(GHANA EXTRACTIVE INDUSTRIES </text> <text top="164" left="164" width="288" height="17" font="2">(GHANA EXTRACTIVE INDUSTRIES </text> <text top="164" left="164" width="288" height="17" font="2">(GHANA EXTRACTIVE INDUSTRIES </text> <text top="164" left="164" width="519" height="17" font="2">(GHANA EXTRACTIVE INDUSTRIES TRANSPARENCY INITIATIVE</text> <text top="164" left="452" width="230" height="17" font="2">TRANSPARENCY INITIATIVE</text> <text top="164" left="452" width="230" height="17" font="2">TRANSPARENCY INITIATIVE</text> <text top="164" left="452" width="301" height="18" font="2">TRANSPARENCY INITIATIVE----GHEITI)</text> <text top="164" left="688" width="64" height="17" font="2">GHEITI)</text> <text top="164" left="688" width="64" height="17" font="2">GHEITI)</text> <text top="164" left="688" width="69" height="18" font="2">GHEITI) </text> <text top="191" left="108" width="206" height="15" font="6"> </text> <text top="188" left="315" width="4" height="18" font="2"> </text> <text top="455" left="785" width="4" height="14" font="37"> </text> <text top="632" left="607" width="7" height="22" font="112"> </text> <text top="673" left="398" width="121" height="17" font="2">FINAL REPORT</text> <text top="673" left="398" width="121" height="17" font="2">FINAL REPORT</text> <text top="673" left="398" width="121" height="17" font="2">FINAL REPORT</text> <text top="673" left="398" width="121" height="17" font="2">FINAL REPORT</text> <text top="675" left="518" width="4" height="14" font="37"> </text> <text top="715" left="429" width="60" height="17" font="2">ON THE</text> <text top="715" left="428" width="60" height="17" font="2">ON THE</text> <text top="715" left="429" width="60" height="17" font="2">ON THE</text> <text top="715" left="428" width="64" height="18" font="2">ON THE </text> <text top="739" left="458" width="4" height="18" font="2"> </text> <text top="763" left="151" width="618" height="17" font="2">AGGREGATION/RECONCILIATION OF OIL AND GAS SECTOR PAYMENTS AND </text> <text top="763" left="151" width="618" height="17" font="2">AGGREGATION/RECONCILIATION OF OIL AND GAS SECTOR PAYMENTS AND </text> <text top="763" left="151" width="618" height="17" font="2">AGGREGATION/RECONCILIATION OF OIL AND GAS SECTOR PAYMENTS AND </text> <text top="763" left="151" width="618" height="17" font="2">AGGREGATION/RECONCILIATION OF OIL AND GAS SECTOR PAYMENTS AND </text> <text top="786" left="368" width="133" height="17" font="2">RECEIPTS: 2010</text> <text top="787" left="367" width="133" height="17" font="2">RECEIPTS: 2010</text> <text top="787" left="368" width="133" height="17" font="2">RECEIPTS: 2010</text> <text top="786" left="367" width="150" height="18" font="2">RECEIPTS: 2010----2</text> <text top="787" left="506" width="11" height="17" font="2">2</text> <text top="787" left="506" width="11" height="17" font="2">2</text> <text top="786" left="506" width="43" height="17" font="2">2011</text> <text top="787" left="517" width="32" height="17" font="2">011</text> <text top="787" left="517" width="32" height="17" font="2">011</text> <text top="786" left="517" width="37" height="18" font="2">011 </text> <text top="809" left="458" width="5" height="16" font="3"> </text> <text top="830" left="458" width="4" height="18" font="2"> </text> <text top="854" left="378" width="100" height="18" font="2">((((FEBRUARY</text> <text top="854" left="386" width="92" height="17" font="2">FEBRUARY</text> <text top="854" left="386" width="92" height="17" font="2">FEBRUARY</text> <text top="854" left="386" width="152" height="17" font="2">FEBRUARY, 2013)</text> <text top="854" left="478" width="60" height="17" font="2">, 2013)</text> <text top="854" left="478" width="60" height="17" font="2">, 2013)</text> <text top="854" left="478" width="65" height="18" font="2">, 2013) </text> <text top="876" left="108" width="3" height="13" font="5"> </text> <text top="894" left="108" width="3" height="13" font="5"> </text> <text top="912" left="108" width="3" height="13" font="5"> </text> <text top="929" left="108" width="3" height="12" font="61"> </text> <text top="946" left="108" width="96" height="13" font="5">PREPARED BY: </text> <text top="963" left="108" width="136" height="13" font="5">BOAS & ASSOCIATES </text> <text top="981" left="108" width="117" height="13" font="5">P. O. BOX AT 1367 </text> <text top="999" left="108" width="125" height="13" font="5">ACHIMOTA –ACCRA </text> <text top="1017" left="108" width="53" height="13" font="5">GHANA. </text> <text top="1035" left="108" width="169" height="13" font="5">MOBILE: +233 244 326838 </text> <text top="1053" left="108" width="173" height="14" font="5">EMAIL: assoboas@yahoo.com </text> <text top="1071" left="108" width="3" height="13" font="5"> </text> <text top="1088" left="108" width="3" height="12" font="61"> </text> <text top="1104" left="108" width="3" height="12" font="61"> </text> <text top="1120" left="108" width="3" height="13" font="5"> </text> </page> <page number="104" position="absolute" top="0" left="0" height="1263" width="892"> </page> <page number="105" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="113" size="15" family="Times" color="#1721f4"/> <fontspec id="114" size="15" family="Times" color="#1721f4"/> <fontspec id="115" size="14" family="Times" color="#1721f4"/> <text top="148" left="108" width="184" height="18" font="113">TABLE OF CONTENT </text> <text top="172" left="108" width="5" height="17" font="114"> </text> <text top="200" left="108" width="695" height="16" font="33">ListofAbbreviations/Acronyms................................................................................................</text> <text top="200" left="802" width="4" height="16" font="115">i</text> <text top="200" left="806" width="21" height="16" font="33"> </text> <text top="200" left="827" width="5" height="16" font="115"> </text> <text top="227" left="108" width="704" height="16" font="33">ExecutiveSummary..............................................................................................................iii </text> <text top="255" left="108" width="687" height="16" font="33">1.0 INTRODUCTION............................................................................................................</text> <text top="255" left="795" width="14" height="16" font="115">1 </text> <text top="282" left="125" width="688" height="16" font="115">1.1Background of EITI......................................................................................................1 </text> <text top="313" left="125" width="685" height="16" font="115">1.2 GHEITI......................................................................................................................1 </text> <text top="343" left="125" width="685" height="16" font="115">1.3 Content and objective of the first Oil and Gas Aggregated report...................................1 </text> <text top="374" left="108" width="155" height="16" font="33">2.0 SCOPE OF WORK</text> <text top="374" left="262" width="549" height="16" font="115">...........................................................................................................6 </text> <text top="401" left="125" width="685" height="16" font="115">2.1 Basis of Reporting/Currency .......................................................................................6 </text> <text top="431" left="125" width="687" height="16" font="115">2.2 Auditing.....................................................................................................................6 </text> <text top="462" left="125" width="685" height="16" font="115">2.3 GHEITI stakeholders on the participation and materiality level used...............................6 </text> <text top="492" left="125" width="684" height="16" font="115">2.6 Ghana Revenue Authority (Customs Divisio..................................................................8 </text> <text top="522" left="125" width="684" height="16" font="115">2.7 Bank of Ghana...........................................................................................................8 </text> <text top="553" left="125" width="685" height="16" font="115">2.8 The National Oil Company (Ghana National Petroleum Company) GNPC.........................8 </text> <text top="583" left="108" width="704" height="16" font="115">2.8.1 Funding......................................................................................................................8 </text> <text top="603" left="108" width="682" height="16" font="33">3.0 BENEFIT STREAMS.......................................................................................................</text> <text top="603" left="790" width="23" height="16" font="115">11 </text> <text top="631" left="108" width="678" height="16" font="33">4.0 EXPLORATION AND DEVELOPMENT..............................................................................</text> <text top="631" left="786" width="23" height="16" font="115">15 </text> <text top="658" left="108" width="247" height="16" font="33">5.0 OPERATING COSTS BUDGETS</text> <text top="658" left="355" width="458" height="16" font="115">.......................................................................................20 </text> <text top="685" left="108" width="410" height="16" font="33">6.0 PROJECTED PETROLEUM OUTPUT/ACTUAL OUTPUT</text> <text top="685" left="518" width="293" height="16" font="115">......................................................21 </text> <text top="713" left="108" width="678" height="16" font="33">7.0 RECONCILIATION OF OIL AND GAS BENEFITS IN 2010 AND 2011..................................</text> <text top="713" left="786" width="23" height="16" font="115">27 </text> <text top="740" left="125" width="684" height="16" font="115">7.1 The reconciliation.....................................................................................................27 </text> <text top="771" left="125" width="686" height="16" font="115">7.3 DISCREPANCY..........................................................................................................34 </text> <text top="801" left="108" width="269" height="16" font="33">8.0 UNITIZATION OF JUBILEE FIELD</text> <text top="801" left="377" width="433" height="16" font="115">..................................................................................35 </text> <text top="829" left="108" width="303" height="16" font="33">9.0: PETROLEUM HOLDING FUND – 2011</text> <text top="829" left="411" width="398" height="16" font="115">...........................................................................38 </text> <text top="856" left="108" width="135" height="16" font="33">10.0 CHALLENGES</text> <text top="856" left="242" width="568" height="16" font="115">.............................................................................................................42 </text> <text top="883" left="125" width="686" height="16" font="115">10.1 The EITI reporting process......................................................................................42 </text> <text top="914" left="125" width="686" height="16" font="115">10.2 Recommendation....................................................................................................42 </text> <text top="944" left="108" width="681" height="16" font="33">11.0 SIGNIFICANT FINDINGS AND OBSERVATION...............................................................</text> <text top="944" left="789" width="23" height="16" font="115">43 </text> <text top="972" left="108" width="677" height="16" font="33">11.1.1 Recommendation....................................................................................................</text> <text top="972" left="785" width="23" height="16" font="115">43 </text> <text top="999" left="108" width="702" height="16" font="115">11.1.2 Finding...................................................................................................................43 </text> <text top="1019" left="108" width="700" height="16" font="115">12.0 CONCLUSION.............................................................................................................46</text> </page> <page number="106" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="116" size="14" family="Times" color="#1721f4"/> <text top="112" left="108" width="98" height="16" font="19">APPENDICES </text> <text top="152" left="108" width="703" height="15" font="116">APPENDIX 1 COMPANY REPORTING TEMPLATE ………………………………………………………………………..…….......48 </text> <text top="190" left="108" width="701" height="15" font="116">APPENDIX 2 GOVERNMENT REPORTING TEMPLATE …………………………………………………………………….......…49 </text> <text top="228" left="108" width="700" height="15" font="116">APPENDIX 3 TERMSOF REFERENCE ………………………………………………………………………………………………......…50 </text> <text top="267" left="108" width="704" height="15" font="116">APPENDIX 4 APPROACH & METHODOLOGY ……………………………………………………………………………….....….….51 </text> <text top="305" left="108" width="702" height="15" font="116">APPENDIX 5 OTHER COMPANIES ………………………………………………………………………………………………….…......55 </text> <text top="343" left="108" width="702" height="15" font="116">APPENDIX 6 ACQUISITION OF OIL BLOCK ………………………………………………………………………………………........56 </text> <text top="381" left="108" width="700" height="15" font="116">APPENDIX 7 PETROLEUM SECTOR REVENUE FLOW ……………………………………………………….……………….......57 </text> <text top="419" left="108" width="699" height="15" font="116">APPENDIX 8 DETAILS OF OIL LIFTINGS (GRA – CUSTOM DIVISION) .……………………………………….……..........58 </text> <text top="457" left="108" width="700" height="15" font="116">APPENDIX 9A(1) COMPANY TEMPLATE – TULLOW GHANA LIMITED 2010……………………………….…...........59 </text> <text top="495" left="108" width="703" height="15" font="115">APPENDIX 9A (2) COMPANY TEMPLATE - TULLOW GHANA LIMITED 2011………………………………………......60 </text> <text top="533" left="108" width="702" height="15" font="116">APPENDIX 9B COMPANY TEMPLATE – KOSMOS ENERGY ………………………………………………………………........61 </text> <text top="572" left="108" width="702" height="15" font="116">APPENDIX 9C COMPANY TEMPLATE – GNPC ………………………………………………………………………………......…..63 </text> <text top="610" left="108" width="700" height="15" font="8">APPENDIX 9D SOPCL TEMPLATE – 2010……………………………………………………………………………………….....……64 </text> <text top="648" left="108" width="702" height="15" font="8">APPENDIX 9E SOPCL TEMPLATE – 2011………………………………………………………………………………………......……65 </text> <text top="686" left="108" width="702" height="15" font="8">APPENDIX 10 GNPC CRUDE OIL LIFTINGS – 2011…………………………………………………………………….……......….66 </text> <text top="724" left="108" width="703" height="15" font="8">APPENDIX 11 NON TAX REVENUE RECEIPTS FROM SOPCL………………………………….………………………….........67 </text> <text top="762" left="108" width="4" height="15" font="3"> </text> <text top="801" left="108" width="4" height="15" font="3"> </text> <text top="860" left="108" width="5" height="16" font="11"> </text> <text top="919" left="108" width="5" height="16" font="11"> </text> <text top="977" left="108" width="5" height="16" font="11"> </text> <text top="1036" left="108" width="5" height="16" font="11"> </text> <text top="1059" left="108" width="4" height="15" font="3"> </text> <text top="1098" left="108" width="4" height="15" font="3"> </text> </page> <page number="107" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="117" size="12" family="Times" color="#000000"/> <text top="57" left="108" width="645" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="75" left="108" width="3" height="13" font="117"> </text> <text top="93" left="108" width="3" height="13" font="117"> </text> <text top="112" left="108" width="3" height="13" font="117"> </text> <text top="1177" left="805" width="7" height="13" font="37">i </text> <text top="1195" left="108" width="3" height="13" font="37"> </text> <text top="165" left="108" width="266" height="17" font="113">List of Abbreviations/Acronyms </text> <text top="189" left="108" width="5" height="16" font="0"> </text> <text top="211" left="108" width="36" height="17" font="18">EITI </text> <text top="211" left="162" width="5" height="17" font="18"> </text> <text top="211" left="216" width="5" height="17" font="18"> </text> <text top="211" left="270" width="5" height="17" font="18"> </text> <text top="211" left="324" width="326" height="17" font="18">Extractive Industries Transparency Initiative </text> <text top="249" left="108" width="59" height="17" font="18">GHEITI </text> <text top="249" left="216" width="5" height="17" font="18"> </text> <text top="249" left="270" width="5" height="17" font="18"> </text> <text top="249" left="324" width="378" height="17" font="18">Ghana Extractive Industries Transparency Initiative </text> <text top="272" left="108" width="5" height="17" font="18"> </text> <text top="295" left="108" width="36" height="17" font="18">GRA </text> <text top="295" left="162" width="5" height="17" font="18"> </text> <text top="295" left="216" width="5" height="17" font="18"> </text> <text top="295" left="270" width="5" height="17" font="18"> </text> <text top="295" left="324" width="192" height="17" font="18">Ghana Revenue Authority </text> <text top="318" left="108" width="5" height="17" font="18"> </text> <text top="341" left="108" width="54" height="17" font="18">MoFEP </text> <text top="341" left="257" width="18" height="17" font="18"> </text> <text top="341" left="324" width="316" height="17" font="18">Ministry of Finance and Economic Planning </text> <text top="379" left="108" width="46" height="17" font="18">GNPC </text> <text top="379" left="257" width="18" height="17" font="18"> </text> <text top="379" left="324" width="286" height="17" font="18">Ghana National Petroleum Corporation </text> <text top="416" left="108" width="38" height="17" font="18">PITL </text> <text top="416" left="257" width="18" height="17" font="18"> </text> <text top="416" left="324" width="210" height="17" font="18">Petroleum Income Tax Law </text> <text top="454" left="108" width="59" height="17" font="18">PRMA </text> <text top="454" left="216" width="5" height="17" font="18"> </text> <text top="454" left="270" width="5" height="17" font="18"> </text> <text top="454" left="324" width="275" height="17" font="18">Petroleum Revenue Management Act </text> <text top="492" left="108" width="59" height="17" font="18">ABFA </text> <text top="492" left="216" width="5" height="17" font="18"> </text> <text top="492" left="270" width="5" height="17" font="18"> </text> <text top="492" left="324" width="237" height="17" font="18">Annual Budget Funding Amount </text> <text top="530" left="108" width="59" height="17" font="18">Bbl/d </text> <text top="530" left="216" width="5" height="17" font="18"> </text> <text top="530" left="270" width="5" height="17" font="18"> </text> <text top="530" left="324" width="121" height="17" font="18">Barrels per day </text> <text top="568" left="108" width="35" height="17" font="18">Bbls </text> <text top="568" left="162" width="5" height="17" font="18"> </text> <text top="568" left="216" width="5" height="17" font="18"> </text> <text top="568" left="270" width="5" height="17" font="18"> </text> <text top="568" left="324" width="194" height="17" font="18">Barrels of oil Brent Crude </text> <text top="606" left="108" width="59" height="17" font="18">Bopd </text> <text top="606" left="216" width="5" height="17" font="18"> </text> <text top="606" left="270" width="5" height="17" font="18"> </text> <text top="606" left="324" width="162" height="17" font="18">Barrels of oil per day </text> <text top="644" left="108" width="59" height="17" font="18">CAPI </text> <text top="644" left="216" width="5" height="17" font="18"> </text> <text top="644" left="270" width="5" height="17" font="18"> </text> <text top="644" left="324" width="252" height="17" font="18">Carried and Participating Interest </text> <text top="682" left="108" width="35" height="17" font="18">CDS </text> <text top="682" left="162" width="5" height="17" font="18"> </text> <text top="682" left="216" width="5" height="17" font="18"> </text> <text top="682" left="270" width="5" height="17" font="18"> </text> <text top="682" left="324" width="163" height="17" font="18">Credit Default Swaps </text> <text top="720" left="108" width="34" height="17" font="18">ECB </text> <text top="720" left="162" width="5" height="17" font="18"> </text> <text top="720" left="216" width="5" height="17" font="18"> </text> <text top="720" left="270" width="5" height="17" font="18"> </text> <text top="720" left="324" width="172" height="17" font="18">European Central Bank </text> <text top="757" left="108" width="59" height="17" font="18">FOMC </text> <text top="757" left="216" width="5" height="17" font="18"> </text> <text top="757" left="270" width="5" height="17" font="18"> </text> <text top="757" left="324" width="235" height="17" font="18">Federal Pen Market Committee </text> <text top="795" left="108" width="65" height="17" font="18">GHAPET </text> <text top="795" left="216" width="5" height="17" font="18"> </text> <text top="795" left="270" width="5" height="17" font="18"> </text> <text top="795" left="324" width="320" height="17" font="18">Ghana Petroleum Holding Fund Account at </text> <text top="818" left="108" width="10" height="17" font="18"> </text> <text top="818" left="162" width="422" height="17" font="18"> Federal Reserve Bank of New York </text> <text top="841" left="108" width="5" height="17" font="18"> </text> <text top="864" left="108" width="36" height="17" font="18">GHF </text> <text top="864" left="162" width="5" height="17" font="18"> </text> <text top="864" left="216" width="5" height="17" font="18"> </text> <text top="864" left="270" width="5" height="17" font="18"> </text> <text top="864" left="324" width="160" height="17" font="18">Ghana Heritage Fund </text> <text top="902" left="108" width="34" height="17" font="18">GSF </text> <text top="902" left="162" width="5" height="17" font="18"> </text> <text top="902" left="216" width="5" height="17" font="18"> </text> <text top="902" left="270" width="5" height="17" font="18"> </text> <text top="902" left="324" width="191" height="17" font="18">Ghana Stabilisation Fund </text> <text top="940" left="108" width="59" height="17" font="18">GNPC </text> <text top="940" left="216" width="5" height="17" font="18"> </text> <text top="940" left="270" width="5" height="17" font="18"> </text> <text top="940" left="324" width="291" height="17" font="18">Ghana National Petroleum Corporation </text> <text top="978" left="108" width="59" height="17" font="18">Mb/d </text> <text top="978" left="216" width="5" height="17" font="18"> </text> <text top="978" left="270" width="5" height="17" font="18"> </text> <text top="978" left="324" width="166" height="17" font="18">Million barrels per day </text> <text top="1016" left="108" width="59" height="17" font="18">MTAB </text> <text top="1016" left="216" width="5" height="17" font="18"> </text> <text top="1016" left="270" width="5" height="17" font="18"> </text> <text top="1016" left="324" width="324" height="17" font="18">Mahogany, Teak, Akasa and Banda oil wells </text> <text top="1054" left="108" width="59" height="17" font="18">OPEC </text> <text top="1054" left="216" width="5" height="17" font="18"> </text> <text top="1054" left="270" width="5" height="17" font="18"> </text> <text top="1054" left="324" width="377" height="17" font="18">Organization of the Petroleum Exporting Countries </text> <text top="1092" left="108" width="59" height="17" font="18">PBOC </text> <text top="1092" left="216" width="5" height="17" font="18"> </text> <text top="1092" left="270" width="5" height="17" font="18"> </text> <text top="1092" left="324" width="176" height="17" font="18">People’s Bank of China </text> <text top="1130" left="108" width="34" height="17" font="18">PHF </text> <text top="1130" left="162" width="5" height="17" font="18"> </text> <text top="1130" left="216" width="5" height="17" font="18"> </text> <text top="1130" left="270" width="5" height="17" font="18"> </text> <text top="1130" left="324" width="469" height="17" font="18">Petroleum Holding Fund </text> </page> <page number="108" position="absolute" top="0" left="0" height="1263" width="892"> <text top="57" left="108" width="645" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="75" left="108" width="3" height="13" font="117"> </text> <text top="93" left="108" width="3" height="13" font="117"> </text> <text top="112" left="108" width="3" height="13" font="117"> </text> <text top="1177" left="801" width="10" height="13" font="37">ii </text> <text top="1195" left="108" width="3" height="13" font="37"> </text> <text top="129" left="108" width="59" height="17" font="18">SOPCL </text> <text top="129" left="216" width="5" height="17" font="18"> </text> <text top="129" left="270" width="5" height="17" font="18"> </text> <text top="129" left="324" width="345" height="17" font="18">Saltpond Offshore Producing Company Limited </text> <text top="152" left="108" width="5" height="17" font="18"> </text> <text top="175" left="108" width="35" height="17" font="18">TEN </text> <text top="175" left="162" width="5" height="17" font="18"> </text> <text top="175" left="216" width="5" height="17" font="18"> </text> <text top="175" left="270" width="5" height="17" font="18"> </text> <text top="175" left="324" width="295" height="17" font="18">Tweneboa, Enyenra, Ntomme Oil Wells. </text> <text top="198" left="108" width="5" height="17" font="19"> </text> <text top="221" left="108" width="36" height="17" font="18">WTI </text> <text top="221" left="162" width="5" height="17" font="18"> </text> <text top="221" left="216" width="5" height="17" font="18"> </text> <text top="221" left="270" width="5" height="17" font="18"> </text> <text top="221" left="324" width="480" height="17" font="18">West Texas Intermediate (Benchmark for Light sweet crude Oil </text> <text top="244" left="108" width="362" height="17" font="18"> from the Americas) </text> </page> <page number="109" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="778" width="13" height="13" font="37">iii </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="185" height="16" font="25">EXECUTIVE SUMMARY </text> <text top="218" left="105" width="637" height="16" font="3">The Extractive Industries Transparency Initiative (EITI) which was launched at the World </text> <text top="240" left="105" width="612" height="16" font="3">Summit on development in Johannesburg, September 2002 sets a global standard for </text> <text top="262" left="105" width="282" height="16" font="3">transparency in the oil and gas sector. </text> <text top="300" left="105" width="688" height="16" font="3">The EITI aims at enhancing transparency around the generation and spending of revenues from </text> <text top="322" left="105" width="687" height="16" font="3">extractive sector to improve development outcomes, reduce the potential for corruption or large </text> <text top="344" left="105" width="642" height="16" font="3">scale embezzlement of funds by host governments and to provide citizens with a basis for </text> <text top="366" left="105" width="287" height="16" font="3">demanding a fair share of its resources. </text> <text top="403" left="105" width="642" height="16" font="3">The Government of Ghana formally committed itself to implementing EITI in 2003. Ghana </text> <text top="426" left="105" width="332" height="16" font="3">became compliant country in November 2010. </text> <text top="462" left="105" width="646" height="16" font="3">The Ghana Extractive Industries Transparency Initiative (GHEITI) has issued reconciliation </text> <text top="485" left="105" width="385" height="16" font="3">reports in the mining sector, covering 2004 t0 2009. </text> <text top="521" left="105" width="571" height="16" font="3">In September 2010, the initiative was extended to cover the Oil and Gas sector. </text> <text top="558" left="105" width="678" height="16" font="3">GHEITI has engaged Messrs Boas & Associates to produce the first reconciliation report for the </text> <text top="581" left="105" width="139" height="16" font="3">Oil and Gas sector. </text> <text top="618" left="105" width="676" height="16" font="3">This report presents the results of the reconciliation of payments by the oil and gas companies </text> <text top="640" left="105" width="651" height="16" font="3">including the National Oil Company, GNPC and receipts by the Government of Ghana. They </text> <text top="662" left="105" width="455" height="16" font="3">include both cash and in-kind flow payments in 2010 and 2011. </text> <text top="699" left="105" width="232" height="16" font="11">Approach and Methodology: </text> <text top="736" left="105" width="560" height="16" font="3">The assignment was categorized into three phases. These included: inception, </text> <text top="773" left="105" width="386" height="16" font="3">Reconciliation and the validation and feedback phase. </text> <text top="795" left="105" width="5" height="16" font="3"> </text> <text top="815" left="105" width="145" height="16" font="10">INCEPTION PHASE:</text> <text top="815" left="250" width="543" height="16" font="3"> At this stage the Reconciler interacted with participants. The main </text> <text top="834" left="105" width="258" height="16" font="3">objectives for these meetings were: </text> <text top="853" left="105" width="10" height="16" font="3"> </text> <text top="869" left="105" width="7" height="21" font="23">•</text> <text top="874" left="112" width="4" height="15" font="24"> </text> <text top="873" left="131" width="577" height="16" font="3">To interact with the various stakeholders to gain a better understanding of their </text> <text top="892" left="105" width="165" height="16" font="3"> operations and to </text> <text top="925" left="105" width="7" height="21" font="23">•</text> <text top="930" left="112" width="4" height="15" font="24"> </text> <text top="929" left="131" width="581" height="16" font="3">Conduct a situational analysis to help put the assignment in the best perspective. </text> <text top="949" left="105" width="5" height="16" font="3"> </text> </page> <page number="110" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="778" width="13" height="13" font="37">iv </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="196" left="105" width="209" height="16" font="11">RECONCILIATION PHASE </text> <text top="232" left="105" width="317" height="16" font="3">Activities undertaken in this phase included; </text> <text top="269" left="105" width="121" height="15" font="27">Data Collection: </text> <text top="290" left="105" width="688" height="16" font="3">Data already requested from the Departments and Agencies, producing Oil and Gas Companies </text> <text top="312" left="105" width="207" height="16" font="3">were collated and analysed. </text> <text top="348" left="105" width="71" height="17" font="19"> Analysis</text> <text top="349" left="176" width="5" height="16" font="0"> </text> <text top="386" left="105" width="319" height="16" font="3"> Activities undertaken at this stage included </text> <text top="416" left="136" width="7" height="21" font="23">•</text> <text top="421" left="143" width="4" height="15" font="24"> </text> <text top="420" left="162" width="632" height="16" font="3">Analysing all documentations on Oil and Gas produced and comparing with details in </text> <text top="439" left="162" width="183" height="16" font="3">the plan of development. </text> <text top="459" left="136" width="5" height="16" font="3"> </text> <text top="474" left="136" width="7" height="21" font="23">•</text> <text top="479" left="143" width="4" height="15" font="24"> </text> <text top="478" left="162" width="632" height="16" font="3">Analysing documentation on Oil and Gas lifted by the National Oil Company and the </text> <text top="498" left="162" width="53" height="16" font="3">IOC’s. </text> <text top="517" left="162" width="5" height="16" font="3"> </text> <text top="533" left="136" width="7" height="21" font="23">•</text> <text top="537" left="143" width="4" height="15" font="24"> </text> <text top="536" left="162" width="443" height="16" font="3">Reviewing costs of exploration, development and production, </text> <text top="556" left="158" width="5" height="16" font="3"> </text> <text top="586" left="136" width="7" height="21" font="23">•</text> <text top="591" left="143" width="4" height="15" font="24"> </text> <text top="590" left="162" width="448" height="16" font="3">Analysing the appropriateness of payments made by the IOC’s </text> <text top="609" left="162" width="15" height="16" font="3"> </text> <text top="625" left="136" width="7" height="21" font="23">•</text> <text top="630" left="143" width="4" height="15" font="24"> </text> <text top="629" left="162" width="565" height="16" font="3">Verifying the basis for the determination of the Petroleum Benchmark Revenue </text> <text top="648" left="162" width="5" height="16" font="3"> </text> <text top="664" left="136" width="7" height="21" font="23">•</text> <text top="668" left="143" width="4" height="15" font="24"> </text> <text top="668" left="162" width="631" height="16" font="3">Checking the Annual Budget Funding Amount and confirming whether it is in </text> <text top="687" left="162" width="606" height="16" font="3">accordance with the provisions of the Petroleum Revenue Management Act, Act 815. </text> <text top="706" left="158" width="5" height="16" font="3"> </text> <text top="736" left="136" width="7" height="21" font="23">•</text> <text top="741" left="143" width="4" height="15" font="24"> </text> <text top="740" left="162" width="631" height="16" font="3">Checking and reporting on disbursements from the Petroleum Holding Fund to the </text> <text top="760" left="162" width="631" height="16" font="3">Annual Budget Funding Amount, the Heritage and Stabilization Funds, other exceptional </text> <text top="779" left="162" width="626" height="16" font="3">payments provided and confirm if they are in conformity with the provisions of Act 815. </text> <text top="799" left="105" width="5" height="16" font="3"> </text> <text top="831" left="105" width="250" height="15" font="27">Data Aggregation/Reconciliation </text> <text top="855" left="109" width="9" height="14" font="3">i)</text> <text top="854" left="118" width="4" height="15" font="24"> </text> <text top="853" left="162" width="603" height="16" font="3">Comparing consolidated Oil and Gas company templates with Government template. </text> <text top="872" left="105" width="5" height="16" font="3"> </text> <text top="908" left="109" width="12" height="14" font="3">ii)</text> <text top="907" left="122" width="4" height="15" font="24"> </text> <text top="906" left="162" width="631" height="16" font="3">Detailing all discrepancies including those that have been resolved and any unresolved </text> <text top="925" left="162" width="104" height="16" font="3">discrepancies. </text> <text top="945" left="105" width="5" height="16" font="3"> </text> <text top="964" left="105" width="414" height="16" font="11">Validation/Framework for enhancing transparency </text> <text top="1001" left="105" width="322" height="16" font="3">Some of the activities in this phase included: </text> <text top="1039" left="144" width="4" height="15" font="24"> </text> <text top="1038" left="158" width="634" height="16" font="3">Making recommendations in the final report that are aimed at enhancing transparency in </text> <text top="1077" left="158" width="352" height="16" font="3">the payments and receipts of extractive benefits. </text> </page> <page number="111" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="782" width="10" height="13" font="37">v </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="182" left="144" width="4" height="15" font="24"> </text> <text top="181" left="158" width="625" height="16" font="3">At the validation seminar the comments and questions will be fed back into the process </text> <text top="220" left="158" width="379" height="16" font="3">to improve reporting and by extension, the initiative. </text> <text top="273" left="105" width="107" height="16" font="11">Participants: </text> <text top="310" left="105" width="663" height="16" font="3">The participating oil and gas companies in the reconciliation exercise consisted of partners in </text> <text top="332" left="105" width="529" height="16" font="3">the Jubilee producing field and the Saltpond offshore Producing company. </text> <text top="369" left="105" width="633" height="16" font="3">Relevant Government Ministries, Departments and Agencies in the petroleum sector also </text> <text top="392" left="105" width="241" height="16" font="3">participated. (See Table A below) </text> <text top="427" left="105" width="399" height="15" font="36">Table A: Participants in the 2010/2011 reconciliation process. </text> <text top="447" left="105" width="175" height="14" font="74">OIL & GAS COMPANIES </text> <text top="447" left="375" width="190" height="14" font="74">GOVERNMENT AGENCIES </text> <text top="482" left="105" width="155" height="14" font="37">Tullow (Ghana) Limited </text> <text top="482" left="375" width="350" height="14" font="37">Ghana Revenue Authority(Domestic Tax and Customs </text> <text top="500" left="375" width="66" height="14" font="37">Divisions) </text> <text top="518" left="105" width="172" height="14" font="37">Kosmos Energy Ghana HC </text> <text top="518" left="375" width="300" height="14" font="37">Ghana National Petroleum Corporation(GNPC) </text> <text top="576" left="105" width="173" height="14" font="37">Ghana National Petroleum </text> <text top="593" left="105" width="127" height="14" font="37">Corporation(GNPC) </text> <text top="576" left="375" width="384" height="14" font="37">Ministry of Finance and Economic Planning/Bank of Ghana </text> <text top="643" left="105" width="148" height="14" font="37">Saltpond Oil Fields Ltd </text> <text top="660" left="105" width="5" height="14" font="37"> </text> <text top="643" left="375" width="151" height="14" font="37">Petroleum Commission </text> <text top="689" left="105" width="174" height="14" font="37">Anadarko (Ghana) Limited </text> <text top="689" left="375" width="121" height="14" font="37">Ministry of Energy </text> <text top="707" left="375" width="5" height="14" font="37"> </text> <text top="729" left="105" width="205" height="14" font="37">Sabre Oil and Gas Holdings Ltd </text> <text top="729" left="375" width="5" height="14" font="37"> </text> <text top="768" left="105" width="100" height="14" font="37">E.O. Group Ltd </text> <text top="768" left="375" width="5" height="14" font="37"> </text> <text top="808" left="105" width="5" height="16" font="3"> </text> <text top="845" left="105" width="248" height="16" font="11">BENEFIT/REVENUE STREAMS: </text> <text top="882" left="105" width="506" height="16" font="3">The benefit/revenue streams considered for the assignments included: </text> <text top="919" left="125" width="4" height="15" font="24"> </text> <text top="919" left="138" width="57" height="16" font="3">Royalty </text> <text top="956" left="125" width="4" height="15" font="24"> </text> <text top="955" left="138" width="187" height="16" font="3">Profit Tax (Corporate tax) </text> <text top="993" left="125" width="4" height="15" font="24"> </text> <text top="992" left="138" width="108" height="16" font="3">Surface Rental </text> <text top="1030" left="125" width="4" height="15" font="24"> </text> <text top="1029" left="138" width="74" height="16" font="3">Dividends </text> <text top="1067" left="125" width="4" height="15" font="24"> </text> <text top="1066" left="138" width="178" height="16" font="3">Initial (Carried) Interest </text> </page> <page number="112" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="118" size="14" family="Times" color="#e36b09"/> <fontspec id="119" size="11" family="Times" color="#3232ff"/> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="778" width="13" height="13" font="37">vi </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="182" left="125" width="4" height="15" font="24"> </text> <text top="181" left="138" width="233" height="16" font="3">Additional Participating Interest. </text> <text top="181" left="371" width="5" height="16" font="118"> </text> <text top="201" left="105" width="4" height="16" font="18"> </text> <text top="223" left="105" width="211" height="16" font="18">RESULTS OF RECONCILIATION</text> <text top="226" left="316" width="4" height="12" font="39">:</text> <text top="223" left="319" width="5" height="16" font="118"> </text> <text top="243" left="105" width="3" height="12" font="119"> </text> <text top="258" left="105" width="428" height="12" font="119">Table B 2010/2011 Company Payments/Government Receipts/Discrepancies </text> <text top="276" left="92" width="68" height="14" font="74">Revenue </text> <text top="293" left="92" width="57" height="14" font="74">Stream </text> <text top="276" left="196" width="4" height="14" font="74"> </text> <text top="276" left="247" width="115" height="14" font="74">Company(US$) </text> <text top="276" left="382" width="117" height="14" font="74">Government(US</text> <text top="293" left="382" width="20" height="14" font="74">$) </text> <text top="276" left="517" width="319" height="14" font="74">Discrepancy(US$) Resolved Unresolved </text> <text top="326" left="92" width="77" height="14" font="35">S/Rentals </text> <text top="326" left="196" width="36" height="14" font="37">2010 </text> <text top="359" left="196" width="36" height="14" font="37">2011 </text> <text top="326" left="247" width="77" height="14" font="37">113,525.45 </text> <text top="359" left="247" width="78" height="14" font="37"> 93,313.95 </text> <text top="326" left="382" width="77" height="14" font="37">107,496.50 </text> <text top="361" left="382" width="78" height="14" font="37"> 92,848.32 </text> <text top="326" left="517" width="61" height="14" font="37">6,028.95 </text> <text top="359" left="517" width="58" height="14" font="37"> 465.63 </text> <text top="326" left="599" width="5" height="14" font="37"> </text> <text top="344" left="599" width="5" height="14" font="37"> </text> <text top="326" left="666" width="11" height="14" font="35">- </text> <text top="359" left="666" width="4" height="14" font="35"> </text> <text top="326" left="748" width="61" height="14" font="37">6,028.95 </text> <text top="359" left="748" width="63" height="14" font="37"> 465.63 </text> <text top="431" left="92" width="60" height="14" font="35">Royalty </text> <text top="431" left="196" width="36" height="14" font="37">2010 </text> <text top="463" left="196" width="36" height="14" font="37">2011 </text> <text top="431" left="247" width="77" height="14" font="37">314,755.73 </text> <text top="463" left="247" width="105" height="14" font="37">123,074,172.40 </text> <text top="431" left="382" width="77" height="14" font="37">314,755.73 </text> <text top="463" left="382" width="106" height="14" font="37">123,074,126.30 </text> <text top="431" left="517" width="10" height="14" font="37">- </text> <text top="463" left="517" width="41" height="14" font="37">46.10 </text> <text top="431" left="599" width="5" height="14" font="37"> </text> <text top="449" left="599" width="5" height="14" font="37"> </text> <text top="431" left="666" width="5" height="14" font="37"> </text> <text top="463" left="666" width="5" height="14" font="37"> </text> <text top="431" left="748" width="5" height="14" font="37"> </text> <text top="463" left="748" width="50" height="14" font="37"> 46.10 </text> <text top="496" left="92" width="82" height="14" font="35">C/Interest </text> <text top="496" left="196" width="36" height="14" font="37">2010 </text> <text top="528" left="196" width="36" height="14" font="37">2011 </text> <text top="496" left="247" width="10" height="14" font="37">- </text> <text top="528" left="247" width="106" height="14" font="37">233,587,963.67 </text> <text top="496" left="382" width="11" height="14" font="35">- </text> <text top="528" left="382" width="105" height="14" font="37">233,588,058.03 </text> <text top="496" left="517" width="5" height="14" font="37"> </text> <text top="528" left="517" width="5" height="14" font="37"> </text> <text top="496" left="599" width="5" height="14" font="37"> </text> <text top="514" left="599" width="5" height="14" font="37"> </text> <text top="532" left="599" width="46" height="14" font="37">-94.36 </text> <text top="496" left="666" width="5" height="14" font="37"> </text> <text top="496" left="748" width="5" height="14" font="37"> </text> <text top="528" left="748" width="46" height="14" font="37">-94.36 </text> <text top="565" left="92" width="31" height="14" font="35">API </text> <text top="565" left="196" width="36" height="14" font="37">2010 </text> <text top="597" left="196" width="36" height="14" font="37">2011 </text> <text top="565" left="247" width="10" height="14" font="37">- </text> <text top="597" left="247" width="98" height="14" font="37">87,595,570.02 </text> <text top="565" left="382" width="11" height="14" font="35">- </text> <text top="597" left="382" width="97" height="14" font="37">87,595,521.76 </text> <text top="565" left="517" width="4" height="14" font="35"> </text> <text top="597" left="517" width="41" height="14" font="37">48.26 </text> <text top="565" left="599" width="5" height="14" font="37"> </text> <text top="582" left="599" width="5" height="14" font="37"> </text> <text top="565" left="666" width="4" height="14" font="35"> </text> <text top="597" left="666" width="5" height="14" font="37"> </text> <text top="565" left="748" width="10" height="14" font="37">- </text> <text top="597" left="748" width="41" height="14" font="37">48.26 </text> <text top="630" left="92" width="74" height="14" font="35">Corp. Tax </text> <text top="630" left="196" width="36" height="14" font="37">2010 </text> <text top="662" left="196" width="36" height="14" font="37">2011 </text> <text top="630" left="247" width="10" height="14" font="37">- </text> <text top="662" left="247" width="10" height="14" font="37">- </text> <text top="630" left="382" width="11" height="14" font="35">- </text> <text top="662" left="382" width="11" height="14" font="35">- </text> <text top="630" left="517" width="4" height="14" font="35"> </text> <text top="662" left="517" width="4" height="14" font="35"> </text> <text top="630" left="599" width="4" height="14" font="35"> </text> <text top="647" left="599" width="4" height="14" font="35"> </text> <text top="630" left="666" width="11" height="14" font="35">- </text> <text top="662" left="666" width="11" height="14" font="35">- </text> <text top="630" left="748" width="11" height="14" font="35">- </text> <text top="662" left="748" width="11" height="14" font="35">- </text> <text top="695" left="92" width="69" height="14" font="35">Dividend </text> <text top="695" left="196" width="36" height="14" font="37">2010 </text> <text top="727" left="196" width="36" height="14" font="37">2011 </text> <text top="695" left="247" width="10" height="14" font="37">- </text> <text top="727" left="247" width="10" height="14" font="37">- </text> <text top="695" left="382" width="11" height="14" font="35">- </text> <text top="727" left="382" width="11" height="14" font="35">- </text> <text top="695" left="517" width="4" height="14" font="35"> </text> <text top="727" left="517" width="4" height="14" font="35"> </text> <text top="695" left="599" width="4" height="14" font="35"> </text> <text top="712" left="599" width="4" height="14" font="35"> </text> <text top="695" left="666" width="11" height="14" font="35">- </text> <text top="727" left="666" width="11" height="14" font="35">- </text> <text top="695" left="748" width="11" height="14" font="35">- </text> <text top="727" left="748" width="11" height="14" font="35">- </text> <text top="760" left="92" width="41" height="14" font="35">Total </text> <text top="760" left="196" width="36" height="14" font="37">2010 </text> <text top="792" left="196" width="36" height="14" font="37">2011 </text> <text top="760" left="247" width="148" height="14" font="35"> 428,281.18 </text> <text top="792" left="247" width="283" height="14" font="35">444,351,020.04 </text> <text top="760" left="382" width="88" height="14" font="35">422,252.23 </text> <text top="792" left="382" width="120" height="14" font="35">444,350,554.41 </text> <text top="760" left="517" width="69" height="14" font="35">6,028.95 </text> <text top="792" left="517" width="64" height="14" font="35"> 559.99 </text> <text top="760" left="599" width="4" height="14" font="35"> </text> <text top="778" left="599" width="4" height="14" font="35"> </text> <text top="795" left="599" width="52" height="14" font="35">-94.36 </text> <text top="760" left="666" width="4" height="14" font="35"> </text> <text top="760" left="748" width="69" height="14" font="35">6,028.95 </text> <text top="792" left="748" width="68" height="14" font="35"> 465.63 </text> <text top="828" left="105" width="3" height="12" font="119"> </text> <text top="848" left="122" width="4" height="12" font="97"> </text> <text top="844" left="138" width="58" height="17" font="18">Royalty:</text> <text top="847" left="196" width="4" height="13" font="5"> </text> <text top="845" left="200" width="580" height="16" font="3">The Saltpond Offshore Producing Company Ltd paid royalty of US$ 314,755.73 in </text> <text top="867" left="138" width="40" height="16" font="3">2010.</text> <text top="869" left="178" width="8" height="13" font="5"> </text> <text top="904" left="105" width="622" height="16" font="3">In 2011 royalty payment amounted to US$123,074,172.40 and was made up of in-kind </text> <text top="926" left="105" width="645" height="16" font="3">payment of 1,087,943.13 barrels which was sold by the GNPC for US$122,941,190.00;and </text> <text top="948" left="105" width="353" height="16" font="3">payment by SOPCL amounting to US$132,982.40.</text> <text top="950" left="458" width="5" height="14" font="37"> </text> <text top="986" left="125" width="4" height="15" font="24"> </text> <text top="984" left="138" width="109" height="17" font="18">Carried interest</text> <text top="986" left="247" width="5" height="14" font="37"> </text> <text top="985" left="252" width="468" height="16" font="3">in 2011 was paid in kind with 2,067,087.91 barrels which sold for </text> <text top="1008" left="138" width="144" height="16" font="3">US$233,587,963.67 </text> <text top="1045" left="125" width="4" height="15" font="24"> </text> <text top="1044" left="138" width="165" height="17" font="18">Additional Paid Interest</text> <text top="1044" left="303" width="468" height="16" font="0"> in 2011 was made in kind with 775,157.96 barrels which sold for </text> <text top="1067" left="138" width="140" height="16" font="3">US$ 87,595,570.02 </text> </page> <page number="113" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="120" size="14" family="Symbol" color="#1721f4"/> <fontspec id="121" size="14" family="Helvetica" color="#1721f4"/> <fontspec id="122" size="13" family="Times" color="#1721f4"/> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="775" width="17" height="13" font="37">vii </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="103" height="16" font="11">Discrepancy </text> <text top="218" left="105" width="676" height="16" font="3">There were discrepancies in payment and receipt of surface rentals in 2010 and 2011. In 2010 </text> <text top="240" left="105" width="661" height="16" font="3">a discrepancy of US$6,028 was recorded, whilst an amount of US$465.63 was established in </text> <text top="262" left="105" width="45" height="16" font="3">2011. </text> <text top="300" left="105" width="185" height="17" font="19">Significant Findings: </text> <text top="337" left="105" width="7" height="21" font="120">•</text> <text top="342" left="112" width="4" height="15" font="121"> </text> <text top="341" left="131" width="145" height="17" font="113">Capital Gains Tax </text> <text top="376" left="105" width="5" height="15" font="122"> </text> <text top="374" left="110" width="57" height="17" font="114">Finding </text> <text top="398" left="105" width="5" height="16" font="11"> </text> <text top="417" left="105" width="679" height="16" font="3">Tullow Oil Plc. acquired the only indigenous partner in the Jubilee oil field, EO Group Limited in </text> <text top="436" left="105" width="688" height="16" font="3">2011. The reconciler did not come across any capital gain tax in the transaction. GRA has issued </text> <text top="456" left="105" width="316" height="16" font="3">a ruling that the transaction is liable to tax. </text> <text top="475" left="105" width="5" height="16" font="3"> </text> <text top="494" left="105" width="632" height="16" font="3">The Petroleum Revenue Management Act, Act 815 section 6(e) indicate capital gains tax </text> <text top="514" left="105" width="647" height="16" font="3">derived from the sale of ownership of exploration, development and production rights as a </text> <text top="533" left="105" width="353" height="16" font="3">possible receipt for the petroleum holding fund. </text> <text top="553" left="105" width="5" height="16" font="3"> </text> <text top="572" left="105" width="5" height="16" font="3"> </text> <text top="572" left="110" width="134" height="16" font="10">Recommendation: </text> <text top="591" left="105" width="5" height="16" font="3"> </text> <text top="611" left="105" width="679" height="16" font="3">It is recommended that GRA pursues the issue of capital gains tax on the E.O Group’s acquired </text> <text top="630" left="105" width="664" height="16" font="3">1.75% equity and other such acquisitions to its logical conclusion. It may also be prudent for </text> <text top="649" left="105" width="672" height="16" font="3">the necessary legislation on capital gains to be streamlined as the E.O Group acquisitions may </text> <text top="669" left="105" width="316" height="16" font="3">only be the beginning of such transactions. </text> <text top="689" left="105" width="5" height="16" font="11"> </text> <text top="704" left="105" width="7" height="21" font="20">•</text> <text top="709" left="112" width="4" height="15" font="21"> </text> <text top="708" left="131" width="162" height="16" font="11">Thin Capitalization: </text> <text top="727" left="105" width="5" height="16" font="3"> </text> <text top="748" left="105" width="5" height="14" font="12"> </text> <text top="747" left="110" width="57" height="16" font="10">Finding:</text> <text top="747" left="167" width="590" height="16" font="3"> Interest expense is generally deductible in determining the chargeable income for </text> <text top="769" left="105" width="651" height="16" font="3">corporate tax purposes. There is however no provision in the PITL that relates to excessive </text> <text top="791" left="105" width="676" height="16" font="3">interest charges. There is the risk that tax payers may use unlimited interest payments to strip </text> <text top="813" left="105" width="640" height="16" font="3">profits, resulting in lower corporate tax payments. However, Section 41 of the PITL, 1987 </text> <text top="836" left="105" width="642" height="16" font="3">provides that without express exemption of a contractor from taxation, the general law or </text> <text top="858" left="105" width="665" height="16" font="3">provisions thereof relating to taxation may apply. According to the GRA, this section ensures </text> <text top="880" left="105" width="661" height="16" font="3">that provisions on limitations in interest deductions in ACT 2000, the Internal Revenue Act is </text> <text top="903" left="105" width="250" height="16" font="3">applicable in the petroleum sector. </text> <text top="939" left="105" width="123" height="16" font="10">Recommendation</text> <text top="941" left="228" width="10" height="14" font="12">: </text> <text top="977" left="105" width="659" height="16" font="3">There is the need to harmonize the provisions in the PITL and the Internal Revenue Act, Act </text> <text top="999" left="105" width="45" height="16" font="3">2000. </text> </page> <page number="114" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="123" size="15" family="Times" color="#dc6800"/> <fontspec id="124" size="15" family="Times" color="#dc6800"/> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="781" width="11" height="13" font="37">1 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="201" left="105" width="166" height="16" font="25">1.0 INTRODUCTION </text> <text top="224" left="105" width="5" height="16" font="3"> </text> <text top="263" left="105" width="192" height="17" font="113">1.1 Background of EITI </text> <text top="287" left="105" width="5" height="17" font="123"> </text> <text top="307" left="105" width="637" height="16" font="3">The Extractive Industries Transparency Initiative (EITI) which was launched at the World </text> <text top="326" left="105" width="614" height="16" font="3">Summit on Development in Johannesburg, September 2002 sets a global standard for </text> <text top="346" left="105" width="312" height="16" font="3">transparency in the oil and gas industries. </text> <text top="365" left="105" width="5" height="16" font="3"> </text> <text top="384" left="105" width="671" height="16" font="3">EITI aims to enhance transparency around the generation and spending of revenues from the </text> <text top="404" left="105" width="688" height="16" font="3">extractive sector so as to improve development outcomes, reduce the potential for corruption or </text> <text top="423" left="105" width="684" height="16" font="3">large-scale embezzlement of funds by host governments and to provide citizens with a basis for </text> <text top="442" left="105" width="273" height="16" font="3">demanding a fair use of its resources. </text> <text top="462" left="105" width="5" height="16" font="3"> </text> <text top="498" left="105" width="94" height="17" font="113">1.2 GHEITI </text> <text top="522" left="105" width="5" height="17" font="124"> </text> <text top="542" left="105" width="649" height="16" font="3">The Government of Ghana formally committed itself to implementing EITI in 2003, when it </text> <text top="564" left="105" width="265" height="16" font="3">signed on to the initiative in London. </text> <text top="601" left="105" width="659" height="16" font="3">As part of its commitment, Ghana commenced publication of extractive industries’ payments </text> <text top="623" left="105" width="674" height="16" font="3">and government receipts with reports on the mining sector. The initiative was extended to the </text> <text top="646" left="105" width="279" height="16" font="3">oil and gas sector in September 2010. </text> <text top="682" left="105" width="642" height="16" font="3">In November 2010, the EITI International Board announced that Ghana has attained EITI </text> <text top="705" left="105" width="182" height="16" font="3">Compliant country status </text> <text top="744" left="105" width="552" height="17" font="113">1.3 Content and objective of the first Oil and Gas Aggregated report </text> <text top="768" left="105" width="5" height="17" font="123"> </text> <text top="788" left="105" width="675" height="16" font="3">The Ghana Extractive Industries’ Transparency Initiative (GHEITI) has engaged Messrs Boas & </text> <text top="810" left="105" width="679" height="16" font="3">Associates to aggregate and reconcile the payments from the Oil & Gas Sector and Receipts by </text> <text top="833" left="105" width="328" height="16" font="3">the government of Ghana for 2010 and 2011. </text> <text top="869" left="105" width="665" height="16" font="3">This report presents the results of the reconciliation of the Oil and Gas sector activities which </text> <text top="889" left="105" width="399" height="16" font="3">comprises of cash or in kind inflows for 2010 and 2011. </text> <text top="908" left="105" width="5" height="16" font="3"> </text> <text top="927" left="105" width="5" height="16" font="3"> </text> <text top="947" left="105" width="369" height="16" font="3"> The objectives of the report include the following: </text> <text top="966" left="105" width="5" height="16" font="3"> </text> <text top="987" left="131" width="6" height="15" font="16">•</text> <text top="986" left="137" width="4" height="15" font="24"> </text> <text top="986" left="158" width="548" height="16" font="3">Collect, analyze and aggregate payments made by Oil and Gas companies to </text> <text top="1005" left="158" width="166" height="16" font="3">Government of Ghana. </text> <text top="1024" left="158" width="5" height="16" font="3"> </text> <text top="1045" left="131" width="6" height="15" font="16">•</text> <text top="1044" left="137" width="4" height="15" font="24"> </text> <text top="1044" left="158" width="573" height="16" font="3">Reconcile Oil and Gas companies’ submissions of payments to those received by </text> <text top="1063" left="158" width="97" height="16" font="3">Government. </text> <text top="1083" left="158" width="5" height="16" font="3"> </text> </page> <page number="115" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="781" width="11" height="13" font="37">2 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="182" left="131" width="6" height="15" font="16">•</text> <text top="182" left="137" width="4" height="15" font="24"> </text> <text top="181" left="158" width="619" height="16" font="3">Analyze the disbursements to the Ghana National Petroleum Company (GNPC), Annual </text> <text top="201" left="158" width="415" height="16" font="3">Budget Funding Amount and the Ghana Petroleum Funds. </text> <text top="220" left="158" width="5" height="16" font="3"> </text> <text top="241" left="131" width="6" height="15" font="16">•</text> <text top="240" left="137" width="4" height="15" font="24"> </text> <text top="239" left="158" width="578" height="16" font="3">Utilize lessons learnt from the Reconciliation process to enhance Transparency in </text> <text top="259" left="158" width="496" height="16" font="3">Payments, Receipts, Disbursements and Utilization of these benefits. </text> <text top="277" left="105" width="5" height="17" font="19"> </text> <text top="297" left="105" width="654" height="16" font="3">A multi- stake holder steering committee made up of representatives from the government, </text> <text top="317" left="105" width="667" height="16" font="3">extractive industry companies and civil society reviews the reconciled information before EITI </text> <text top="336" left="105" width="87" height="16" font="3">publication. </text> <text top="356" left="105" width="5" height="16" font="3"> </text> <text top="374" left="105" width="5" height="17" font="19"> </text> <text top="394" left="105" width="311" height="17" font="19">1.4 The Oil and Gas Industry in Ghana </text> <text top="414" left="105" width="5" height="16" font="3"> </text> <text top="433" left="105" width="621" height="16" font="3"> Jubilee field was discovered in June 2007. The field was one of the fastest deep water </text> <text top="452" left="105" width="620" height="16" font="3">developments chalking approximately forty (40) months from discovery to production. </text> <text top="472" left="105" width="5" height="16" font="3"> </text> <text top="491" left="105" width="631" height="16" font="3">The Jubilee field is located approximately 60 km offshore from the nearest coastline and </text> <text top="511" left="105" width="679" height="16" font="3">straddles two blocks namely Deep water Tano and West Cape Three Points with a recoverable </text> <text top="530" left="105" width="672" height="16" font="3">estimated reserve ranging from 318 million (Low Case), 615 Mid case and upside of 1.5 billion </text> <text top="549" left="105" width="58" height="16" font="3">barrels. </text> <text top="569" left="105" width="5" height="16" font="3"> </text> <text top="588" left="105" width="616" height="16" font="3">Though the targeted production was in the range of 120,000 barrels per day, in 2011, </text> <text top="608" left="105" width="641" height="16" font="3">production averaged 67,000 bopd due to temporary shutdown of some producing well for </text> <text top="627" left="105" width="673" height="16" font="3">remedial works. The first floating production storage and offloading unit, FPSO named Kwame </text> <text top="646" left="105" width="666" height="16" font="3">Nkrumah MV 21 was commissioned in May 2010 with design capacity of 20 years without dry </text> <text top="666" left="105" width="64" height="16" font="3">docking. </text> <text top="685" left="105" width="5" height="16" font="3"> </text> <text top="704" left="105" width="330" height="16" font="3">Jubilee field achieved first oil production on 28</text> <text top="702" left="435" width="9" height="10" font="50">th</text> <text top="704" left="444" width="331" height="16" font="3"> November 2010. The partners of Jubilee field </text> <text top="724" left="105" width="631" height="16" font="3">includes Tullow Ghana Limited (Operator), Anadarko Petroleum Corporation (Anadarko), </text> <text top="743" left="105" width="682" height="16" font="3">Kosmos Energy Ghana (Kosmos), Ghana National Petroleum Corporation (GNPC), Sabre Oil and </text> <text top="763" left="105" width="98" height="16" font="3">Gas Limited. </text> <text top="782" left="105" width="5" height="16" font="3"> </text> <text top="801" left="105" width="685" height="16" font="3">The Jubilee fields commenced production on an average of 24,375 barrels per day in the month </text> <text top=" 824" left="105" width="648" height="16" font="3">of November 2010. Production levels increased to an average of 36,932 barrels per day in </text> <text top="846" left="105" width="122" height="16" font="3">December 2010. </text> <text top="889" left="105" width="71" height="16" font="3">On the 25</text> <text top="886" left="176" width="9" height="10" font="50">th</text> <text top="889" left="185" width="600" height="16" font="3">July 2011, Tullow completed the acquisition of the interests of EO Group Limited for </text> <text top="908" left="105" width="670" height="16" font="3">about US$311 million, increasing Tullow's interest by 1.75% to 36.42%. Other partners in the </text> <text top="927" left="105" width="649" height="16" font="3">Jubilee Unit Area are Kosmos Energy (23.50%), Anadarko Petroleum (23.50%), the Ghana </text> <text top="947" left="105" width="640" height="16" font="3">National Petroleum Company (13.75%) and Sabre Oil & Gas (2.81%) according to source </text> <text top="966" left="105" width="247" height="16" font="3">document from Tullow Ghana Ltd. </text> <text top="1006" left="105" width="661" height="16" font="3">In October 2011 the partnership completed the first redetermination of the Jubilee Unit Area </text> <text top="1025" left="105" width="638" height="16" font="3">(JUA) and the net result is that Tullow’s working interest in the JUA reduced slightly from </text> <text top="1045" left="105" width="503" height="16" font="3">36.5% to 35.47954% which became effective from 1 December 2011. </text> </page> <page number="116" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="125" size="14" family="Times" color="#ff0000"/> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="781" width="11" height="13" font="37">3 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="339" height="16" font="3">These shareholdings were to change effective 1</text> <text top="178" left="444" width="8" height="10" font="50">st</text> <text top="181" left="452" width="331" height="16" font="3"> December, 2011, when a re-determination of </text> <text top="201" left="105" width="354" height="16" font="3">original hydrocarbons in place was implemented. </text> <text top="240" left="105" width="652" height="16" font="3">Currently Tullow Ghana Limited holds 35.47954%, Kosmos Energy (24.07710%), Anadarko </text> <text top="260" left="105" width="686" height="16" font="3">Petroleum (24.07710%), the Ghana National Petroleum Company (13.64084%) and Sabre Oil & </text> <text top="279" left="105" width="127" height="16" font="3">Gas (2.72544%). </text> <text top="319" left="105" width="671" height="16" font="3">The first major oil producing field Saltpond Offshore operated by Saltpond Offshore Producing </text> <text top="338" left="105" width="676" height="16" font="3">Company has recoverable reserve of 2-3 million barrels of oil as well as substantial natural gas </text> <text top="358" left="105" width="74" height="16" font="3">reserves. </text> <text top="377" left="105" width="5" height="16" font="3"> </text> <text top="396" left="105" width="657" height="16" font="3">As of December 2011, a number of offshore exploration licences have been issued including </text> <text top="416" left="105" width="672" height="16" font="3">Cape Three Points Deep water (Vanco Ghana and Lukoil), South Cape Three Point (ENI) Deep </text> <text top="435" left="105" width="683" height="16" font="3">Water Tano/Cape Three Points (Hess) Offshore Cape Three Points (Eni) East Cape Three Points </text> <text top="455" left="105" width="643" height="16" font="3">(Sahara Energy), West Cape Three Points (Kosmos Energy) Deep Water Tano (Tullow Oil) </text> <text top="474" left="105" width="647" height="16" font="3">Shallow Water Tano (Interoil and Tullow). The Jubilee field which straddles the West Cape </text> <text top="493" left="105" width="481" height="16" font="3">Three Point and Tano Deep Water blocks is currently producing oil. </text> <text top="513" left="105" width="5" height="16" font="3"> </text> <text top="532" left="105" width="662" height="16" font="3">On Gas development, a credit facility has been sourced by the government with $850 million </text> <text top="551" left="105" width="665" height="16" font="3">earmarked for the development of the West Corridor Gas Infrastructure Development Project </text> <text top="571" left="105" width="649" height="16" font="3">which is intended to commercialize the gas produced at the jubilee field and other sites for </text> <text top="590" left="105" width="688" height="16" font="3">export and to power the Ghana Thermal power plants. Currently gas found at the Jubilee field is </text> <text top="610" left="105" width="666" height="16" font="3">largely re-injected with minimal flaring. But the process of re-injection is unsustainable hence </text> <text top="629" left="105" width="259" height="16" font="3">the development of the gas project. </text> <text top="648" left="105" width="5" height="16" font="3"> </text> <text top="667" left="105" width="5" height="17" font="123"> </text> <text top="687" left="105" width="493" height="17" font="19">1.5 Ghana’s Regulatory Framework for the Petroleum Sector </text> <text top="707" left="105" width="5" height="16" font="125"> </text> <text top="726" left="105" width="547" height="16" font="3">The following laws regulate the oil and gas operations (Upstream) in Ghana. </text> <text top="759" left="131" width="7" height="21" font="23">•</text> <text top="764" left="139" width="4" height="15" font="24"> </text> <text top="763" left="158" width="293" height="16" font="3">Exploration and Production Law of 1984. </text> <text top="793" left="131" width="7" height="21" font="23">•</text> <text top="798" left="139" width="4" height="15" font="24"> </text> <text top="797" left="158" width="444" height="16" font="3">Ghana National Petroleum Corporation Law, 1983 (PNDCL 64) </text> <text top="827" left="131" width="7" height="21" font="23">•</text> <text top="832" left="139" width="4" height="15" font="24"> </text> <text top="831" left="158" width="370" height="16" font="3">Petroleum Income Tax Law, 1987 (PNDC LAW 188) </text> <text top="861" left="131" width="7" height="21" font="23">•</text> <text top="866" left="139" width="4" height="15" font="24"> </text> <text top="865" left="158" width="203" height="16" font="3">The Petroleum Agreements. </text> <text top="885" left="158" width="5" height="16" font="3"> </text> <text top="900" left="131" width="7" height="21" font="23">•</text> <text top="905" left="139" width="4" height="15" font="24"> </text> <text top="904" left="158" width="283" height="16" font="3">The Petroleum Commission Acts, 2011. </text> <text top="923" left="105" width="5" height="16" font="3"> </text> <text top="939" left="131" width="7" height="21" font="23">•</text> <text top="944" left="139" width="4" height="15" font="24"> </text> <text top="943" left="158" width="307" height="16" font="3">The Internal Revenue Act, 2000 (Act 592). </text> <text top="965" left="105" width="5" height="16" font="3"> </text> <text top="983" left="131" width="7" height="21" font="23">•</text> <text top="988" left="139" width="4" height="15" font="24"> </text> <text top="987" left="158" width="349" height="16" font="3">The Petroleum Revenue Management Act, 2011. </text> <text top="1010" left="158" width="5" height="16" font="3"> </text> <text top="1031" left="105" width="367" height="15" font="36">1.5.1 Petroleum (Exploration and Production) Law, 1984 </text> <text top="1067" left="105" width="646" height="16" font="3">The petroleum law regulates the exploration, development and production of petroleum in </text> <text top="1086" left="105" width="676" height="16" font="3">Ghana. It provides the authority for the Government of Ghana (represented by the Ministry of </text> </page> <page number="117" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="126" size="14" family="Times" color="#e36b09"/> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="781" width="11" height="13" font="37">4 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="651" height="16" font="3">Energy) and GNPC to negotiate petroleum contracts. It also contains some fiscal provisions </text> <text top="201" left="105" width="250" height="16" font="3">including that for royalty payment. </text> <text top="220" left="105" width="5" height="16" font="3"> </text> <text top="239" left="105" width="663" height="16" font="3">The Model Petroleum Agreement emanates from the Petroleum (Exploration and Production) </text> <text top="259" left="105" width="646" height="16" font="3">Law and is intended to guide the negotiation process (including terms and conditions) in a </text> <text top="278" left="105" width="595" height="16" font="3">Petroleum Agreement between GNPC, Government of Ghana and the Oil Company. </text> <text top="297" left="105" width="5" height="16" font="0"> </text> <text top="333" left="105" width="357" height="15" font="36">1.5.2 Ghana National Petroleum Corporation Law, 1983</text> <text top="333" left="462" width="10" height="16" font="3"> </text> <text top="352" left="105" width="5" height="16" font="3"> </text> <text top="371" left="105" width="640" height="16" font="3">(PNDCL 64) gives GNPC the right to the development of the oil sector, oil exploration and </text> <text top="391" left="105" width="80" height="16" font="3">production.</text> <text top="388" left="185" width="2" height="10" font="50">i</text> <text top="391" left="188" width="5" height="16" font="3"> </text> <text top="410" left="105" width="5" height="16" font="3"> </text> <text top="430" left="105" width="255" height="15" font="36">1.5.3 Petroleum Income Tax Law, 1987</text> <text top="429" left="359" width="5" height="17" font="2"> </text> <text top="429" left="365" width="45" height="17" font="18">(PITL)</text> <text top="429" left="409" width="5" height="17" font="2"> </text> <text top="466" left="105" width="655" height="16" font="3">(PNDCL 188) provides details of income and withholding taxes levied at the upstream stage </text> <text top="489" left="105" width="676" height="16" font="3">(exploration, evaluation and appraisal, development and production) of oil and gas operations. </text> <text top="525" left="105" width="247" height="15" font="36">1.5.4 The Internal Revenue Act, 2000 </text> <text top="560" left="105" width="685" height="16" font="3">The Internal Revenue Act, 2000 is an act which provides the general law relating to income tax, </text> <text top="583" left="105" width="211" height="16" font="3">capital gains tax and gift tax. </text> <text top="619" left="105" width="284" height="15" font="36">1.5.5 The Petroleum Commission Act, 2011 </text> <text top="655" left="105" width="675" height="16" font="3">The petroleum commission is a body corporate with perpetual succession with the objective to </text> <text top="677" left="105" width="638" height="16" font="3">regulate, monitor and manage the activities and utilisation of petroleum resources and to </text> <text top="699" left="105" width="272" height="16" font="3">coordinate policies in relation to them.</text> <text top="700" left="377" width="9" height="15" font="36"> </text> <text top="735" left="105" width="350" height="15" font="36">1.5.6 The Petroleum Revenue Management Act, 2011 </text> <text top="771" left="105" width="665" height="16" font="3"> This Act provides the framework for the collection, allocation and management of petroleum </text> <text top="793" left="112" width="507" height="16" font="3">revenue derived from upstream and mid-stream petroleum operations. </text> <text top="829" left="105" width="4" height="15" font="27"> </text> <text top="849" left="105" width="4" height="15" font="27"> </text> <text top="871" left="105" width="27" height="15" font="27">1.6 </text> <text top="870" left="133" width="215" height="17" font="19">The acquisition of oil block</text> <text top="871" left="348" width="4" height="15" font="27"> </text> <text top="893" left="105" width="10" height="16" font="126"> </text> <text top="911" left="131" width="7" height="21" font="23">•</text> <text top="916" left="139" width="4" height="15" font="24"> </text> <text top="915" left="158" width="548" height="16" font="3">The Acquisition of oil block commences with an application to the Ministry of </text> <text top="937" left="158" width="196" height="16" font="3">Energy.(See Appendix 6) </text> <text top="956" left="131" width="7" height="21" font="23">•</text> <text top="960" left="139" width="4" height="15" font="24"> </text> <text top="960" left="158" width="284" height="16" font="3">The requisition is referred to the GNPC. </text> <text top="978" left="131" width="7" height="21" font="23">•</text> <text top="983" left="139" width="4" height="15" font="24"> </text> <text top="982" left="158" width="627" height="16" font="3">Applicant schedules and inspects data on available blocks/contract area at GNPC’s data </text> <text top="1004" left="158" width="47" height="16" font="3">room. </text> <text top="1023" left="131" width="7" height="21" font="23">•</text> <text top="1028" left="139" width="4" height="15" font="24"> </text> <text top="1027" left="158" width="599" height="16" font="3">Applicant identifies available block of interest and picks up application forms at </text> <text top="1049" left="158" width="95" height="16" font="3">MoEn/GNPC. </text> <text top="1068" left="131" width="7" height="21" font="23">•</text> <text top="1072" left="139" width="4" height="15" font="24"> </text> <text top="1071" left="158" width="606" height="16" font="3">Application is submitted to MoEn together with an application fee of US$10,000 in </text> </page> <page number="118" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="127" size="15" family="Times" color="#e36b09"/> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="781" width="11" height="13" font="37">5 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="158" width="107" height="16" font="3">Bankers Draft. </text> <text top="199" left="131" width="7" height="21" font="23">•</text> <text top="204" left="139" width="4" height="15" font="24"> </text> <text top="203" left="158" width="589" height="16" font="3">GNPC reviews and evaluates application and sends outcome of evaluation to the </text> <text top="226" left="158" width="65" height="16" font="3">Minister. </text> <text top="244" left="131" width="7" height="21" font="23">•</text> <text top="249" left="139" width="4" height="15" font="24"> </text> <text top="248" left="158" width="531" height="16" font="3">Decision is taken on the application and Applicant is advised accordingly. </text> <text top="267" left="131" width="7" height="21" font="23">•</text> <text top="271" left="139" width="4" height="15" font="24"> </text> <text top="270" left="158" width="635" height="16" font="3">The Minister sets up a team comprising of representatives from the Ministry of Energy, </text> <text top="293" left="158" width="606" height="16" font="3">Attorney General’s Department, Ministry of Finance and Economic Planning and the </text> <text top="315" left="158" width="191" height="16" font="3">Ghana Revenue Authority. </text> <text top="333" left="131" width="7" height="21" font="23">•</text> <text top="338" left="139" width="4" height="15" font="24"> </text> <text top="337" left="158" width="497" height="16" font="3">The team then negotiates a Petroleum Agreement with the applicant. </text> <text top="356" left="131" width="7" height="21" font="23">•</text> <text top="361" left="139" width="4" height="15" font="24"> </text> <text top="360" left="158" width="445" height="16" font="3">Report on outcomes of the negotiation is sent to the Cabinet. </text> <text top="378" left="131" width="7" height="21" font="23">•</text> <text top="383" left="139" width="4" height="15" font="24"> </text> <text top="382" left="158" width="298" height="16" font="3">It is then sent to parliament for approval. </text> <text top="401" left="131" width="7" height="21" font="23">•</text> <text top="405" left="139" width="4" height="15" font="24"> </text> <text top="404" left="158" width="514" height="16" font="3">The Petroleum Agreement becomes effective on the date of ratification. </text> <text top="427" left="131" width="5" height="16" font="3"> </text> <text top="450" left="146" width="4" height="15" font="24"> </text> <text top="449" left="158" width="619" height="16" font="3">Signature bonuses are currently not part of the fiscal regime of the petroleum industry </text> <text top="471" left="158" width="73" height="16" font="3">in Ghana. </text> <text top="508" left="105" width="5" height="17" font="127"> </text> <text top="544" left="105" width="5" height="17" font="127"> </text> <text top="581" left="105" width="5" height="17" font="127"> </text> <text top="618" left="105" width="5" height="17" font="127"> </text> <text top="655" left="105" width="5" height="17" font="127"> </text> <text top="692" left="105" width="5" height="17" font="127"> </text> <text top="729" left="105" width="5" height="17" font="127"> </text> <text top="766" left="105" width="5" height="17" font="127"> </text> <text top="803" left="105" width="5" height="17" font="127"> </text> <text top="840" left="105" width="5" height="17" font="127"> </text> <text top="877" left="105" width="5" height="17" font="127"> </text> <text top="913" left="105" width="5" height="17" font="127"> </text> <text top="950" left="105" width="5" height="17" font="127"> </text> <text top="987" left="105" width="5" height="17" font="127"> </text> <text top="1024" left="105" width="5" height="17" font="127"> </text> <text top="1061" left="105" width="5" height="17" font="127"> </text> </page> <page number="119" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="128" size="13" family="Times" color="#1721f4"/> <fontspec id="129" size="14" family="Times" color="#dc6800"/> <fontspec id="130" size="14" family="Times" color="#dc6800"/> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="781" width="11" height="13" font="37">6 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="172" height="16" font="25">2.0 SCOPE OF WORK </text> <text top="203" left="105" width="5" height="16" font="3"> </text> <text top="240" left="105" width="684" height="16" font="3">The assignment involves the collection, analysis and reconciliation of payments made by oil and </text> <text top="262" left="105" width="594" height="16" font="3">gas companies to the government of Ghana. It shall also include ascertaining if the </text> <text top="285" left="105" width="684" height="16" font="3">disbursements from the Petroleum Holding Funds were in accordance with the provisions of the </text> <text top="307" left="105" width="366" height="16" font="3">Petroleum Revenue Management Act 2011, Act 815</text> <text top="311" left="471" width="6" height="11" font="42">. </text> <text top="309" left="476" width="202" height="14" font="71">(See Appendix 3 & 4-Terms of </text> <text top="328" left="105" width="170" height="14" font="71">Reference/Methodology) </text> <text top="364" left="105" width="245" height="15" font="128">2.1 Basis of Reporting/Currency. </text> <text top="387" left="105" width="628" height="16" font="3">The basis of reporting is cash or actual. Thus only payments/revenues actually paid and </text> <text top="410" left="105" width="666" height="16" font="3">received in 2010 and 2011 were aggregated and reconciled. The reporting currency is the US </text> <text top="432" left="105" width="488" height="16" font="3">dollar as most of the transactions are denominated in that currency. </text> <text top="469" left="105" width="94" height="15" font="128">2.2 Auditing:</text> <text top="469" left="200" width="5" height="16" font="129"> </text> <text top="469" left="204" width="495" height="16" font="3">All participating companies’ financial statements had been audited by </text> <text top="488" left="105" width="299" height="16" font="3">Independent Auditors for 2010 and 2011. </text> <text top="507" left="105" width="5" height="16" font="3"> </text> <text top="507" left="110" width="5" height="16" font="130"> </text> <text top="543" left="105" width="527" height="15" font="128">2.3 GHEITI stakeholders on the participation and materiality level used </text> <text top="566" left="105" width="5" height="17" font="123"> </text> <text top="586" left="105" width="688" height="16" font="3">It was determined by the EITI steering Committee that all companies and joint venture partners </text> <text top="608" left="105" width="668" height="16" font="3">engaged in the production of oil/gas are expected to participate in the reconciliation exercise. </text> <text top="647" left="105" width="120" height="15" font="128">2.4 Participants </text> <text top="670" left="105" width="5" height="16" font="0"> </text> <text top="689" left="105" width="664" height="16" font="3">All international and national oil companies with stakes in the Jubilee Field, Saltpond Oil/ Gas </text> <text top="709" left="105" width="422" height="16" font="3">Field Ltd and MDA’s relevant to the EITI reporting process. </text> <text top="727" left="105" width="5" height="15" font="36"> </text> <text top="745" left="105" width="5" height="15" font="36"> </text> <text top="762" left="105" width="5" height="15" font="36"> </text> <text top="780" left="105" width="5" height="15" font="36"> </text> <text top="797" left="105" width="5" height="15" font="36"> </text> <text top="815" left="105" width="5" height="15" font="36"> </text> <text top="833" left="105" width="5" height="15" font="36"> </text> <text top="850" left="105" width="5" height="15" font="36"> </text> <text top="868" left="105" width="5" height="15" font="36"> </text> <text top="886" left="105" width="5" height="15" font="36"> </text> <text top="903" left="105" width="5" height="15" font="36"> </text> <text top="921" left="105" width="5" height="15" font="36"> </text> <text top="939" left="105" width="5" height="15" font="36"> </text> <text top="956" left="105" width="5" height="15" font="36"> </text> <text top="974" left="105" width="5" height="15" font="36"> </text> <text top="991" left="105" width="5" height="15" font="36"> </text> <text top="1009" left="105" width="5" height="15" font="36"> </text> <text top="1027" left="105" width="5" height="15" font="36"> </text> <text top="1044" left="105" width="5" height="15" font="36"> </text> <text top="1062" left="105" width="5" height="15" font="36"> </text> <text top="1079" left="105" width="5" height="15" font="36"> </text> </page> <page number="120" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="781" width="11" height="13" font="37">7 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="180" left="105" width="411" height="15" font="36">Table 2.1: Participants in the 2010/2011 reconciliation process. </text> <text top="199" left="105" width="175" height="14" font="74">OIL & GAS COMPANIES </text> <text top="199" left="375" width="190" height="14" font="74">GOVERNMENT AGENCIES </text> <text top="235" left="105" width="155" height="14" font="37">Tullow (Ghana) Limited </text> <text top="235" left="375" width="355" height="14" font="37">Ghana Revenue Authority (Domestic Tax and Customs </text> <text top="252" left="375" width="60" height="14" font="37">Division) </text> <text top="271" left="105" width="172" height="14" font="37">Kosmos Energy Ghana HC </text> <text top="271" left="375" width="300" height="14" font="37">Ghana National Petroleum Corporation(GNPC) </text> <text top="328" left="105" width="173" height="14" font="37">Ghana National Petroleum </text> <text top="346" left="105" width="127" height="14" font="37">Corporation(GNPC) </text> <text top="328" left="375" width="384" height="14" font="37">Ministry of Finance and Economic Planning/Bank of Ghana </text> <text top="395" left="105" width="148" height="14" font="37">Saltpond Oil Fields Ltd </text> <text top="413" left="105" width="5" height="14" font="37"> </text> <text top="395" left="375" width="151" height="14" font="37">Petroleum Commission </text> <text top="442" left="105" width="174" height="14" font="37">Anadarko (Ghana) Limited </text> <text top="442" left="375" width="121" height="14" font="37">Ministry of Energy </text> <text top="460" left="375" width="5" height="14" font="37"> </text> <text top="481" left="105" width="205" height="14" font="37">Sabre Oil and Gas Holdings Ltd </text> <text top="481" left="375" width="5" height="14" font="37"> </text> <text top="521" left="105" width="100" height="14" font="37">E.O. Group Ltd </text> <text top="521" left="375" width="5" height="14" font="37"> </text> <text top="577" left="105" width="4" height="15" font="128"> </text> <text top="612" left="105" width="468" height="15" font="128">2.5 Ghana Revenue Authority (Domestic Tax Revenue Division) </text> <text top="635" left="105" width="4" height="14" font="3"> </text> <text top="672" left="98" width="645" height="16" font="3">The Domestic Tax Revenue Division of the Ghana Revenue Authority is responsible for the </text> <text top="695" left="98" width="675" height="16" font="3">collection of taxes including: income tax, royalties, capital gain tax, corporate tax and gift tax. </text> <text top="717" left="98" width="677" height="16" font="3">According to the Petroleum Revenue Management Act (PRMA), ACT 815, the GRA is mandated </text> <text top="739" left="98" width="679" height="16" font="3">to assess, collect and account for all petroleum revenues. ACT 815 defines petroleum revenues </text> <text top="761" left="98" width="80" height="16" font="3">to include: </text> <text top="798" left="105" width="15" height="16" font="3">a)</text> <text top="799" left="120" width="4" height="15" font="24"> </text> <text top="798" left="131" width="623" height="16" font="3">Royalty in cash or in equivalent barrels of oil or units of gas, payable by the holder of a </text> <text top="821" left="131" width="431" height="16" font="3">licence to produce which includes the national oil company. </text> <text top="843" left="105" width="15" height="16" font="3">b)</text> <text top="844" left="120" width="4" height="15" font="24"> </text> <text top="843" left="131" width="116" height="16" font="3">Surface rentals. </text> <text top="865" left="105" width="14" height="16" font="3">c)</text> <text top="866" left="119" width="4" height="15" font="24"> </text> <text top="865" left="131" width="185" height="16" font="3">Additional Oil Entitlement </text> <text top="887" left="105" width="15" height="16" font="3">d)</text> <text top="888" left="120" width="4" height="15" font="24"> </text> <text top="887" left="131" width="647" height="16" font="3">Corporate income taxes from upstream and midstream petroleum companies including the </text> <text top="910" left="131" width="156" height="16" font="3">national oil company. </text> <text top="932" left="105" width="15" height="16" font="3">e)</text> <text top="933" left="120" width="4" height="15" font="24"> </text> <text top="932" left="131" width="346" height="16" font="3">Dividends payable by the National Oil Company. </text> <text top="954" left="105" width="11" height="16" font="3">f)</text> <text top="955" left="116" width="4" height="15" font="24"> </text> <text top="954" left="131" width="252" height="16" font="3">Carried and Participating Interests. </text> <text top="977" left="105" width="15" height="16" font="3">g)</text> <text top="978" left="120" width="4" height="15" font="24"> </text> <text top="977" left="131" width="457" height="16" font="3">Investment income derived from accumulated petroleum funds. </text> <text top="999" left="105" width="15" height="16" font="3">h)</text> <text top="1000" left="120" width="4" height="15" font="24"> </text> <text top="999" left="131" width="599" height="16" font="3">Any amount received by government directly or indirectly from petroleum resources </text> <text top="1021" left="131" width="588" height="16" font="3">including where applicable, capital gains tax derived from the sale of ownership of </text> <text top="1043" left="131" width="346" height="16" font="3">exploration, development and production rights. </text> <text top="1066" left="158" width="5" height="16" font="3"> </text> </page> <page number="121" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="131" size="14" family="Courier" color="#000000"/> <fontspec id="132" size="15" family="Times" color="#e36b09"/> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="781" width="11" height="13" font="37">8 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="180" left="105" width="367" height="15" font="128">2.6 Ghana Revenue Authority (customs Division); </text> <text top="203" left="105" width="5" height="16" font="3"> </text> <text top="240" left="105" width="641" height="16" font="3">The customs division of the GRA is responsible for monitoring oil production, supervise oil </text> <text top="262" left="105" width="644" height="16" font="3">export and conduct preventive duties on the facility. At the Jubilee Field its duties include: </text> <text top="300" left="139" width="4" height="15" font="24"> </text> <text top="299" left="158" width="610" height="16" font="3">Daily check of the status of revenue locks both electronically and physically to ensure </text> <text top="321" left="158" width="141" he ight="16" font="3">that they are intact </text> <text top="359" left="139" width="4" height="15" font="24"> </text> <text top="358" left="158" width="544" height="16" font="3">Participate in daily physical survey of tanks to determine daily oil production </text> <text top="396" left="139" width="4" height="15" font="24"> </text> <text top="395" left="158" width="612" height="16" font="3">Perform Preventive duties to prevent the use of the facility for activities other than oil </text> <text top="418" left="158" width="85" height="16" font="3">production. </text> <text top="455" left="139" width="4" height="15" font="24"> </text> <text top="454" left="158" width="147" height="16" font="3">During export of oil. </text> <text top="491" left="105" width="680" height="16" font="3">Participate in physical survey of nominated tanks with other interested parties to determine the </text> <text top="514" left="105" width="328" height="16" font="3">quantity of oil delivered from the FPSO tanks. </text> <text top="550" left="105" width="676" height="16" font="3">Disarm the electronic seal on the main export valve and open it to allow export; close and arm </text> <text top="573" left="105" width="126" height="16" font="3">seal after export. </text> <text top="610" left="105" width="595" height="16" font="3">Confirm export quantities and endorse export documents particularly the following; </text> <text top="649" left="177" width="10" height="13" font="131">o</text> <text top="647" left="187" width="4" height="15" font="24"> </text> <text top="647" left="204" width="111" height="16" font="3">Cargo Manifest </text> <text top="686" left="177" width="10" height="13" font="131">o</text> <text top="684" left="187" width="4" height="15" font="24"> </text> <text top="683" left="204" width="140" height="16" font="3">Certificate of origin </text> <text top="723" left="177" width="10" height="13" font="131">o</text> <text top="721" left="187" width="4" height="15" font="24"> </text> <text top="720" left="204" width="419" height="16" font="3">Metering custody transfer system-sealed Valve Verification </text> <text top="757" left="105" width="637" height="16" font="3">The GRA (customs Division) maintains one Customs officer on the FPSO to perform its </text> <text top="780" left="105" width="477" height="16" font="3">duties, however during liftings/exports, one more Officer is added. </text> <text top="818" left="105" width="139" height="15" font="128">2.7 Bank of Ghana </text> <text top="841" left="105" width="681" height="16" font="3">The Bank of Ghana is responsible for the day-to-day operational management of the Petroleum </text> <text top="864" left="105" width="682" height="16" font="3">Holding fund, the Ghana Petroleum Funds and subsequently the Ghana Petroleum Wealth Fund </text> <text top="886" left="105" width="624" height="16" font="3">under the terms of the Operations Management Agreement. (Section 26, PRMA, 2011). </text> <text top="925" left="105" width="570" height="15" font="128">2.8 The National Oil Company (Ghana National Petroleum Corporation) GNPC </text> <text top="947" left="105" width="5" height="17" font="127"> </text> <text top="967" left="105" width="669" height="16" font="3">Established by PNDC Law 64, GNPC is the state agency responsible for the production, export </text> <text top="986" left="105" width="376" height="16" font="3">and marketing of oil and gas on behalf of the state. </text> <text top="1020" left="105" width="98" height="15" font="122">2.8.1 Funding </text> <text top="1040" left="105" width="5" height="17" font="132"> </text> <text top="1060" left="105" width="624" height="16" font="3">Its funding is a budgeted allocation approved by Parliament of Ghana. According to the </text> <text top="1079" left="105" width="272" height="16" font="3">Petroleum Revenue Management Act, </text> <text top="1079" left="377" width="149" height="17" font="2">ACT 815 section 7(3)</text> <text top="1079" left="527" width="264" height="16" font="3">, the GNPC is entitled to a maximum </text> </page> <page number="122" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="133" size="13" family="Times" color="#000000"/> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="781" width="11" height="13" font="37">9 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="625" height="16" font="3">of fifty five percent of the net cash flow from the carried and participating interest after </text> <text top="201" left="105" width="619" height="16" font="3">deducting the equity financing cost (including advances and interest of the carried and </text> <text top="220" left="105" width="280" height="16" font="3">participating interests of the Republic). </text> <text top="239" left="105" width="5" height="16" font="3"> </text> <text top="259" left="105" width="651" height="16" font="3">Consistent with the PRMA, Parliament in 2011, approved the cedi equivalent of US$ 207.96 </text> <text top="278" left="105" width="681" height="16" font="3">million from Petroleum revenues to GNPC to enable the NOC meet Ghana’s share of the Jubilee </text> <text top="297" left="105" width="688" height="16" font="3">Field development and production cost that had accrued since 2008, and also to support GNPC’s </text> <text top="317" left="105" width="84" height="16" font="3">operations. </text> <text top="336" left="105" width="5" height="16" font="3"> </text> <text top="356" left="105" width="494" height="16" font="3">GNPC accounted to Parliament on the use of these funds as follows - </text> <text top="390" left="105" width="680" height="16" font="3">US$132,484,815 was paid to the Jubilee partners towards settlement of the advances made on </text> <text top="409" left="105" width="649" height="16" font="3">behalf of GNPC-GoG by the partners for GNPC-GoG financial commitments arising from the </text> <text top="428" left="105" width="632" height="16" font="3">carried and participating interest in Jubilee field development and production. Total debt </text> <text top="448" left="105" width="618" height="16" font="3">accrued from monies advanced by partners, together with interest since 2008 totalling </text> <text top="447" left="723" width="5" height="17" font="2"> </text> <text top="467" left="105" width="129" height="16" font="3">US$165.8 million. </text> <text top="486" left="105" width="5" height="16" font="3"> </text> <text top="520" left="105" width="688" height="16" font="3">US$30,315,185 was for the acquisition, processing and interpretation of 2,612 km² of 3D </text> <text top="540" left="105" width="356" height="16" font="3">Seismic Data for the Southwest Deep Tano block. </text> <text top="559" left="158" width="5" height="16" font="3"> </text> <text top="579" left="105" width="688" height="16" font="3">US$28,119,624 for the fabrication and installation of 14 km of deep water pipeline as part of </text> <text top="598" left="105" width="283" height="16" font="3">the Natural Gas Infrastructure Project; </text> <text top="617" left="105" width="5" height="16" font="3"> </text> <text top="651" left="105" width="688" height="16" font="3">US$7,661,475 was allocated for the payment of GNPC Staff costs. US$9,383,204 also made </text> <text top="671" left="105" width="444" height="16" font="3">towards General Operational and Administrative Expenditure. </text> <text top="690" left="105" width="5" height="16" font="3"> </text> <text top="726" left="105" width="148" height="15" font="122">2.8.2 Equity Financing </text> <text top="746" left="105" width="5" height="15" font="133"> </text> <text top="765" left="105" width="688" height="16" font="3">GNPC elected to exercise its option of acquiring Additional Interest of 5%. The Corporation also </text> <text top="784" left="105" width="688" height="16" font="3">elected to exercise its option to acquire an Additional Interest of 2.5 percent. Under both </text> <text top="804" left="105" width="688" height="16" font="3">purchases, the corporation is to be responsible for the development and production costs </text> <text top="823" left="105" width="688" height="16" font="3">associated with the acquisitions made. Furthermore, GNPC is entitled to 10 percent Carried </text> <text top="842" left="105" width="590" height="16" font="3">Interest under each PA, and is responsible for the associated production cost only. </text> <text top="862" left="105" width="5" height="16" font="3"> </text> <text top="881" left="105" width="688" height="16" font="3">In the event that GNPC is unable to meet cash calls associated with its additional interest and </text> <text top="901" left="105" width="688" height="16" font="3">costs associated with production, then the contractor shall be entitled to recover the said costs </text> <text top="920" left="105" width="688" height="16" font="3">together with interest from GNPC’s share of oil production revenues. In accordance with the </text> <text top="939" left="105" width="688" height="16" font="3">provisions of the PA, the Corporation requested the Jubilee partners to finance its Additional </text> <text top="959" left="105" width="241" height="16" font="3">and Carried Interests obligations. </text> <text top="978" left="105" width="5" height="16" font="3"> </text> <text top="997" left="105" width="688" height="16" font="3">Consequently, the partners had advanced on GNPC’s behalf a total amount of US$165.8million, </text> <text top="1017" left="105" width="688" height="16" font="3">made up of US$130.1million for development related costs; US$20.5million for production </text> <text top="1036" left="105" width="488" height="16" font="3">related costs and interest accrued of US$15.2million.(See Table 2.2) </text> <text top="1056" left="105" width="5" height="16" font="3"> </text> </page> <page number="123" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="134" size="5" family="Times" color="#000000"/> <fontspec id="135" size="8" family="Helvetica" color="#3232ff"/> <fontspec id="136" size="8" family="Times" color="#3232ff"/> <fontspec id="137" size="7" family="Times" color="#ffffff"/> <fontspec id="138" size="7" family="Times" color="#ffffff"/> <fontspec id="139" size="7" family="Times" color="#000000"/> <fontspec id="140" size="7" family="Times" color="#000000"/> <fontspec id="141" size="10" family="Times" color="#3232ff"/> <fontspec id="142" size="13" family="Times" color="#e36b09"/> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">10 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="688" height="16" font="3">An amount of $ 207.96 million secured in 2011 (approximately 47% of the total state proceeds </text> <text top="201" left="105" width="688" height="16" font="3">from Jubilee Oil) was used to cover GNPC’s financial obligations in the Jubilee Field. The amount </text> <text top="220" left="105" width="688" height="16" font="3">of $132.5 million paid to the partners in respect of equity finance represents 63.7% of the total </text> <text top="239" left="105" width="688" height="16" font="3">amount advanced to GNPC. As a result, GNPC’s outstanding debt to the Jubilee Partners as at </text> <text top="259" left="105" width="389" height="16" font="3">31.12.2011 is US$33.3 million as per table 2.2 below. </text> <text top="278" left="105" width="5" height="16" font="3"> </text> <text top="315" left="105" width="672" height="16" font="3">The Corporation further applied another 28.1% of the Parliament approved funds towards the </text> <text top="337" left="105" width="670" height="16" font="3">acquisition, processing and interpretation of South West Deep Water Tano Basin (SWDTB) 3D </text> <text top="359" left="105" width="511" height="16" font="3">seismic data and fabrication & installation of Deep Water Gas pipelines. </text> <text top="386" left="105" width="4" height="15" font="16"> </text> <text top="422" left="105" width="5" height="16" font="3"> </text> <text top="439" left="105" width="2" height="7" font="134"> </text> <text top="787" left="763" width="4" height="14" font="3"> </text> <text top="452" left="112" width="49" height="10" font="135">Table 2.2 </text> <text top="452" left="286" width="237" height="10" font="136">GOG/GNPC EQUITY COSTS APPORTIONMENT </text> <text top="476" left="112" width="5" height="9" font="137"> </text> <text top="476" left="247" width="5" height="9" font="137"> </text> <text top="476" left="286" width="53" height="9" font="138"> BALANCE </text> <text top="476" left="354" width="58" height="9" font="138">ADDITIONS </text> <text top="465" left="422" width="37" height="9" font="138">TOTAL </text> <text top="476" left="422" width="29" height="9" font="138">COST </text> <text top="476" left="496" width="52" height="9" font="138">INTEREST </text> <text top="465" left="558" width="37" height="9" font="138">TOTAL </text> <text top="476" left="558" width="40" height="9" font="138">COST & </text> <text top="476" left="634" width="33" height="9" font="138">GNPC </text> <text top="476" left="702" width="50" height="9" font="138">CLOSING </text> <text top="498" left="112" width="80" height="9" font="137">JUBILEE COST($) </text> <text top="498" left="247" width="5" height="9" font="137"> </text> <text top="487" left="286" width="49" height="9" font="138"> END OF </text> <text top="499" left="286" width="22" height="9" font="138">2010 </text> <text top="499" left="372" width="22" height="9" font="138">2011 </text> <text top="499" left="422" width="5" height="9" font="138"> </text> <text top="499" left="496" width="5" height="9" font="138"> </text> <text top="499" left="558" width="52" height="9" font="138">INTEREST </text> <text top="499" left="634" width="57" height="9" font="138">PAYMENTS </text> <text top="499" left="702" width="50" height="9" font="138">BALANCE </text> <text top="515" left="112" width="5" height="9" font="139"> </text> <text top="515" left="354" width="5" height="9" font="139"> </text> <text top="515" left="702" width="5" height="9" font="139"> </text> <text top="537" left="112" width="93" height="9" font="137">PRODUCTION COST </text> <text top="537" left="247" width="29" height="9" font="137">PROD </text> <text top="537" left="288" width="56" height="9" font="138"> 4,637,518 </text> <text top="537" left="357" width="54" height="9" font="138"> 15,849,999 </text> <text top="537" left="426" width="58" height="9" font="138"> 20,487,517 </text> <text top="526" left="520" width="20" height="9" font="138"> </text> <text top="537" left="504" width="36" height="9" font="138">587,526 </text> <text top="537" left="562" width="58" height="9" font="138"> 21,075,043 </text> <text top="537" left="634" width="58" height="9" font="138"> 21,075,043 </text> <text top="537" left="727" width="5" height="9" font="138"> </text> <text top="553" left="112" width="5" height="9" font="139"> </text> <text top="553" left="727" width="5" height="9" font="140"> </text> <text top="568" left="112" width="5" height="9" font="139"> </text> <text top="579" left="313" width="2" height="9" font="140"> </text> <text top="579" left="381" width="2" height="9" font="140"> </text> <text top="579" left="452" width="2" height="9" font="140"> </text> <text top="579" left="520" width="2" height="9" font="140"> </text> <text top="579" left="589" width="2" height="9" font="140"> </text> <text top="579" left="661" width="2" height="9" font="140"> </text> <text top="568" left="727" width="5" height="9" font="140"> </text> <text top="591" left="112" width="102" height="9" font="137">DEVELOPMENT COST </text> <text top="591" left="247" width="23" height="9" font="137">DEV </text> <text top="591" left="286" width="58" height="9" font="138"> 99,091,466 </text> <text top="591" left="357" width="54" height="9" font="138"> 44,783,454 </text> <text top="591" left="426" width="58" height="9" font="138"> 143,874,920 </text> <text top="579" left="520" width="7" height="9" font="138"> </text> <text top="591" left="498" width="49" height="9" font="138">14,579,931 </text> <text top="591" left="562" width="58" height="9" font="138"> 158,454,851 </text> <text top="591" left="634" width="58" height="9" font="138"> 111,409,772 </text> <text top="591" left="727" width="5" height="9" font="138"> </text> <text top="606" left="112" width="5" height="9" font="139"> </text> <text top="617" left="313" width="2" height="9" font="140"> </text> <text top="617" left="381" width="2" height="9" font="140"> </text> <text top="617" left="452" width="2" height="9" font="140"> </text> <text top="617" left="520" width="2" height="9" font="140"> </text> <text top="617" left="589" width="2" height="9" font="140"> </text> <text top="617" left="661" width="2" height="9" font="140"> </text> <text top="606" left="727" width="5" height="9" font="140"> </text> <text top="629" left="112" width="37" height="9" font="137">TOTAL </text> <text top="629" left="286" width="58" height="9" font="138"> 103,728,984 </text> <text top="629" left="357" width="54" height="9" font="138"> 60,633,453 </text> <text top="629" left="426" width="58" height="9" font="138"> 164,362,437 </text> <text top="617" left="520" width="7" height="9" font="138"> </text> <text top="629" left="498" width="49" height="9" font="138">15,167,457 </text> <text top="629" left="562" width="58" height="9" font="138"> 179,529,894 </text> <text top="629" left="634" width="58" height="9" font="138"> 132,484,815 </text> <text top="629" left="703" width="56" height="9" font="138"> 47,045,079 </text> <text top="644" left="112" width="5" height="9" font="139"> </text> <text top="644" left="727" width="5" height="9" font="140"> </text> <text top="666" left="112" width="53" height="9" font="137">FPSO COST </text> <text top="655" left="729" width="5" height="9" font="138"> </text> <text top="667" left="704" width="53" height="9" font="138">(13,736,351) </text> <text top="682" left="112" width="5" height="9" font="139"> </text> <text top="682" left="727" width="5" height="9" font="140"> </text> <text top="698" left="112" width="96" height="9" font="137">JUBILEE PARTNERS </text> <text top="699" left="703" width="56" height="9" font="138"> 33,308,728 </text> <text top="714" left="112" width="5" height="9" font="139"> </text> <text top="714" left="702" width="5" height="9" font="139"> </text> <text top="730" left="112" width="24" height="9" font="139">Note: </text> <text top="730" left="702" width="5" height="9" font="139"> </text> <text top="745" left="112" width="245" height="9" font="139">FPSO purchase cost relating to 2012 will be captured in 2012. </text> <text top="745" left="702" width="5" height="9" font="139"> </text> <text top="761" left="112" width="282" height="9" font="139">GNPC owes Jubilee Partners USD 33,308,728.00 as at the end of 2011. </text> <text top="761" left="496" width="5" height="9" font="139"> </text> <text top="761" left="558" width="5" height="9" font="139"> </text> <text top="761" left="634" width="5" height="9" font="139"> </text> <text top="761" left="702" width="5" height="9" font="139"> </text> <text top="773" left="112" width="79" height="11" font="141">Source: GNPC </text> <text top="805" left="764" width="4" height="15" font="142"> </text> <text top="837" left="105" width="182" height="15" font="27">2.9 OTHER COMPANIES, </text> <text top="872" left="105" width="629" height="16" font="3">Exploration companies operating in the Oil and Gas sector that did not participate in the </text> <text top="894" left="105" width="657" height="16" font="3">reconciliation exercise included: Inter Oil Ltd; Oranto Ltd; Shallow Water Basin; Hess Ghana </text> <text top="917" left="105" width="618" height="16" font="3">Ltd; Vanco Ghana Ltd and Tap Oil Ltd (See Appendix 5). Their exclusion from the EITI </text> <text top="939" left="105" width="627" height="16" font="3">reconciliation process was because only oil producing companies and their joint venture </text> <text top="961" left="105" width="265" height="16" font="3">partners participated in the exercise. </text> <text top="997" left="105" width="5" height="17" font="127"> </text> <text top="1017" left="105" width="5" height="17" font="127"> </text> <text top="1036" left="105" width="5" height="17" font="127"> </text> <text top="1056" left="105" width="5" height="17" font="127"> </text> <text top="1075" left="105" width="5" height="17" font="127"> </text> </page> <page number="124" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">11 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="192" height="16" font="25">3.0 BENEFIT STREAMS: </text> <text top="203" left="105" width="5" height="16" font="3"> </text> <text top="223" left="105" width="628" height="16" font="3">The benefit streams considered in the 2010 and 2011 reconciliation exercise include the </text> <text top="242" left="105" width="74" height="16" font="3">following; </text> <text top="262" left="105" width="5" height="16" font="3"> </text> <text top="282" left="125" width="4" height="15" font="24"> </text> <text top="281" left="138" width="57" height="16" font="3">Royalty </text> <text top="319" left="125" width="4" height="15" font="24"> </text> <text top="318" left="138" width="187" height="16" font="3">Profit Tax (Corporate tax) </text> <text top="355" left="125" width="4" height="15" font="24"> </text> <text top="355" left="138" width="113" height="16" font="3">Surface Rental </text> <text top="392" left="125" width="4" height="15" font="24"> </text> <text top="392" left="138" width="74" height="16" font="3">Dividends </text> <text top="429" left="125" width="4" height="15" font="24"> </text> <text top="428" left="138" width="178" height="16" font="3">Initial (Carried) Interest </text> <text top="466" left="125" width="4" height="15" font="24"> </text> <text top="465" left="138" width="228" height="16" font="3">Additional Participating Interest </text> <text top="465" left="366" width="5" height="16" font="118"> </text> <text top="484" left="105" width="5" height="17" font="127"> </text> <text top="524" left="105" width="92" height="15" font="128">3.1 Royalty </text> <text top="547" left="105" width="644" height="16" font="3">It is a production levy which is based on the gross value of oil and gas won irrespective of </text> <text top="569" left="105" width="89" height="16" font="3">profitability. </text> <text top="608" left="105" width="324" height="15" font="128"> 3.2 Corporate Tax (Petroleum Income Tax) </text> <text top="631" left="105" width="667" height="16" font="3">Corporate tax payment is based on Petroleum Income Tax Law 1987. This is the tax payable </text> <text top="653" left="105" width="645" height="16" font="3">on income derived from oil and gas production. The Capital allowance regime is 20% on a </text> <text top="675" left="105" width="662" height="16" font="3">straight line basis. Expenses ranging from exploration, capital expenditure, development and </text> <text top="698" left="105" width="628" height="16" font="3">operational costs prior to the year of commencement of production is accumulated, and </text> <text top="720" left="105" width="228" height="16" font="3">amortized over a 5 year period. </text> <text top="757" left="105" width="617" height="16" font="3">Recoverable preproduction expenses relates to exploration, plant and equipment, field </text> <text top="779" left="105" width="673" height="16" font="3">development comprising of building facilities for oil and gas exploitation such as drilling wells, </text> <text top="801" left="105" width="690" height="16" font="3">laying of supporting infrastructure, interest expenses and general and administrative expenses. </text> <text top="824" left="105" width="604" height="16" font="3">Petroleum income tax is computed at 35% of the taxable income derived as follows: </text> <text top="860" left="105" width="613" height="16" font="3">Gross Income less Allowable expenses, Capital allowances and Losses carried forward </text> <text top="898" left="105" width="641" height="16" font="3">Allowable expenses include Petroleum royalties, contributions to a decommissioning fund, </text> <text top="920" left="105" width="597" height="16" font="3">Rentals, interest expense and charges on sums borrowed for petroleum operations. </text> <text top="956" left="105" width="194" height="17" font="113">3.2.1Thin capitalisation </text> <text top="979" left="105" width="678" height="16" font="3">Interest expense as indicated above is deductible in determining the chargeable income. There </text> <text top="1001" left="105" width="686" height="16" font="3">is however no express provision in the PITL that relates to excessive interest charges. However, </text> <text top="1024" left="105" width="649" height="16" font="3">Section 41 of the PITL, 1987 provides that without express exemption of a contractor from </text> <text top="1046" left="105" width="550" height="16" font="3">taxation, the general law or provisions thereof relating to taxation may apply.</text> <text top="1046" left="655" width="10" height="16" font="125"> </text> <text top="1082" left="105" width="5" height="15" font="36"> </text> </page> <page number="125" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">12 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="182" left="105" width="182" height="15" font="36">3.2.2 Losses carried forward</text> <text top="180" left="288" width="10" height="17" font="19">. </text> <text top="218" left="105" width="441" height="16" font="3">Tax losses can be carried forward indefinitely under the PITL. </text> <text top="254" left="105" width="153" height="17" font="19">3.3 Surface Rental </text> <text top="292" left="105" width="670" height="14" font="3">According to the Model Petroleum Agreement (MPA), contractors with exploration rights are required </text> <text top="311" left="105" width="678" height="14" font="3">to pay surface rental for blocks assigned to them for petroleum operations at a rate charged per square </text> <text top="331" left="105" width="552" height="14" font="3">kilometre. However these rates may vary for different agreements with contractors. </text> <text top="350" left="105" width="5" height="16" font="3"> </text> <text top="387" left="105" width="558" height="16" font="3">Phase of Operation Surface Rental per Annum </text> <text top="424" left="105" width="506" height="16" font="3">Initial Exploration Period US $ 30 per sq. km </text> <text top="461" left="105" width="9" height="16" font="3">1</text> <text top="458" left="114" width="8" height="10" font="50">st</text> <text top="461" left="122" width="490" height="16" font="3"> Extension Period US $ 50 per sq. km </text> <text top="498" left="105" width="9" height="16" font="3">2</text> <text top="495" left="114" width="11" height="10" font="50">nd</text> <text top="498" left="125" width="143" height="16" font="3"> Extension Period </text> <text top="498" left="315" width="5" height="16" font="3"> </text> <text top="498" left="368" width="5" height="16" font="3"> </text> <text top="498" left="421" width="5" height="16" font="3"> </text> <text top="498" left="473" width="142" height="16" font="3">US $ 75 per sq. km </text> <text top="535" left="105" width="217" height="16" font="3">Development and Production </text> <text top="535" left="368" width="5" height="16" font="3"> </text> <text top="535" left="421" width="5" height="16" font="3"> </text> <text top="535" left="473" width="163" height="16" font="3">US $ 100 per sq. km </text> <text top="535" left="683" width="5" height="16" font="3"> </text> <text top="535" left="736" width="90" height="16" font="3"> </text> <text top="571" left="105" width="106" height="17" font="19">3.4 Dividend </text> <text top="609" left="105" width="527" height="16" font="3">Dividends paid by National Oil Company for Government’s equity interest. </text> <text top="645" left="105" width="232" height="17" font="19">3.5 Initial (Carried) Interest </text> <text top="682" left="105" width="673" height="16" font="3">The Carried Interest means an interest held by the Republic in respect of which the contractor </text> <text top="705" left="105" width="685" height="16" font="3">pays for the exploration and development costs without any entitlement to reimbursement from </text> <text top="727" left="105" width="667" height="16" font="3">the Republic. However the republic contributes towards production cost. For the Jubilee field </text> <text top="749" left="105" width="318" height="16" font="3">the carried interest is 10%. (See Table 3.2) </text> <text top="786" left="105" width="296" height="17" font="19">3.6 Additional Participating Interest </text> <text top="823" left="105" width="663" height="16" font="3">This is the interest acquired by the GNPC on behalf of the state after the discovery of oil and </text> <text top="846" left="105" width="682" height="16" font="3">gas in commercial quantities. Under this arrangement, the GNPC/ Government of Ghana pay its </text> <text top="868" left="105" width="671" height="16" font="3">share of development and production costs. The state or government of Ghana however does </text> <text top="890" left="105" width="458" height="16" font="3">not contribute towards exploration expenditure. (See Table 3.1) </text> <text top="927" left="105" width="5" height="16" font="3"> </text> <text top="964" left="105" width="5" height="16" font="3"> </text> <text top="1001" left="105" width="5" height="16" font="3"> </text> <text top="1038" left="105" width="5" height="16" font="3"> </text> <text top="1075" left="105" width="5" height="16" font="3"> </text> </page> <page number="126" position="absolute" top="0" left="0" height ="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">13 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="180" left="105" width="326" height="15" font="36"> Table 3.1 Categorization of GNPC/GOG interest </text> <text top="203" left="105" width="70" height="16" font="25">Interest </text> <text top="203" left="203" width="373" height="16" font="25">Exploration Development Production Costs </text> <text top="240" left="435" width="5" height="16" font="25"> </text> <text top="281" left="105" width="54" height="16" font="25">Initial </text> <text top="281" left="203" width="56" height="16" font="3">Carried </text> <text top="281" left="312" width="56" height="16" font="3">Carried </text> <text top="281" left="435" width="35" height="16" font="3">Paid </text> <text top="318" left="435" width="5" height="16" font="3"> </text> <text top="356" left="105" width="87" height="16" font="25">Additional </text> <text top="356" left="203" width="56" height="16" font="3">Carried </text> <text top="356" left="312" width="35" height="16" font="3">Paid </text> <text top="356" left="435" width="35" height="16" font="3">Paid </text> <text top="393" left="435" width="5" height="16" font="3"> </text> <text top="430" left="105" width="106" height="15" font="27">Source: GNPC </text> <text top="448" left="105" width="4" height="15" font="27"> </text> <text top="466" left="105" width="4" height="15" font="27"> </text> <text top="483" left="105" width="4" height="15" font="27"> </text> <text top="501" left="105" width="494" height="15" font="27">3.7 Capital Gains Tax (Tax on income from assignment of Interest) </text> <text top="518" left="105" width="4" height="15" font="27"> </text> <text top="537" left="105" width="642" height="16" font="3">Tullow Oil Plc. completed the acquisition of the only indigenous partner in the oil field, EO </text> <text top="557" left="105" width="167" height="16" font="3">Group Limited in 2011. </text> <text top="576" left="105" width="5" height="16" font="3"> </text> <text top="595" left="105" width="682" height="16" font="3">The Reconciler did not come across any capital gain tax or tax on the assignment of interest, in </text> <text top="615" left="105" width="113" height="16" font="3">the transactions</text> <text top="615" left="219" width="5" height="16" font="125">.</text> <text top="615" left="223" width="547" height="16" font="3"> GRA has served notice that consistent with other tax laws and section 41 of </text> <text top="634" left="105" width="654" height="16" font="3">PITL, there is liability for the payment of tax on the income from the assignment of interest </text> <text top="653" left="105" width="5" height="16" font="3"> </text> <text top="673" left="105" width="639" height="16" font="3">The petroleum Revenue Management Act, Act 815 Section 6 (e) indicates capital gain tax </text> <text top="692" left="105" width="680" height="16" font="3">derived from sale of ownership of exploration, development and production rights as a possible </text> <text top="712" left="105" width="286" height="16" font="3">receipt for the Petroleum Holding Fund. </text> <text top="731" left="105" width="5" height="16" font="3"> </text> <text top="749" left="105" width="4" height="15" font="27"> </text> <text top="767" left="105" width="4" height="15" font="27"> </text> <text top="785" left="105" width="170" height="17" font="19">3.8 Other payments: </text> <text top="804" left="105" width="5" height="17" font="19"> </text> <text top="824" left="105" width="635" height="16" font="3">Other payments made by Oil and Gas Companies but not considered in the reconciliation </text> <text top="844" left="105" width="682" height="16" font="3">process included the following: Withholding tax, PAYE (Pay as You Earn), Social Security, GNPC </text> <text top="863" left="105" width="425" height="16" font="3">training fees, GNPC data Licence and Ghana Navy Rentals. </text> <text top="883" left="105" width="5" height="16" font="3"> </text> <text top="901" left="105" width="4" height="15" font="27"> </text> <text top="919" left="105" width="368" height="17" font="19">3.9 Revenue flows and operational activities. </text> <text top="939" left="105" width="5" height="16" font="3"> </text> <text top="958" left="105" width="641" height="16" font="3">Revenues from the Jubilee Field and the Saltpond Oil Fields have been considered for this </text> <text top="978" left="105" width="508" height="16" font="3">assignment. The fiscal regimes for the fields are indicated in Table 3.2. </text> <text top="997" left="105" width="5" height="17" font="132"> </text> <text top="1016" left="105" width="5" height="17" font="132"> </text> <text top="1035" left="105" width="5" height="17" font="132"> </text> <text top="1055" left="105" width="5" height="17" font="132"> </text> <text top="1074" left="105" width="5" height="17" font="132"> </text> </page> <page number="127" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="143" size="10" family="Times" color="#3232ff"/> <fontspec id="144" size="15" family="Times" color="#ff0000"/> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">14 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="180" left="105" width="467" height="15" font="36">Table 3.2 Fiscal regime of Jubilee Field/Saltpond Offshore Producing </text> <text top="203" left="105" width="91" height="16" font="0">Fiscal item </text> <text top="203" left="251" width="113" height="16" font="0">Jubilee Fields </text> <text top="203" left="456" width="151" height="16" font="0">Saltpond Offshore </text> <text top="222" left="456" width="86" height="16" font="0">Producing </text> <text top="242" left="456" width="80" height="16" font="0">Company </text> <text top="264" left="105" width="66" height="16" font="0">Royalty </text> <text top="264" left="251" width="144" height="16" font="3">5% on the gross oil </text> <text top="284" left="251" width="189" height="16" font="3">production. (Liftings); 3% </text> <text top="303" left="251" width="180" height="16" font="3">on gross gas production. </text> <text top="264" left="456" width="34" height="16" font="3">3% </text> <text top="324" left="105" width="318" height="16" font="0">Carried Interest 10% on the oil revenue </text> <text top="343" left="251" width="131" height="16" font="3">net of royalty and </text> <text top="363" left="251" width="147" height="16" font="3">operating expenses. </text> <text top="324" left="456" width="43" height="16" font="3">15% </text> <text top="383" left="105" width="100" height="16" font="0">Income Tax </text> <text top="383" left="251" width="38" height="16" font="3">35% </text> <text top="403" left="251" width="5" height="16" font="3"> </text> <text top="383" left="456" width="38" height="16" font="3">30% </text> <text top="424" left="105" width="5" height="16" font="0"> </text> <text top="443" left="105" width="109" height="16" font="0">Surface Rent </text> <text top="424" left="251" width="177" height="16" font="3">US$30 per square km at </text> <text top="443" left="251" width="84" height="16" font="3">exploration </text> <text top="462" left="251" width="192" height="16" font="3">US$100 per square km for </text> <text top="482" left="251" width="128" height="16" font="3">development and </text> <text top="501" left="251" width="121" height="16" font="3">production area. </text> <text top="424" left="456" width="158" height="16" font="3">US$50 per square km </text> <text top="443" left="456" width="152" height="16" font="3">for development and </text> <text top="462" left="456" width="121" height="16" font="3">production area. </text> <text top="521" left="105" width="288" height="12" font="143">Source: MOFEP/Saltpond offshore Producing Company. </text> <text top="553" left="105" width="5" height="16" font="3"> </text> <text top="572" left="105" width="676" height="16" font="3">At the Jubilee Fields, GNPC is responsible for lifting and marketing of oil on behalf of the state. </text> <text top="592" left="105" width="688" height="16" font="3">In addition to the carried and additional paid interest, GNPC also lifts the royalty oil and markets </text> <text top="611" left="105" width="638" height="16" font="3">same on behalf of the state. Proceeds from the carried and additional interests as well as </text> <text top="630" left="105" width="533" height="16" font="3">royalty oil are paid into the Petroleum Holding Fund at the Bank of Ghana. </text> <text top="650" left="105" width="5" height="16" font="3"> </text> <text top="669" left="105" width="686" height="16" font="3">International oil companies operating in the Jubilee fields pay royalties in kind. This royalty oil is </text> <text top="689" left="105" width="243" height="16" font="3">lifted and marketed by the GNPC. </text> <text top="708" left="105" width="5" height="16" font="3"> </text> <text top="727" left="105" width="659" height="16" font="3">Surface rental payments are also made into the petroleum holding fund after the companies </text> <text top="747" left="105" width="662" height="16" font="3">have been invoiced by GNPC. However in 2011, surface rental payments were not made into </text> <text top="766" left="105" width="658" height="16" font="3">the petroleum holding Fund. It was made to the Non tax Revenue Division of the Ministry of </text> <text top="786" left="105" width="631" height="16" font="3">Finance and Economic Planning because the Petroleum Holding Fund had then not been </text> <text top="805" left="105" width="94" height="16" font="3">established. </text> <text top="824" left="105" width="5" height="17" font="144"> </text> <text top="843" left="105" width="5" height="17" font="144"> </text> <text top="862" left="105" width="5" height="17" font="144"> </text> <text top="882" left="105" width="5" height="17" font="144"> </text> <text top="901" left="105" width="5" height="17" font="19"> </text> <text top="920" left="105" width="5" height="17" font="19"> </text> <text top="940" left="105" width="5" height="17" font="19"> </text> <text top="959" left="105" width="5" height="17" font="19"> </text> <text top="979" left="105" width="5" height="17" font="19"> </text> <text top="998" left="105" width="5" height="17" font="19"> </text> <text top="1017" left="105" width="5" height="17" font="19"> </text> <text top="1037" left="105" width="5" height="17" font="19"> </text> <text top="1056" left="105" width="5" height="17" font="19"> </text> <text top="1076" left="105" width="5" height="17" font="19"> </text> </page> <page number="128" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="145" size="13" family="Times" color="#000000"/> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">15 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="324" height="16" font="25">4.0 EXPLORATION AND DEVELOPMENT </text> <text top="203" left="105" width="5" height="17" font="132"> </text> <text top="223" left="105" width="619" height="16" font="3">The Model Petroleum Agreement provides an exploration period consisting of an Initial </text> <text top="242" left="105" width="652" height="16" font="3">Exploration Period of three (3) years (Initial Exploration Period) further subdivided into Sub </text> <text top="262" left="105" width="62" height="16" font="3">periods: </text> <text top="281" left="105" width="10" height="16" font="3"> </text> <text top="300" left="105" width="410" height="16" font="3">1. One and one-half (1 1/2) years (First Sub period) and </text> <text top="320" left="105" width="447" height="16" font="3">2. i. One and one-half (1 1/2) years (Second Sub period) plus </text> <text top="339" left="105" width="461" height="16" font="3"> ii Two (2) separate Extension Periods totaling four (4) years: </text> <text top="358" left="105" width="501" height="16" font="3">1. Two (2) years for the first such period (First Extension Period) and </text> <text top="378" left="105" width="537" height="16" font="3">2. Two (2) year for the second of such periods (Second Extension Period). </text> <text top="397" left="105" width="5" height="16" font="3"> </text> <text top="417" left="105" width="664" height="16" font="3">However the above stipulations may vary for individual Petroleum Agreements made with Oil </text> <text top="436" left="105" width="85" height="16" font="3">companies. </text> <text top="436" left="190" width="5" height="16" font="125"> </text> <text top="472" left="105" width="260" height="15" font="128">4.1 Joint ventures and acquisitions </text> <text top="495" left="105" width="5" height="16" font="3"> </text> <text top="514" left="105" width="554" height="16" font="3">Joint Ventures for exploration are permissible under the Petroleum Agreement</text> <text top="514" left="660" width="10" height="16" font="125">. </text> <text top="514" left="670" width="109" height="16" font="3">Apart from the </text> <text top="534" left="105" width="675" height="16" font="3">consortium formed by the Jubilee Partners other companies have formed such special purpose </text> <text top="553" left="105" width="224" height="16" font="3">vehicles for exploration rights. </text> <text top="571" left="105" width="4" height="15" font="145"> </text> <text top="589" left="105" width="150" height="15" font="27">4.1.1: Jubilee Fields </text> <text top="608" left="105" width="5" height="16" font="125"> </text> <text top="627" left="105" width="627" height="16" font="3">The Jubilee Field straddles two fields, Deep Water Tano and West Cape Three Points as </text> <text top="646" left="105" width="181" height="16" font="3">indicated in Fig 4.1 below</text> <text top="647" left="286" width="4" height="15" font="145"> </text> <text top="666" left="105" width="5" height="16" font="3"> </text> <text top="685" left="105" width="678" height="16" font="3">Tullow Ghana Ltd announced in 2011 that an agreement to acquire the interests of E.O. Group </text> <text top="705" left="105" width="630" height="16" font="3">Limited, consisting of its entire interests offshore Ghana, for a combined share and cash </text> <text top="724" left="105" width="219" height="16" font="3">consideration of $311 million. </text> <text top="743" left="105" width="5" height="16" font="3"> </text> <text top="763" left="105" width="640" height="16" font="3">This acquisition thus increased Tullow Ghana Ltd’s interest in the West Cape Three Points </text> <text top="782" left="105" width="680" height="16" font="3">licence offshore Ghana by 3.5% to 26.4% and increased the Group’s interest in the world-class </text> <text top="801" left="105" width="443" height="16" font="3">Jubilee Oil field, which Tullow Operates, by 1.75% to 36.5%. </text> <text top="821" left="105" width="5" height="16" font="3"> </text> <text top="840" left="105" width="415" height="16" font="3">The effective date of the transaction is 1 December 2011. </text> <text top="860" left="105" width="5" height="16" font="3"> </text> <text top="879" left="105" width="5" height="16" font="125"> </text> </page> <page number="129" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="146" size="15" family="Times" color="#ff0000"/> <fontspec id="147" size="15" family="Times" color="#111ab6"/> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">16 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="744" left="105" width="5" height="17" font="146"> </text> <text top="744" left="110" width="256" height="17" font="147">Fig 4.1: Source: Ministry of Energy </text> <text top="764" left="105" width="5" height="16" font="125"> </text> <text top="784" left="105" width="5" height="16" font="125"> </text> <text top="803" left="105" width="5" height="16" font="125"> </text> <text top="822" left="105" width="5" height="16" font="125"> </text> <text top="842" left="105" width="5" height="16" font="125"> </text> <text top="861" left="105" width="5" height="16" font="125"> </text> <text top="881" left="105" width="5" height="16" font="125"> </text> <text top="900" left="105" width="5" height="16" font="125"> </text> <text top="919" left="105" width="5" height="16" font="125"> </text> <text top="939" left="105" width="5" height="16" font="125"> </text> <text top="958" left="105" width="5" height="16" font="125"> </text> <text top="978" left="105" width="5" height="16" font="125"> </text> <text top="997" left="105" width="5" height="16" font="125"> </text> <text top="1016" left="105" width="5" height="16" font="125"> </text> <text top="1036" left="105" width="5" height="16" font="125"> </text> <text top="1055" left="105" width="5" height="16" font="125"> </text> <text top="1075" left="105" width="5" height="16" font="125"> </text> </page> <page number="130" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="148" size="13" family="Times" color="#3749f0"/> <fontspec id="149" size="14" family="Times" color="#6635f2"/> <fontspec id="150" size="17" family="Times" color="#3232ff"/> <fontspec id="151" size="19" family="Times" color="#000000"/> <fontspec id="152" size="19" family="Times" color="#ffffff"/> <fontspec id="153" size="14" family="Times" color="#355e91"/> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">17 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="5" height="16" font="125"> </text> <text top="181" left="110" width="372" height="16" font="3">Interest holding percentages are also shown below. </text> <text top="201" left="105" width="5" height="16" font="3"> </text> <text top="734" left="105" width="5" height="16" font="3"> </text> <text top="752" left="105" width="266" height="15" font="148">4.1.2: Saltpond Offshore Producing Field </text> <text top="771" left="105" width="5" height="16" font="149"> </text> <text top="790" left="105" width="680" height="16" font="3">Saltpond Offshore Producing Company (SOPCL) operates what was the Saltpond field originally </text> <text top="809" left="105" width="645" height="16" font="3">a joint venture between Lushann Eternit Energy (55% and GNPC 45%) but in 2011, GNPC </text> <text top="829" left="105" width="205" height="16" font="3">withdrew from the venture. </text> <text top="848" left="105" width="5" height="16" font="3"> </text> <text top="885" left="105" width="671" height="16" font="3">The Saltpond field has an estimated 2-3 million barrels of oil as well as substantial reserves of </text> <text top="907" left="105" width="89" height="16" font="3">natural gas. </text> <text top="944" left="105" width="671" height="16" font="3">Table 4.2, shows some offshore licences held by companies. The operating companies, areas </text> <text top="967" left="105" width="466" height="16" font="3">of operation and date of petroleum agreement are shown below: </text> <text top="1002" left="105" width="5" height="15" font="36"> </text> <text top="1020" left="105" width="5" height="15" font="36"> </text> <text top="1038" left="105" width="5" height="15" font="36"> </text> <text top="1055" left="105" width="5" height="15" font="36"> </text> <text top="1073" left="105" width="9" height="15" font="36"> </text> <text top="221" left="114" width="52" height="19" font="150">Table</text> <text top="225" left="166" width="4" height="14" font="3"> </text> <text top="217" left="159" width="6" height="19" font="150"> </text> <text top="221" left="165" width="4" height="14" font="3"> </text> <text top="221" left="164" width="30" height="19" font="150">4.1</text> <text top="225" left="194" width="4" height="14" font="3"> </text> <text top="221" left="190" width="349" height="19" font="150">: Jubilee Unit –Novation Agreement </text> <text top="262" left="205" width="4" height="14" font="3"> </text> <text top="217" left="523" width="6" height="19" font="150"> </text> <text top="240" left="114" width="6" height="21" font="151"> </text> <text top="272" left="114" width="100" height="20" font="7">Company </text> <text top="266" left="198" width="6" height="21" font="151"> </text> <text top="240" left="307" width="6" height="21" font="152"> </text> <text top="272" left="307" width="56" height="21" font="152">Deep</text> <text top="277" left="364" width="4" height="14" font="3"> </text> <text top="266" left="354" width="133" height="28" font="152"> water Tano </text> <text top="298" left="307" width="50" height="21" font="152">(DT) </text> <text top="317" left="307" width="70" height="28" font="152"> % </text> <text top="240" left="501" width="6" height="21" font="151"> </text> <text top="271" left="501" width="154" height="17" font="32">West Cape Three </text> <text top="297" left="501" width="46" height="17" font="32">Point</text> <text top="294" left="547" width="6" height="21" font="151"> </text> <text top="297" left="553" width="94" height="17" font="32">(WCTP) %</text> <text top="291" left="649" width="6" height="21" font="151"> </text> <text top="317" left="501" width="6" height="21" font="151"> </text> <text top="240" left="694" width="6" height="21" font="152"> </text> <text top="272" left="694" width="175" height="21" font="152">Unit Interest %</text> <text top="277" left="868" width="4" height="14" font="3"> </text> <text top="266" left="837" width="6" height="21" font="152"> </text> <text top="344" left="114" width="6" height="21" font="151"> </text> <text top="376" left="114" width="141" height="20" font="7">Tullow Ghana</text> <text top="369" left="252" width="6" height="21" font="151"> </text> <text top="344" left="395" width="6" height="21" font="152"> </text> <text top="376" left="370" width="77" height="21" font="152">47.175</text> <text top="369" left="421" width="6" height="21" font="152"> </text> <text top="344" left="588" width="6" height="21" font="151"> </text> <text top="376" left="563" width="105" height="21" font="151">25.66278</text> <text top="369" left="614" width="6" height="21" font="151"> </text> <text top="344" left="782" width="6" height="21" font="152"> </text> <text top="376" left="750" width="105" height="21" font="152">36.41889</text> <text top="381" left="854" width="4" height="14" font="3"> </text> <text top="369" left="813" width="6" height="21" font="152"> </text> <text top="396" left="114" width="6" height="21" font="151"> </text> <text top="432" left="114" width="106" height="17" font="32">Kosmos Ene</text> <text top="429" left="221" width="36" height="21" font="151">rgy</text> <text top="434" left="256" width="4" height="14" font="3"> </text> <text top="422" left="205" width="6" height="21" font="151"> </text> <text top="448" left="114" width="6" height="21" font="151"> </text> <text top="396" left="395" width="6" height="21" font="152"> </text> <text top="429" left="370" width="77" height="21" font="152">17.000</text> <text top="422" left="421" width="6" height="21" font="152"> </text> <text top="396" left="588" width="6" height="21" font="151"> </text> <text top="429" left="557" width="105" height="21" font="151">30.01736</text> <text top="422" left="620" width="6" height="21" font="151"> </text> <text top="396" left="782" width="6" height="21" font="152"> </text> <text top="429" left="750" width="105" height="21" font="152">23.50868</text> <text top="434" left="854" width="4" height="14" font="3"> </text> <text top="422" left="813" width="6" height="21" font="152"> </text> <text top="474" left="114" width="6" height="21" font="151"> </text> <text top="506" left="114" width="84" height="17" font="32">Anadarko</text> <text top="500" left="201" width="6" height="21" font="151"> </text> <text top="474" left="395" width="6" height="21" font="152"> </text> <text top="507" left="384" width="77" height="21" font="152">17.000</text> <text top="500" left="407" width="6" height="21" font="152"> </text> <text top="474" left="588" width="6" height="21" font="151"> </text> <text top="507" left="557" width="105" height="21" font="151">30.01736</text> <text top="500" left="620" width="6" height="21" font="151"> </text> <text top="474" left="782" width="6" height="21" font="152"> </text> <text top="507" left="750" width="105" height="21" font="152">23.50868</text> <text top="512" left="854" width="4" height="14" font="3"> </text> <text top="500" left="813" width="6" height="21" font="152"> </text> <text top="527" left="114" width="6" height="21" font="151"> </text> <text top="562" left="114" width="69" height="17" font="32">Sabre O</text> <text top="559" left="184" width="13" height="21" font="151">il</text> <text top="564" left="197" width="4" height="14" font="3"> </text> <text top="552" left="165" width="6" height="21" font="151"> </text> <text top="527" left="395" width="6" height="21" font="152"> </text> <text top="559" left="384" width="63" height="21" font="152">3.825</text> <text top="552" left="407" width="6" height="21" font="152"> </text> <text top="527" left="588" width="6" height="21" font="151"> </text> <text top="559" left="577" width="91" height="21" font="151">1.80250</text> <text top="552" left="600" width="6" height="21" font="151"> </text> <text top="527" left="782" width="6" height="21" font="152"> </text> <text top="559" left="756" width="91" height="21" font="152">2.81375</text> <text top="552" left="807" width="6" height="21" font="152"> </text> <text top="579" left="114" width="6" height="21" font="151"> </text> <text top="611" left="114" width="54" height="17" font="32">GNPC </text> <text top="605" left="196" width="6" height="21" font="151"> </text> <text top="579" left="395" width="6" height="21" font="152"> </text> <text top="612" left="375" width="77" height="21" font="152">15.000</text> <text top="605" left="415" width="6" height="21" font="152"> </text> <text top="579" left="588" width="6" height="21" font="151"> </text> <text top="612" left="563" width="105" height="21" font="151">12.50000</text> <text top="605" left="614" width="6" height="21" font="151"> </text> <text top="579" left="782" width="6" height="21" font="152"> </text> <text top="612" left="762" width="105" height="21" font="152">13.75000</text> <text top="605" left="802" width="6" height="21" font="152"> </text> <text top="632" left="114" width="6" height="21" font="151"> </text> <text top="663" left="114" width="4" height="14" font="3"> </text> <text top="657" left="205" width="6" height="21" font="151"> </text> <text top="632" left="395" width="6" height="21" font="152"> </text> <text top="663" left="391" width="12" height="14" font="3"> </text> <text top="638" left="588" width="6" height="21" font="151"> </text> <text top="677" left="588" width="6" height="21" font="151"> </text> <text top="682" left="595" width="4" height="14" font="3"> </text> <text top="663" left="574" width="4" height="14" font="3"> </text> <text top="657" left="602" width="6" height="21" font="151"> </text> <text top="632" left="782" width="6" height="21" font="152"> </text> <text top="663" left="762" width="15" height="14" font="3"> </text> <text top="657" left="802" width="6" height="21" font="152"> </text> <text top="689" left="114" width="97" height="14" font="153">Source: GNPC </text> </page> <page number="131" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="154" size="14" family="Times" color="#323232"/> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">18 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="180" left="105" width="5" height="15" font="36"> </text> <text top="198" left="105" width="5" height="15" font="36"> </text> <text top="215" left="105" width="5" height="15" font="36"> </text> <text top="233" left="105" width="272" height="15" font="36">Table 4.2: Companies/offshore licences. </text> <text top="833" left="798" width="5" height="16" font="154"> </text> <text top="848" left="105" width="79" height="12" font="143"> Source: GNPC </text> <text top="863" left="105" width="5" height="16" font="3"> </text> <text top="882" left="105" width="4" height="15" font="27"> </text> <text top="899" left="105" width="4" height="15" font="27"> </text> <text top="917" left="105" width="245" height="15" font="27">4.2 Development and Production </text> <text top="935" left="105" width="5" height="17" font="127"> </text> <text top="955" left="105" width="569" height="16" font="3">Production from the Phase 1 development of the Jubilee field commenced on 28</text> <text top="952" left="674" width="9" height="10" font="50">th</text> <text top="955" left="683" width="101" height="16" font="3"> of November </text> <text top="975" left="105" width="528" height="16" font="3">2010 and first oil achieved around 40 months after discovery of the field. </text> <text top="994" left="105" width="673" height="16" font="3">Gross production of about 67,000 bopd was achieved from five wells in 2011 but first lifting of </text> <text top="1013" left="105" width="672" height="16" font="3">Jubilee crude oil was in January 2011 with 650,000 barrels belonging to Tullow Oil Ghana Ltd. </tex t> <text top="1033" left="105" width="5" height="16" font="3"> </text> <text top="1051" left="105" width="5" height="17" font="19"> </text> <text top="1071" left="105" width="5" height="17" font="19"> </text> </page> <page number="132" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">19 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="180" left="105" width="405" height="17" font="19">4.3 Plan of Development – Jubilee Field Summarie</text> <text top="182" left="510" width="12" height="15" font="27">s </text> <text top="200" left="105" width="5" height="17" font="132"> </text> <text top="220" left="105" width="525" height="16" font="3">The following targets were envisaged as part of the Jubilee field Phase 1. </text> <text top="239" left="105" width="5" height="16" font="3"> </text> <text top="259" left="105" width="630" height="16" font="3">Production of Oil at a rate of 120,000 BOPD with total fluids of 160,000 BFPD and water </text> <text top="278" left="105" width="233" height="16" font="3">injection also at 232,000 BWPD. </text> <text top="297" left="105" width="5" height="16" font="3"> </text> <text top="317" left="105" width="688" height="16" font="3">The FPSO was targeted to arrive at Jubilee in Quarter 2 of 2010 but was however missed due to </text> <text top="336" left="105" width="658" height="16" font="3">logistical challenges. MODEC was selected as Phase I FPSO Contractor partly because of the </text> <text top="356" left="105" width="559" height="16" font="3">choice of Chinese based yard and topsides solution proven for MODEC supply. </text> <text top="375" left="105" width="5" height="16" font="3"> </text> <text top="394" left="105" width="659" height="16" font="3">Cost estimate assumed that the FPSO would be initially leased then later possibly purchased </text> <text top="414" left="105" width="365" height="16" font="3">depending on reservoir and the FPSO performance </text> <text top="433" left="105" width="5" height="16" font="3"> </text> <text top="452" left="105" width="666" height="16" font="3">Phase 1 capital estimated as US$3.1 billion. Details of that include allocation of US$1.5 billion </text> <text top="472" left="105" width="534" height="16" font="3">for wells, Facilities and subsea US$1.0 billion (FPSO not purchased up-front</text> <text top="471" left="639" width="11" height="17" font="2">) </text> <text top="472" left="650" width="139" height="16" font="3">Pre-operations and </text> <text top="491" left="105" width="552" height="16" font="3">associated infra-structure, US$0.3 billion and a contingency of US$0.3 billion. </text> <text top="511" left="105" width="410" height="16" font="3">Expenditure for the program was to be phased as below: </text> <text top="530" left="105" width="5" height="16" font="3"> </text> <text top="549" left="105" width="5" height="16" font="3"> </text> <text top="568" left="105" width="190" height="15" font="27">4.3.1 Capital Expenditure </text> <text top="586" left="158" width="5" height="16" font="3"> </text> <text top="606" left="105" width="624" height="16" font="3">Total capital expenditure on the Jubilee Phase 1 project which includes the exploration, </text> <text top="625" left="105" width="680" height="16" font="3">appraisal and development cost for the West Cape Three Points and Deepwater Tano blocks as </text> <text top="644" left="105" width="311" height="16" font="3">at December 2010 stood at US$4.1 billion. </text> <text top="664" left="158" width="5" height="16" font="3"> </text> <text top="683" left="105" width="675" height="16" font="3">Assessment of the FPSO as capital costs for tax purposes would commence in 2012. Until then </text> <text top="703" left="105" width="336" height="16" font="3">the FPSO was on lease to the Jubilee Partners. </text> <text top="722" left="158" width="5" height="16" font="3"> </text> <text top="741" left="105" width="620" height="16" font="3">Due to the additional participating interest acquired by GNPC, its share of equity in the </text> <text top="761" left="105" width="498" height="16" font="3">development cost as at 31st December, 2011, was US$164.4 million. </text> <text top="780" left="105" width="5" height="16" font="3"> </text> <text top="800" left="105" width="688" height="16" font="3">Ghana through GNPC paid US$132.48 million as settlement from its share of Jubilee proceeds. </text> <text top="819" left="105" width="639" height="16" font="3">The balance will be covered from its proceeds in 2012. (See Table 2.2 on equity finance). </text> <text top="838" left="105" width="5" height="16" font="3"> </text> <text top="858" left="105" width="688" height="16" font="3">It is noteworthy that the interest on development cost totalling ($14.5 million) accruing for </text> <text top="877" left="105" width="688" height="16" font="3">about 4 years is 10.1% compared to the interest on production cost totalling (US$0.58m) </text> <text top="897" left="105" width="688" height="16" font="3">accruing for approximately one year Representing 2.86%.GNPC IS yet to submit details on the </text> <text top="916" left="105" width="644" height="16" font="3">interest cost charged on development and production, advanced by the Jubilee Partners. </text> <text top="935" left="105" width="5" height="16" font="0"> </text> <text top="955" left="105" width="685" height="16" font="3">Unit planned capital expenditure Phase 1 in volumes was 9 $/ bbl but would increase by 2 $/bbl </text> <text top="974" left="105" width="650" height="16" font="3">if FPSO was purchased in Year 1-2 of Jubilee operation making total of 11 $/bbl. FPSO was </text> <text top="993" left="105" width="504" height="16" font="3">purchased in 2012 being year 2 since its commencement of operation. </text> <text top="1013" left="105" width="4" height="14" font="3"> </text> </page> <page number="133" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="155" size="14" family="Times" color="#2f434d"/> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">20 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="272" height="16" font="25">5.0 OPERATING COSTS BUDGETS </text> <text top="203" left="105" width="5" height="17" font="2"> </text> <text top="223" left="105" width="5" height="16" font="3"> </text> <text top="242" left="105" width="584" height="16" font="3">The jubilee field operator, Tullow (Ghana) Ltd is responsible for producing the oil. </text> <text top="262" left="105" width="498" height="16" font="3">Operational activities are funded by cash calls made by the operator. </text> <text top="281" left="105" width="5" height="16" font="3"> </text> <text top="300" left="105" width="5" height="16" font="3"> </text> <text top="320" left="105" width="646" height="16" font="3">These cash calls are driven by budgets. Variances to budgets and cash calls are reconciled </text> <text top="339" left="105" width="493" height="16" font="3">among the partners. Costs are shared according to interest holdings. </text> <text top="358" left="105" width="5" height="16" font="3"> </text> <text top="378" left="105" width="5" height="16" font="3"> </text> <text top="397" left="105" width="622" height="16" font="3">It is worthwhile to note that Operating cost estimates are driven mainly by reliability of </text> <text top="417" left="105" width="621" height="16" font="3">assumptions of the subsea system and wells, and logistics cost management in Ghana. </text> <text top="436" left="105" width="5" height="16" font="3"> </text> <text top="455" left="105" width="5" height="16" font="3"> </text> <text top="475" left="105" width="637" height="16" font="3">The above estimates are competitive by industry standards making Jubilee budgets costs </text> <text top="494" left="105" width="230" height="16" font="3">harmonizing with industry data. </text> <text top="513" left="105" width="5" height="16" font="155"> </text> <text top="533" left="105" width="5" height="16" font="155"> </text> <text top="552" left="105" width="5" height="16" font="155"> </text> <text top="572" left="105" width="5" height="16" font="155"> </text> <text top="591" left="105" width="5" height="16" font="155"> </text> <text top="610" left="105" width="5" height="16" font="155"> </text> <text top="630" left="105" width="5" height="16" font="155"> </text> <text top="649" left="105" width="5" height="16" font="155"> </text> <text top="669" left="105" width="5" height="16" font="155"> </text> <text top="688" left="105" width="5" height="16" font="155"> </text> <text top="707" left="105" width="5" height="16" font="155"> </text> <text top="727" left="105" width="5" height="16" font="155"> </text> <text top="746" left="105" width="5" height="16" font="155"> </text> <text top="766" left="105" width="5" height="16" font="155"> </text> <text top="785" left="105" width="5" height="16" font="155"> </text> <text top="804" left="105" width="5" height="16" font="155"> </text> <text top="824" left="105" width="5" height="16" font="155"> </text> <text top="843" left="105" width="5" height="16" font="155"> </text> <text top="862" left="105" width="5" height="16" font="155"> </text> <text top="882" left="105" width="5" height="16" font="155"> </text> <text top="901" left="105" width="5" height="16" font="155"> </text> <text top="921" left="105" width="5" height="16" font="155"> </text> <text top="940" left="105" width="5" height="16" font="155"> </text> <text top="959" left="105" width="5" height="16" font="155"> </text> <text top="979" left="105" width="5" height="16" font="155"> </text> <text top="998" left="105" width="5" height="16" font="155"> </text> <text top="1017" left="105" width="5" height="16" font="155"> </text> <text top="1037" left="105" width="5" height="16" font="155"> </text> <text top="1056" left="105" width="5" height="16" font="155"> </text> <text top="1076" left="105" width="5" height="16" font="155"> </text> </page> <page number="134" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">21 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="458" height="16" font="25">6.0 PROJECTED PETROLEUM OUTPUT/ACTUAL OUTPUT </text> <text top="203" left="105" width="5" height="16" font="125"> </text> <text top="239" left="105" width="567" height="15" font="36">Table 6.1: Projected/Actual Monthly production of crude Oil in the Jubilee Fields in 2010</text> <text top="240" left="672" width="4" height="14" font="40"> </text> <text top="261" left="105" width="102" height="16" font="25">Month/Year </text> <text top="261" left="265" width="144" height="16" font="25">Projected barrels </text> <text top="281" left="265" width="128" height="16" font="25">crude oil(BBLs) </text> <text top="261" left="423" width="56" height="16" font="25">Actual </text> <text top="281" left="423" width="115" height="16" font="25">barrels(BBLs) </text> <text top="300" left="423" width="80" height="16" font="25">produced </text> <text top="261" left="585" width="75" height="16" font="25">Variance </text> <text top="261" left="684" width="109" height="16" font="25">Variance(%) </text> <text top="320" left="105" width="36" height="16" font="0">Nov </text> <text top="320" left="265" width="62" height="16" font="3">220,000 </text> <text top="320" left="423" width="79" height="16" font="3"> 73,125 </text> <text top="320" left="585" width="68" height="16" font="3">-146,875 </text> <text top="320" left="684" width="42" height="16" font="3">-66.0 </text> <text top="340" left="105" width="35" height="16" font="0">Dec </text> <text top="340" left="265" width="76" height="16" font="3">2,220,000 </text> <text top="340" left="423" width="76" height="16" font="3">1,107,963 </text> <text top="340" left="585" width="82" height="16" font="3">-1,112,037 </text> <text top="340" left="684" width="42" height="16" font="3">-50.0 </text> <text top="360" left="105" width="46" height="16" font="0">Total </text> <text top="360" left="265" width="76" height="16" font="3">2,440,000 </text> <text top="360" left="423" width="76" height="16" font="3">1,181,088 </text> <text top="360" left="585" width="82" height="16" font="3">-1,258,912 </text> <text top="360" left="684" width="42" height="16" font="3">-51.0 </text> <text top="380" left="105" width="5" height="16" font="0"> </text> <text top="403" left="105" width="647" height="16" font="3">A total of 4,831,565 barrels was recorded below the projected production of 29,027,460 in </text> <text top="425" left="105" width="400" height="16" font="3">2011. This represents about 16.6 % of the 2011 target. </text> <text top="462" left="105" width="658" height="16" font="3">The quarterly summations of production and the oil liftings by Jubilee Partners are indicated </text> <text top="484" left="105" width="42" height="16" font="3">below</text> <text top="484" left="147" width="10" height="16" font="125">. </text> <text top="520" left="105" width="401" height="14" font="40"> Table 6.2 Production and Oil /Liftings at the Jubilee Fields in 2011 </text> <text top="544" left="112" width="61" height="16" font="26">PERIOD </text> <text top="544" left="229" width="104" height="16" font="26">PRODUCTION </text> <text top="544" left="372" width="197" height="16" font="26">LIFTINGS STOCK </text> <text top="565" left="112" width="10" height="16" font="3"> </text> <text top="565" left="285" width="92" height="16" font="3">1,370,827 </text> <text top="565" left="515" width="5" height="16" font="3"> </text> <text top="590" left="112" width="10" height="16" font="3"> </text> <text top="590" left="285" width="92" height="16" font="3">1,034,395 </text> <text top="590" left="515" width="5" height="16" font="3"> </text> <text top="616" left="112" width="10" height="16" font="3"> </text> <text top="616" left="285" width="92" height="16" font="3">1,974,289 </text> <text top="616" left="515" width="5" height="16" font="3"> </text> <text top="641" left="112" width="49" height="16" font="25">QTR1 </text> <text top="641" left="274" width="86" height="16" font="25">4,379,511 </text> <text top="641" left="417" width="86" height="16" font="25">4,627,701 </text> <text top="641" left="576" width="71" height="16" font="25">248,190 </text> <text top="667" left="112" width="10" height="16" font="3"> </text> <text top="667" left="285" width="92" height="16" font="3">1,862,578 </text> <text top="667" left="515" width="5" height="16" font="3"> </text> <text top="692" left="112" width="10" height="16" font="3"> </text> <text top="692" left="285" width="92" height="16" font="3">2,002,202 </text> <text top="692" left="515" width="5" height="16" font="3"> </text> <text top="718" left="112" width="10" height="16" font="3"> </text> <text top="718" left="285" width="92" height="16" font="3">2,133,562 </text> <text top="718" left="515" width="5" height="16" font="3"> </text> <text top="743" left="112" width="49" height="16" font="25">QTR2 </text> <text top="743" left="274" width="86" height="16" font="25">5,998,342 </text> <text top="748" left="417" width="86" height="16" font="25">5,970,237 </text> <text top="748" left="579" width="68" height="16" font="25">-28,105 </text> <text top="769" left="112" width="10" height="16" font="3"> </text> <text top="769" left="285" width="92" height="16" font="3">2,422,479 </text> <text top="769" left="515" width="5" height="16" font="3"> </text> <text top="794" left="112" width="10" height="16" font="3"> </text> <text top="794" left="285" width="92" height="16" font="3">2,335,430 </text> <text top="794" left="515" width="5" height="16" font="3"> </text> <text top="819" left="112" width="10" height="16" font="3"> </text> <text top="819" left="285" width="92" height="16" font="3">2,235,418 </text> <text top="819" left="515" width="5" height="16" font="3"> </text> <text top="845" left="112" width="49" height="16" font="25">QTR3 </text> <text top="845" left="274" width="86" height="16" font="25">6,993,327 </text> <text top="850" left="417" width="86" height="16" font="25">6,966,692 </text> <text top="850" left="579" width="68" height="16" font="25">-26,635 </text> <text top="871" left="112" width="10" height="16" font="3"> </text> <text top="871" left="285" width="92" height="16" font="3">2,427,182 </text> <text top="871" left="515" width="5" height="16" font="3"> </text> <text top="896" left="112" width="10" height="16" font="3"> </text> <text top="896" left="285" width="92" height="16" font="3">2,225,255 </text> <text top="896" left="515" width="5" height="16" font="3"> </text> <text top="921" left="112" width="10" height="16" font="3"> </text> <text top="921" left="285" width="92" height="16" font="3">2,172,278 </text> <text top="921" left="515" width="5" height="16" font="3"> </text> <text top="945" left="112" width="49" height="16" font="25">QTR4 </text> <text top="945" left="274" width="86" height="16" font="25">6,824,715 </text> <text top="945" left="417" width="86" height="16" font="25">6,886,552 </text> <text top="945" left="586" width="61" height="16" font="25">61,837 </text> <text top="987" left="112" width="5" height="16" font="3"> </text> <text top="987" left="229" width="5" height="16" font="3"> </text> <text top="987" left="372" width="5" height="16" font="3"> </text> <text top="987" left="515" width="5" height="16" font="3"> </text> <text top="988" left="112" width="73" height="16" font="0">ANNUAL </text> <text top="1007" left="112" width="57" height="16" font="0">TOTAL </text> <text top="1007" left="264" width="97" height="16" font="0">24,195,895 </text> <text top="1007" left="407" width="97" height="16" font="0">24,451,182 </text> <text top="1007" left="576" width="71" height="16" font="0">255,287 </text> <text top="1026" left="105" width="304" height="14" font="39">Source: Ministry of Energy/ GRA (Customs Division) </text> <text top="1060" left="105" width="5" height="16" font="3"> </text> </page> <page number="135" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="156" size="13" family="Times" color="#e36b09"/> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">22 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="668" height="16" font="3">It is indicated in Table 6.2 above that, 255,287 barrels more than the production was lifted in </text> <text top="203" left="105" width="622" height="16" font="3">2011. This is due to the fact that in 2010 there was no lifting so the total production of </text> <text top="226" left="105" width="600" height="16" font="3">1,181,088 barrels were stored in the FPSO pending the first lifting in January 2011. </text> <text top="262" left="105" width="663" height="16" font="3">Thus as at the end of the 2011, 925,801 barrels was yet to be lifted and could be part of the </text> <text top="285" left="105" width="625" height="16" font="3">next lifting in 2012. This represents about 3.5% of the entire production for the period </text> <text top="322" left="105" width="5" height="16" font="3"> </text> <text top="361" left="105" width="366" height="17" font="113">6.1 PETROLEUM MARKETING AND PRICING </text> <text top="384" left="105" width="5" height="15" font="156"> </text> <text top="403" left="105" width="662" height="16" font="3">Pricing of crude oil is largely dependent on quality. The most important quality measures are </text> <text top="422" left="105" width="682" height="16" font="3">API gravity and sulphur content. Light crude oils (i.e., those with higher API gravity) command </text> <text top="442" left="105" width="685" height="16" font="3">higher prices because they yield a greater fraction of high value products (gasoline, diesel, etc.) </text> <text top="461" left="105" width="102" height="16" font="3">when refined. </text> <text top="480" left="105" width="5" height="16" font="3"> </text> <text top="500" left="105" width="657" height="16" font="3"> “Sweet” crude oils (with less than 0.5% sulphur) generally command higher prices because </text> <text top="519" left="105" width="488" height="16" font="3">they can be processed easily without expensive treatment facilities. </text> <text top="539" left="105" width="5" height="16" font="3"> </text> <text top="558" left="105" width="634" height="16" font="3">Jubilee is slightly heavier than Brent (with API Gravity of 37.6) but considerably sweeter. </text> <text top="577" left="105" width="644" height="16" font="3">Therefore prices for Jubilee oil should be similar to Brent, although some light sweet West </text> <text top="597" left="105" width="536" height="16" font="3">African crudes such as Nigerian Bonny Light trade at a premium to Brent. </text> <text top="616" left="105" width="5" height="16" font="0"> </text> <text top="634" left="105" width="385" height="14" font="40">Table 6.3 Comparison of Oil Benchmarks with Jubilee Oil </text> <text top="652" left="105" width="32" height="16" font="25">Oil </text> <text top="671" left="105" width="5" height="16" font="25"> </text> <text top="652" left="338" width="136" height="16" font="25">Sulphur Content </text> <text top="652" left="571" width="181" height="16" font="25">API Gravity (degrees) </text> <text top="692" left="105" width="5" height="16" font="0"> </text> <text top="711" left="105" width="39" height="16" font="0">WTI </text> <text top="692" left="338" width="5" height="16" font="0"> </text> <text top="711" left="338" width="60" height="16" font="0">0.24% </text> <text top="692" left="571" width="5" height="16" font="0"> </text> <text top="711" left="571" width="41" height="16" font="0">39.6 </text> <text top="731" left="105" width="5" height="16" font="25"> </text> <text top="750" left="105" width="49" height="16" font="25">Brent </text> <text top="731" left="338" width="5" height="16" font="25"> </text> <text top="750" left="338" width="60" height="16" font="25">0.37% </text> <text top="731" left="571" width="5" height="16" font="25"> </text> <text top="750" left="571" width="51" height="16" font="25">38.06 </text> <text top="771" left="105" width="5" height="16" font="0"> </text> <text top="790" left="105" width="52" height="16" font="0">Dubai </text> <text top="771" left="338" width="5" height="16" font="0"> </text> <text top="790" left="338" width="34" height="16" font="0">2% </text> <text top="771" left="571" width="5" height="16" font="0"> </text> <text top="790" left="571" width="25" height="16" font="0">31 </text> <text top="810" left="105" width="5" height="16" font="25"> </text> <text top="829" left="105" width="62" height="16" font="25">Jubilee </text> <text top="810" left="338" width="5" height="16" font="25"> </text> <text top="829" left="338" width="60" height="16" font="25">0.25% </text> <text top="810" left="571" width="5" height="16" font="25"> </text> <text top="829" left="571" width="41" height="16" font="25">37.6 </text> <text top="866" left="105" width="254" height="17" font="113">6.2 Jubilee Oil Price Movement </text> <text top="907" left="105" width="688" height="16" font="3">In 2011, crude oil markets sustained high price levels as the spot price of Brent Crude averaged </text> <text top="926" left="105" width="688" height="16" font="3">$111.26 per barrel, which marked the first time the global benchmark averaged more than </text> <text top="946" left="105" width="198" height="16" font="3">$100 per barrel for a year. </text> <text top="986" left="105" width="688" height="16" font="3">According to the Energy Information Administration, there were two major factors that affected </text> <text top="1005" left="105" width="688" height="16" font="3">prices in the year. The first was the Arab Spring particularly the impact of the Libyan protests </text> <text top="1024" left="105" width="688" height="16" font="3">which increased prices by $15 per barrel as a result of oil supply loss of 1.5 million barrels per </text> <text top="1044" left="105" width="120" height="16" font="3">day from Libya. </text> </page> <page number="136" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="157" size="10" family="Times" color="#3232ff"/> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">23 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="688" height="16" font="3">The other factor was demand growth in China and the Middle East especially. In the first six </text> <text top="201" left="105" width="688" height="16" font="3">months of 2011, demand for petroleum products in countries outside OECD reportedly grew by </text> <text top="220" left="105" width="688" height="16" font="3">about 4%. In spite of the dip in OECD demand in the year, overall global demand grew 1.1 </text> <text top="239" left="105" width="250" height="16" font="3">million barrels per day (i.e. 1.2%). </text> <text top="279" left="105" width="688" height="16" font="3">Thus, with a loss of 1.5 million barrels daily, the total annual loss for the year stood at 547.5 </text> <text top="298" left="105" width="688" height="16" font="3">million barrels. Also, demand growth by 1.1 million barrels daily translated into 401.5 million </text> <text top="318" left="105" width="151" height="16" font="3">barrels for the year. </text> <text top="358" left="105" width="563" height="16" font="3">Jubilee oil price for Ghana‘s sales was competitive in 2011 averaging 113.075. </text> <text top="392" left="105" width="647" height="16" font="3">Thus GNPC/GOG allocation was sold at a premium of $2.48 against Tullow Ghana Oil price</text> <text top="389" left="752" width="4" height="10" font="50">ii</text> <text top="392" left="757" width="37" height="16" font="3"> and </text> <text top="411" left="105" width="688" height="16" font="3">$1.82 against Brent. Ghana’s realized price was more than its reference price by $0.68. </text> <text top="430" left="105" width="688" height="16" font="3">Therefore Ghana did not only make marginal gains on its reference price but also on dated </text> <text top="450" left="105" width="482" height="16" font="3">Brent and on its Jubilee Partner, Tullow Ghana as indicated below. </text> <text top="484" left="105" width="688" height="16" font="3">The Reconciler could not obtain details of oil prices obtained by Anadarko (Ghana) Ltd and </text> <text top="503" left="105" width="188" height="16" font="3">Kosmos Energy for 2011. </text> <text top="537" left="105" width="5" height="16" font="125"> </text> <text top="570" left="105" width="459" height="12" font="157">Table 6.4: PRICE DIFFRENTIAL BETWEEN GHANA, TULLOW AND BENCHMARK </text> <text top="586" left="105" width="43" height="16" font="0">Date </text> <text top="615" left="105" width="21" height="16" font="0">of </text> <text top="644" left="105" width="57" height="16" font="0">Lifting </text> <text top="586" left="179" width="62" height="16" font="0">Jubilee </text> <text top="615" left="179" width="61" height="16" font="0">Market </text> <text top="644" left="179" width="45" height="16" font="0">price </text> <text top="586" left="271" width="67" height="16" font="0">Jubilee </text> <text top="615" left="271" width="72" height="16" font="0">Referenc</text> <text top="644" left="271" width="59" height="16" font="0">e Price </text> <text top="586" left="363" width="78" height="16" font="25">Premium </text> <text top="615" left="363" width="25" height="16" font="25">on </text> <text top="615" left="411" width="32" height="16" font="25">Ref </text> <text top="644" left="363" width="45" height="16" font="25">Price </text> <text top="586" left="455" width="59" height="16" font="0">Tullow </text> <text top="615" left="455" width="47" height="16" font="0">Sales </text> <text top="644" left="455" width="45" height="16" font="0">Price </text> <text top="586" left="526" width="78" height="16" font="25">Premium </text> <text top="615" left="526" width="88" height="16" font="25">on Tullow </text> <text top="644" left="526" width="47" height="16" font="25">Sales </text> <text top="673" left="526" width="45" height="16" font="25">Price </text> <text top="586" left="625" width="49" height="16" font="0">Brent </text> <text top="615" left="625" width="45" height="16" font="0">Price </text> <text top="586" left="713" width="77" height="16" font="25">Premium </text> <text top="615" left="713" width="74" height="16" font="25">on Brent </text> <text top="703" left="105" width="46" height="16" font="3">9-Mar </text> <text top="703" left="179" width="62" height="16" font="3">112.804 </text> <text top="703" left="271" width="62" height="16" font="3">112.604 </text> <text top="703" left="363" width="27" height="16" font="26">0.2 </text> <text top="732" left="455" width="5" height="16" font="0"> </text> <text top="703" left="526" width="10" height="16" font="26"> </text> <text top="732" left="625" width="5" height="16" font="0"> </text> <text top="703" left="713" width="10" height="16" font="26"> </text> <text top="733" left="105" width="53" height="16" font="3">25-Jun </text> <text top="733" left="179" width="62" height="16" font="3">116.276 </text> <text top="733" left="271" width="62" height="16" font="3">115.476 </text> <text top="733" left="363" width="27" height="16" font="26">0.8 </text> <text top="762" left="455" width="5" height="16" font="0"> </text> <text top="733" left="526" width="10" height="16" font="26"> </text> <text top="762" left="625" width="5" height="16" font="0"> </text> <text to p="733" left="713" width="10" height="16" font="26"> </text> <text top="763" left="105" width="47" height="16" font="3">3-Aug </text> <text top="763" left="179" width="54" height="16" font="3">110.67 </text> <text top="763" left="271" width="54" height="16" font="3">110.37 </text> <text top="763" left="363" width="27" height="16" font="26">0.3 </text> <text top="792" left="455" width="5" height="16" font="0"> </text> <text top="763" left="526" width="10" height="16" font="26"> </text> <text top="792" left="625" width="5" height="16" font="0"> </text> <text top="763" left="713" width="10" height="16" font="26"> </text> <text top="792" left="105" width="53" height="16" font="3">15-Oct </text> <text top="792" left="179" width="54" height="16" font="3">112.55 </text> <text top="792" left="271" width="54" height="16" font="3">111.15 </text> <text top="792" left="363" width="27" height="16" font="26">1.4 </text> <text top="821" left="455" width="5" height="16" font="0"> </text> <text top="792" left="526" width="10" height="16" font="26"> </text> <text top="821" left="625" width="5" height="16" font="0"> </text> <text top="792" left="713" width="10" height="16" font="26"> </text> <text top="822" left="105" width="52" height="16" font="3">Avr Pri </text> <text top="822" left="179" width="62" height="16" font="3">113.075 </text> <text top="822" left="271" width="45" height="16" font="3">112.4 </text> <text top="822" left="363" width="45" height="16" font="26">0.675 </text> <text top="822" left="455" width="51" height="16" font="0">110.6 </text> <text top="822" left="526" width="45" height="16" font="26">2.475 </text> <text top="822" left="625" width="61" height="16" font="0">111.26 </text> <text top="822" left="713" width="45" height="16" font="26">1.815 </text> <text top="852" left="105" width="141" height="16" font="3">Tullow (Pre-hedge) </text> <text top="852" left="271" width="45" height="16" font="3">114.2 </text> <text top="881" left="363" width="5" height="16" font="3"> </text> <text top="881" left="455" width="5" height="16" font="3"> </text> <text top="881" left="526" width="5" height="16" font="3"> </text> <text top="881" left="625" width="5" height="16" font="3"> </text> <text top="881" left="713" width="5" height="16" font="3"> </text> <text top="882" left="105" width="147" height="16" font="3">Tullow (Post hedge) </text> <text top="882" left="271" width="45" height="16" font="3">110.6 </text> <text top="911" left="363" width="5" height="16" font="3"> </text> <text top="911" left="455" width="5" height="16" font="3"> </text> <text top="911" left="526" width="5" height="16" font="3"> </text> <text top="911" left="625" width="5" height="16" font="3"> </text> <text top="911" left="713" width="5" height="16" font="3"> </text> <text top="912" left="105" width="95" height="16" font="3">Brent Crude </text> <text top="912" left="271" width="54" height="16" font="3">111.26 </text> <text top="941" left="363" width="5" height="16" font="3"> </text> <text top="941" left="455" width="5" height="16" font="3"> </text> <text top="941" left="526" width="5" height="16" font="3"> </text> <text top="941" left="625" width="5" height="16" font="3"> </text> <text top="941" left="713" width="5" height="16" font="3"> </text> <text top="940" left="105" width="163" height="14" font="39">Source: MoFEP/Tullow/IEA </text> <text top="980" left="105" width="688" height="16" font="3">In 2011, the average exchange rate was GhC1.53 to the US Dollar. However, in between the </text> <text top="1009" left="105" width="688" height="16" font="3">year, the Ghana cedi depreciated in the first quarter, became stable thereafter and depreciated </text> <text top="1038" left="105" width="400" height="16" font="3">again in the last quarter of the year (See Graph below). </text> <text top="1080" left="105" width="4" height="14" font="40"> </text> </page> <page number="137" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="158" size="11" family="Times" color="#0000cc"/> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">24 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="180" left="105" width="600" height="14" font="40"> Fig 6.1: Jubilee Oil Prices and Exchange rate Movement Fig 6.2: Jubilee Market price movement </text> <text top="497" left="446" width="5" height="16" font="3"> </text> <text top="497" left="774" width="5" height="16" font="3"> </text> <text top="513" left="105" width="59" height="16" font="3">Source: </text> <text top="515" left="164" width="129" height="14" font="39">MoFEP/Bank of Ghana</text> <text top="513" left="293" width="195" height="16" font="3"> Source:</text> <text top="515" left="488" width="81" height="14" font="39"> MoFEP/GNPC</text> <text top="513" left="568" width="5" height="16" font="3"> </text> <text top="547" left="105" width="688" height="16" font="3">Thus, Ghana made marginal exchange gains on revenues from its sale of crude oil. In the </text> <text top="566" left="105" width="574" height="16" font="3">Table below, the gain from exchange rate adjustment is about GHC952, 119.66. </text> <text top="599" left="105" width="258" height="14" font="158">Table 6.5: Exchange rate adjustments </text> <text top="617" left="105" width="70" height="16" font="25">Date of </text> <text top="646" left="105" width="57" height="16" font="25">Lifting </text> <text top="617" left="186" width="214" height="16" font="0">Amount (US$) Exchange </text> <text top="646" left="317" width="72" height="16" font="0">rate(US$</text> <text top="675" left="317" width="47" height="16" font="0">GHC) </text> <text top="617" left="416" width="125" height="16" font="25">Amount (GHC </text> <text top="646" left="416" width="93" height="16" font="25">at Q1 rate) </text> <text top="617" left="552" width="125" height="16" font="25">Amount (GHC </text> <text top="646" left="552" width="21" height="16" font="25">at </text> <text top="646" left="601" width="75" height="16" font="25">adjusted </text> <text top="675" left="552" width="45" height="16" font="25">rate) </text> <text top="617" left="688" width="83" height="16" font="0">Exchange </text> <text top="646" left="688" width="40" height="16" font="0">gain </text> <text top="734" left="105" width="46" height="16" font="26">9-Mar </text> <text top="734" left="186" width="168" height="16" font="3">112,189,575.52 1.53 </text> <text top="705" left="416" width="25" height="16" font="26"> </text> <text top="734" left="416" width="121" height="16" font="26">171,650,050.55 </text> <text top="705" left="552" width="15" height="16" font="26"> </text> <text top="734" left="552" width="121" height="16" font="26">171,650,050.55 </text> <text top="705" left="688" width="131" height="16" font="3"> </text> <text top="734" left="688" width="26" height="16" font="3">- </text> <text top="793" left="105" width="53" height="16" font="26">25-Jun </text> <text top="793" left="186" width="168" height="16" font="3">115,579,115.44 1.52 </text> <text top="764" left="416" width="25" height="16" font="26"> </text> <text top="793" left="416" width="121" height="16" font="26">176,836,046.62 </text> <text top="764" left="552" width="15" height="16" font="26"> </text> <text top="793" left="552" width="121" height="16" font="26">175,680,255.47 </text> <text top="769" left="688" width="5" height="14" font="37"> </text> <text top="795" left="688" width="101" height="14" font="37">(1,155,791.15) </text> <text top="852" left="105" width="47" height="16" font="26">3-Aug </text> <text top="852" left="186" width="168" height="16" font="3">109,569,254.30 1.52 </text> <text top="823" left="416" width="25" height="16" font="26"> </text> <text top="852" left="416" width="121" height="16" font="26">167,640,959.08 </text> <text top="823" left="552" width="15" height="16" font="26"> </text> <text top="852" left="552" width="121" height="16" font="26">166,545,266.54 </text> <text top="828" left="688" width="9" height="14" font="37"> </text> <text top="854" left="688" width="101" height="14" font="37">(1,095,692.54) </text> <text top="911" left="105" width="53" height="16" font="26">15-Oct </text> <text top="911" left="186" width="98" height="16" font="3">106786778.4 </text> <text top="911" left="317" width="36" height="16" font="3">1.56 </text> <text top="881" left="416" width="25" height="16" font="26"> </text> <text top="911" left="416" width="121" height="16" font="26">163,383,771.00 </text> <text top="881" left="552" width="15" height="16" font="26"> </text> <text top="911" left="552" width="121" height="16" font="26">166,587,374.35 </text> <text top="886" left="688" width="23" height="14" font="37"> </text> <text top="913" left="688" width="94" height="14" font="37">3,203,603.35 </text> <text top="970" left="105" width="41" height="16" font="26">Total </text> <text top="970" left="186" width="185" height="16" font="3">444,124,723.69 1.5325 </text> <text top="940" left="416" width="25" height="16" font="26"> </text> <text top="970" left="416" width="121" height="16" font="26">679,510,827.25 </text> <text top="940" left="552" width="15" height="16" font="26"> </text> <text top="970" left="552" width="121" height="16" font="26">680,462,946.90 </text> <text top="946" left="688" width="36" height="14" font="37"> </text> <text top="972" left="688" width="82" height="14" font="37">952,119.66 </text> <text top="998" left="105" width="346" height="15" font="148">Source: MoFEP/Bank of Ghana compilations by Boas </text> <text top="1040" left="105" width="683" height="16" font="3">GNPC raked home around US$0.20 as premium on each of the 995,259 barrels of crude oil that </text> <text top="1060" left="105" width="468" height="16" font="3">Vitol SA and Cirrus Energy lifted on its behalf on March 9, 2011. </text> </page> <page number="138" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="159" size="11" family="Times" color="#ffffff"/> <fontspec id="160" size="9" family="Times" color="#ffffff"/> <fontspec id="161" size="9" family="Times" color="#ffffff"/> <fontspec id="162" size="7" family="Times" color="#3232ff"/> <fontspec id="163" size="6" family="Times" color="#3232ff"/> <fontspec id="164" size="6" family="Times" color="#000000"/> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">25 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="5" height="16" font="3"> </text> <text top="201" left="105" width="595" height="16" font="3">Article 11.7 of the Model Petroleum Agreement, spells out pricing of crude oil from </text> <text top="220" left="105" width="498" height="16" font="3">Ghana’s oilfields based on Market Price and Article 11.8 requires that </text> <text top="239" left="105" width="671" height="16" font="3">contractors which lifted crude oil shall notify GNPC of the market Price determined by it for its </text> <text top="259" left="105" width="639" height="16" font="3">respective lifting during each Quarter not later than thirty (30) days after the end of that </text> <text top="278" left="105" width="472" height="16" font="3">Quarter. These prices were not made available to the reconciler. </text> <text top="297" left="105" width="5" height="16" font="0"> </text> <text top="334" left="105" width="620" height="16" font="11">6.3 Determination of Royalties, Carried and Additional Participating Interest </text> <text top="334" left="726" width="5" height="16" font="0"> </text> <text top="371" left="105" width="589" height="16" font="3">Computations of state benefits based on liftings and market pricing are as follows: </text> <text top="400" left="105" width="5" height="16" font="3"> </text> <text top="428" left="105" width="292" height="14" font="39">Table 6.6: Petroleum receipts for the state - 2011 </text> <text top="448" left="106" width="22" height="13" font="159">No </text> <text top="464" left="106" width="4" height="13" font="159"> </text> <text top="479" left="106" width="4" height="13" font="159"> </text> <text top="448" left="146" width="36" height="13" font="159">Item </text> <text top="448" left="268" width="31" height="13" font="159">Unit </text> <text top="448" left="336" width="37" height="13" font="159">Qtr 1 </text> <text top="464" left="336" width="37" height="13" font="159">2011 </text> <text top="448" left="448" width="37" height="13" font="159">Qtr 2 </text> <text top="464" left="448" width="37" height="13" font="159">2011 </text> <text top="448" left="560" width="33" height="13" font="159">Qtr3 </text> <text top="464" left="560" width="37" height="13" font="159">2011 </text> <text top="448" left="665" width="37" height="13" font="159">Qtr 4 </text> <text top="464" left="665" width="37" height="13" font="159">2011 </text> <text top="448" left="775" width="37" height="13" font="159">Total </text> <text top="464" left="775" width="37" height="13" font="159">2011 </text> <text top="496" left="106" width="12" height="13" font="71">1 </text> <text top="512" left="106" width="4" height="13" font="71"> </text> <text top="496" left="146" width="108" height="13" font="71">Total Volume of </text> <text top="512" left="146" width="26" height="13" font="71">Lift </text> <text top="496" left="268" width="51" height="13" font="71">Barrels </text> <text top="496" left="336" width="71" height="13" font="71">4,627,701 </text> <text top="496" left="448" width="71" height="13" font="71">5,970,237 </text> <text top="496" left="560" width="71" height="13" font="71">6,966,692 </text> <text top="496" left="665" width="71" height="13" font="71">6,886,552 </text> <text top="496" left="775" width="79" height="13" font="71">24,451,452 </text> <text top="528" left="106" width="11" height="13" font="46">2 </text> <text top="544" left="106" width="4" height="13" font="46"> </text> <text top="528" left="146" width="173" height="13" font="159">o/w GOG/GNPC Barrels </text> <text top="528" left="336" width="58" height="13" font="159">995,259 </text> <text top="528" left="448" width="74" height="13" font="159"> 994,691 </text> <text top="528" left="560" width="58" height="13" font="159">990,770 </text> <text top="528" left="665" width="58" height="13" font="159">949,469 </text> <text top="528" left="775" width="71" height="13" font="159">3,930,189 </text> <text top="570" left="106" width="11" height="13" font="5">3 </text> <text top="586" left="106" width="4" height="13" font="5"> </text> <text top="570" left="146" width="92" height="13" font="71">0/w Partners </text> <text top="570" left="268" width="51" height="13" font="71">Barrels </text> <text top="570" left="336" width="71" height="13" font="71">3,632,442 </text> <text top="570" left="448" width="71" height="13" font="71">4,975,546 </text> <text top="570" left="560" width="71" height="13" font="71">5,976,192 </text> <text top="570" left="665" width="71" height="13" font="71">5,937,083 </text> <text top="570" left="775" width="79" height="13" font="71">20,521,263 </text> <text top="607" left="106" width="11" height="13" font="5">4 </text> <text top="623" left="106" width="4" height="13" font="5"> </text> <text top="607" left="146" width="93" height="13" font="71">Date of GNPC </text> <text top="623" left="146" width="26" height="13" font="71">Lift </text> <text top="607" left="268" width="55" height="13" font="71">d/m/yy </text> <text top="607" left="336" width="65" height="13" font="71">9-Mar-11 </text> <text top="607" left="448" width="70" height="13" font="71">26-jun-11 </text> <text top="607" left="560" width="66" height="13" font="71">3-Aug-11 </text> <text top="607" left="665" width="71" height="13" font="71">15-Oct-11 </text> <text top="607" left="775" width="4" height="13" font="71"> </text> <text top="640" left="106" width="11" height="13" font="46">5 </text> <text top="656" left="106" width="4" height="13" font="46"> </text> <text top="640" left="146" width="107" height="13" font="159">Reference price </text> <text top="656" left="146" width="69" height="13" font="159">per barrel </text> <text top="640" left="268" width="30" height="13" font="159">US$ </text> <text top="640" left="336" width="50" height="13" font="159">112.60 </text> <text top="640" left="448" width="50" height="13" font="159">115.48 </text> <text top="640" left="560" width="50" height="13" font="159">110.37 </text> <text top="640" left="665" width="50" height="13" font="159">111.15 </text> <text top="640" left="775" width="4" height="13" font="159"> </text> <text top="672" left="106" width="11" height="13" font="5">6 </text> <text top="672" left="146" width="87" height="13" font="71">Market Price </text> <text top="688" left="146" width="69" height="13" font="71">per barrel </text> <text top="672" left="268" width="30" height="13" font="71">US$ </text> <text top="672" left="336" width="50" height="13" font="71">112.80 </text> <text top="672" left="448" width="50" height="13" font="71">116.28 </text> <text top="672" left="560" width="50" height="13" font="71">110.67 </text> <text top="672" left="665" width="50" height="13" font="71">111.15 </text> <text top="672" left="775" width="4" height="13" font="71"> </text> <text top="705" left="106" width="11" height="13" font="5">7 </text> <text top="705" left="146" width="104" height="13" font="71">Marketing Cost </text> <text top="721" left="146" width="70" height="13" font="71">per Barrel </text> <text top="705" left="268" width="30" height="13" font="71">US$ </text> <text top="705" left="336" width="33" height="13" font="71">0.08 </text> <text top="705" left="448" width="52" height="13" font="71"> 0.08 </text> <text top="705" left="560" width="33" height="13" font="71">0.08 </text> <text top="705" left="665" width="33" height="13" font="71">0.08 </text> <text top="705" left="775" width="4" height="13" font="71"> </text> <text top="737" left="106" width="11" height="13" font="46">8 </text> <text top="737" left="146" width="104" height="13" font="159">Marketing Cost </text> <text top="737" left="268" width="30" height="13" font="159">US$ </text> <text top="737" left="336" width="71" height="13" font="159">79,620.72 </text> <text top="737" left="448" width="71" height="13" font="159">79,575.28 </text> <text top="737" left="560" width="71" height="13" font="159">79,261.60 </text> <text top="737" left="665" width="71" height="13" font="159">75,957.52 </text> <text top="737" left="775" width="79" height="13" font="159">314,415.12 </text> <text top="754" left="106" width="11" height="13" font="5">9 </text> <text top="754" left="146" width="98" height="13" font="71">Gross Receipt </text> <text top="770" left="146" width="35" height="13" font="71">from </text> <text top="785" left="146" width="78" height="13" font="71">GOG/GNPC </text> <text top="801" left="146" width="46" height="13" font="71">Lifting </text> <text top="754" left="268" width="30" height="13" font="71">US$ </text> <text top="754" left="336" width="88" height="13" font="5">112,189,575.5 </text> <text top="754" left="448" width="95" height="13" font="5">115,579,115.44 </text> <text top="754" left="560" width="87" height="13" font="5">109569254.30 </text> <text top="754" left="665" width="87" height="13" font="5">106786778.43 </text> <text top="754" left="775" width="77" height="13" font="5">444,124,723 </text> <text top="818" left="106" width="19" height="13" font="5">10 </text> <text top="818" left="146" width="96" height="13" font="71">o/w Royalties </text> <text top="818" left="268" width="30" height="13" font="71">US$ </text> <text top="818" left="336" width="69" height="13" font="5">31,055,938 </text> <text top="818" left="448" width="69" height="13" font="5">31,994,219 </text> <text top="818" left="560" width="69" height="13" font="5">30,330,589 </text> <text top="818" left="665" width="88" height="13" font="5">29,560,397.90 </text> <text top="818" left="775" width="77" height="13" font="5">122,941,143 </text> <text top="834" left="775" width="4" height="13" font="5"> </text> <text top="850" left="106" width="16" height="11" font="160">11 </text> <text top="850" left="146" width="87" height="11" font="161">o/w Carried & </text> <text top="864" left="146" width="79" height="11" font="161">Participating </text> <text top="878" left="146" width="51" height="11" font="161">Interest </text> <text top="850" left="268" width="27" height="13" font="46">US$ </text> <text top="850" left="336" width="88" height="13" font="46">81,133,637.52 </text> <text top="850" left="448" width="88" height="13" font="46">83,584,896.44 </text> <text top="850" left="560" width="88" height="13" font="46">79,238,665.30 </text> <text top="850" left="665" width="88" height="13" font="46">77,226,380.53 </text> <text top="850" left="775" width="91" height="13" font="46">321,183579.78 </text> <text top="892" left="105" width="66" height="9" font="162">Source: MoFEP</text> <text top="892" left="171" width="3" height="9" font="163">.</text> <text top="892" left="173" width="3" height="9" font="164"> </text> <text top="920" left="105" width="5" height="15" font="36"> </text> <text top="955" left="105" width="5" height="15" font="36"> </text> <text top="990" left="105" width="5" height="15" font="36"> </text> <text top="1024" left="105" width="5" height="15" font="36"> </text> <text top="1059" left="105" width="5" height="15" font="36"> </text> </page> <page number="139" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="165" size="7" family="Times" color="#ffffff"/> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">26 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="180" left="105" width="667" height="15" font="27"> </text> <text top="198" left="105" width="259" height="15" font="27">6.4 Analysis of Jubilee Oil Receipts </text> <text top="215" left="105" width="4" height="15" font="27"> </text> <text top="233" left="107" width="167" height="10" font="81">Table 6.7: Jubilee Oil Receipts - Analysis</text> <text top="264" left="108" width="25" height="9" font="165">ITEM</text> <text top="264" left="238" width="20" height="9" font="165">Unit</text> <text top="264" left="281" width="53" height="9" font="165">Total 2011</text> <text top="264" left="360" width="22" height="9" font="165">GOG</text> <text top="264" left="421" width="43" height="9" font="165">KOSMOS</text> <text top="264" left="488" width="55" height="9" font="165">ANADARKO</text> <text top="264" left="571" width="42" height="9" font="165">TULLOW</text> <text top="264" left="655" width="32" height="9" font="165">SABRE</text> <text top="264" left="723" width="52" height="9" font="165">EO GROUP</text> <text top="296" left="107" width="78" height="9" font="73">Total volume of lift</text> <text top="296" left="221" width="28" height="9" font="73">Barrels</text> <text top="296" left="289" width="48" height="9" font="73">24,451,452</text> <text top="296" left="360" width="43" height="9" font="73">3,930,189</text> <text top="296" left="437" width="43" height="9" font="73">5,970,592</text> <text top="296" left="507" width="43" height="9" font="73">5,296,323</text> <text top="296" left="588" width="43" height="9" font="73">8,394,893</text> <text top="296" left="674" width="34" height="9" font="73">635,679</text> <text top="296" left="752" width="34" height="9" font="73">222,479</text> <text top="334" left="107" width="81" height="9" font="73">GOG/GNPC Royalty</text> <text top="334" left="221" width="28" height="9" font="73">Barrels</text> <text top="334" left="294" width="43" height="9" font="73">1,087,943</text> <text top="369" left="107" width="65" height="9" font="73">Net Sales (A-B)</text> <text top="369" left="221" width="28" height="9" font="73">Barrels</text> <text top="369" left="289" width="48" height="9" font="73">23,363,509</text> <text top="404" left="107" width="71" height="9" font="73">Carried Interest*</text> <text top="404" left="221" width="28" height="9" font="73">Barrels</text> <text top="404" left="294" width="43" height="9" font="73">2,067,087</text> <text top="443" left="107" width="108" height="9" font="73">Participating Interest (bbl)</text> <text top="443" left="354" width="48" height="9" font="73">775,157.96</text> <text top="443" left="423" width="56" height="9" font="73">5,970,592.00</text> <text top="443" left="494" width="56" height="9" font="73">5,296,323.00</text> <text top="443" left="574" width="56" height="9" font="73">8,394,893.00</text> <text top="443" left="661" width="48" height="9" font="73">635,679.00</text> <text top="443" left="738" width="48" height="9" font="73">222,479.00</text> <text top="479" left="108" width="51" height="9" font="165">% Receipt</text> <text top="479" left="340" width="61" height="9" font="165">3.17019194</text> <text top="479" left="411" width="137" height="9" font="165">24.41814907 21.6605664</text> <text top="479" left="562" width="67" height="9" font="165">34.33290178</text> <text top="479" left="647" width="61" height="9" font="165">2.59975972</text> <text top="479" left="724" width="61" height="9" font="165">0.90988053</text> <text top="516" left="108" width="70" height="9" font="165">Equity Holding</text> <text top="516" left="379" width="22" height="9" font="165">3.75</text> <text top="516" left="450" width="29" height="9" font="165">23.49</text> <text top="516" left="520" width="29" height="9" font="165">23.49</text> <text top="516" left="607" width="22" height="9" font="165">34.7</text> <text top="516" left="685" width="22" height="9" font="165">2.81</text> <text top="516" left="763" width="22" height="9" font="165">1.75</text> <text top="514" left="788" width="5" height="16" font="3"> </text> <text top="547" left="105" width="104" height="17" font="18">Source: GNPC </text> <text top="584" left="105" width="644" height="16" font="3">The oil receipts by Kosmos Energy, Tullow Ghana Ltd, Anadarko WCTP Ltd, Sabre Oil, E.O </text> <text top="607" left="105" width="618" height="16" font="3">Group and GNPC/GOG were fairly consistent with their equity holdings in Jubilee field. </text> <text top="644" left="105" width="5" height="16" font="3"> </text> <text top="663" left="105" width="5" height="16" font="3"> </text> <text top="682" left="105" width="5" height="16" font="3"> </text> <text top="702" left="105" width="5" height="16" font="3"> </text> <text top="721" left="105" width="5" height="16" font="3"> </text> <text top="741" left="105" width="5" height="16" font="3"> </text> <text top="760" left="105" width="5" height="16" font="3"> </text> <text top="779" left="105" width="5" height="16" font="3"> </text> <text top="799" left="105" width="5" height="16" font="3"> </text> <text top="818" left="105" width="5" height="16" font="3"> </text> <text top="838" left="105" width="5" height="16" font="3"> </text> <text top="857" left="105" width="5" height="16" font="3"> </text> <text top="876" left="105" width="5" height="16" font="3"> </text> <text top="896" left="105" width="5" height="16" font="3"> </text> <text top="915" left="105" width="5" height="16" font="3"> </text> <text top="934" left="105" width="5" height="16" font="3"> </text> <text top="954" left="105" width="5" height="16" font="3"> </text> <text top="973" left="105" width="5" height="16" font="3"> </text> <text top="993" left="105" width="5" height="16" font="3"> </text> <text top="1012" left="105" width="5" height="16" font="3"> </text> <text top="1031" left="105" width="5" height="16" font="3"> </text> </page> <page number="140" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">27 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="560" height="16" font="25">7.0 RECONCILIATION OF OIL AND GAS BENEFITS IN 2010 AND 2011 </text> <text top="220" left="105" width="5" height="17" font="114"> </text> <text top="257" left="105" width="343" height="17" font="114">7.1 The Reconciliation process and participants. </text> <text top="282" left="105" width="4" height="14" font="3"> </text> <text top="315" left="135" width="7" height="21" font="23">•</text> <text top="319" left="142" width="4" height="15" font="24"> </text> <text top="319" left="158" width="631" height="16" font="3">Reconciliation of liftings (exports) by Oil companies and GNPC to lifting records from the </text> <text top="341" left="161" width="438" height="16" font="3">Ghana Revenue Authority (Customs Division).(See Table 7.1) </text> <text top="374" left="135" width="7" height="21" font="23">•</text> <text top="379" left="142" width="4" height="15" font="24"> </text> <text top="378" left="158" width="617" height="16" font="3">Reconciliation of payments made by oil companies including GNPC and receipts by the </text> <text top="400" left="161" width="608" height="16" font="3">Bank of Ghana/Ministry of Finance. The payments by GNPC covered Carried Interest, </text> <text top="423" left="161" width="627" height="16" font="3">Additional paid interest and royalty. The Oil companies (IOC) reported on surface rental </text> <text top="445" left="161" width="296" height="16" font="3">and corporate tax (See Tables 7.3 & 7.4) </text> <text top="478" left="135" width="7" height="21" font="23">•</text> <text top="483" left="142" width="4" height="15" font="24"> </text> <text top="482" left="158" width="628" height="16" font="3">Government Ministries, Departments and Agencies that participated in the reconciliation </text> <text top="504" left="161" width="572" height="16" font="3">process included. The Ministry of Energy; The Ministry of Finance and Economic </text> <text top="526" left="161" width="293" height="16" font ="3">Planning and Ghana Revenue Authority. </text> <text top="560" left="135" width="7" height="21" font="23">•</text> <text top="564" left="142" width="4" height="15" font="24"> </text> <text top="563" left="158" width="621" height="16" font="3"> Bank of Ghana, Sabre Oil/Gas Ltd and Anadarko (Ghana) Ltd did not participate in the </text> <text top="586" left="161" width="64" height="16" font="3">process. </text> <text top="619" left="135" width="7" height="21" font="23">•</text> <text top="623" left="142" width="4" height="15" font="24"> </text> <text top="623" left="158" width="624" height="16" font="3"> The lifting/export details at the Jubilee Field for 2011 are shown in Table 7.2 (See also </text> <text top="645" left="161" width="95" height="16" font="3">Appendix 7). </text> <text top="682" left="105" width="5" height="16" font="11"> </text> <text top="719" left="105" width="172" height="16" font="11"> 7.2 Benefit streams </text> <text top="756" left="105" width="79" height="15" font="27">1. Royalty:</text> <text top="756" left="184" width="536" height="16" font="0"> Saltpond Oil Producing Company Ltd (SOPCL) reported royalty payment of </text> <text top="778" left="105" width="631" height="16" font="3">US$314,755.73 in 2010. Reported royalty payment to the Government of Ghana in 2011 </text> <text top="800" left="105" width="673" height="16" font="3">amounted to US$123,074,256.04 comprising of US$122,941,273.64 and US$132,982.40 made </text> <text top="822" left="105" width="243" height="16" font="3">by GNPC and SOPCL respectively. </text> <text top="860" left="105" width="134" height="15" font="36">2. Carried Interest</text> <text top="859" left="239" width="538" height="16" font="3">: There was no payment of carried interest in 2010. Carried interest paid in </text> <text top="882" left="105" width="227" height="16" font="3">2011 was US$ 233,587,963.67 </text> <text top="919" left="105" width="197" height="15" font="36">3. Additional Paid Interest:</text> <text top="919" left="302" width="471" height="16" font="0"> An amount of US$87,595,486.37 was received by government as </text> <text top="941" left="105" width="309" height="16" font="3">additional paid interest in the Jubilee Field. </text> <text top="978" left="105" width="138" height="15" font="27">4. Surface Rentals:</text> <text top="978" left="244" width="526" height="16" font="3"> In 2010, surface rentals payments were reported by Kosmas Energy Ltd, </text> <text top="1000" left="105" width="653" height="16" font="3">Tullow Ghana Ltd and SOPCL. In 2010, Tullow (Ghana) Ltd, Kosmos Energy Ltd and SOPCL </text> <text top="1022" left="105" width="583" height="16" font="3">reported payments of US$63,866.95, US$48,751.00 and US$907.00 respectively. </text> <text top="1059" left="105" width="5" height="16" font="3"> </text> </page> <page number="141" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="166" size="12" family="Times" color="#006fc0"/> <fontspec id="167" size="11" family="Times" color="#006fc0"/> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">28 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="604" height="16" font="3"> In 2011 Tullow Ghana Ltd and Kosmas Energy reported surface rental payments of </text> <text top="218" left="105" width="654" height="16" font="3"> US$ 63,886.95 and US$29,427.00 respectively. SOPCL did not report of any surface rental </text> <text top="240" left="105" width="244" height="16" font="3">payment in 2011. (See Table 7.3) </text> <text top="278" left="105" width="95" height="15" font="27">5. Dividends:</text> <text top="277" left="201" width="412" height="16" font="3"> There were no payments of dividends in 2010 and 2011. </text> <text top="315" left="105" width="127" height="15" font="27">6. Corporate Tax:</text> <text top="314" left="232" width="556" height="16" font="0"> No participating company paid corporate taxes in 2010 and 2011 because of </text> <text top="336" left="105" width="672" height="16" font="3">the tax status which had unutilized capital allowances and tax losses carried forward. The tax </text> <text top="359" left="105" width="684" height="16" font="3">returns for 2011 were examined by the Reconciler. There was however no details of liftings and </text> <text top="381" left="105" width="380" height="16" font="3">prices obtained for the various liftings by the IOC’s. </text> <text top="418" left="105" width="695" height="16" font="3">Depending on the acquisitions in 2012 and the proportionate share of the cost of the FPSO </text> <text top="440" left="105" width="675" height="16" font="3">(capital allowance deduction for FPSO will begin in 2012) oil companies may pay corporate tax </text> <text top="462" left="105" width="669" height="16" font="3">in 2012. The Reconciler could not obtain the detailed breakdown of pre-production costs and </text> <text top="485" left="105" width="590" height="16" font="3">other fixed assets to ascertain the appropriateness of the capital allowance claims. </text> <text top="520" left="105" width="377" height="14" font="39">Table 7.1 Reconciliation of oil (bbl) liftings by GNPC in 2011 </text> <text top="540" left="105" width="145" height="13" font="46">Date of Company Lifting </text> <text top="540" left="280" width="94" height="13" font="46">Company (bbl) </text> <text top="540" left="455" width="152" height="13" font="46">Ghana Revenue Authority </text> <text top="558" left="455" width="32" height="13" font="46">(bbl) </text> <text top="540" left="629" width="74" height="13" font="46">Discrepancy </text> <text top="592" left="105" width="79" height="13" font="71">GNPC/GOG </text> <text top="625" left="105" width="76" height="13" font="5">1.9/03/2011 </text> <text top="658" left="105" width="83" height="13" font="5">2.25/05/2011 </text> <text top="690" left="105" width="83" height="13" font="5">3.03/08/2011 </text> <text top="723" left="105" width="83" height="13" font="5">4.15/10/2011 </text> <text top="756" left="105" width="47" height="13" font="71">TOTAL </text> <text top="592" left="280" width="4" height="13" font="71"> </text> <text top="625" left="280" width="77" height="13" font="71"> 995,259.00 </text> <text top="658" left="280" width="82" height="13" font="5"> 994,691.00 </text> <text top="690" left="280" width="82" height="13" font="5"> 990,770.00 </text> <text top="723" left="280" width="82" height="13" font="5"> 949,469.00 </text> <text top="756" left="280" width="92" height="13" font="71">3,930,189.00 </text> <text top="592" left="455" width="4" height="13" font="71"> </text> <text top="625" left="455" width="82" height="13" font="5"> 995,259.00 </text> <text top="658" left="455" width="82" height="13" font="5"> 994,691.00 </text> <text top="690" left="455" width="82" height="13" font="5"> 990,770.00 </text> <text top="723" left="455" width="86" height="13" font="5"> 949,469.00 </text> <text top="756" left="455" width="91" height="13" font="71">3,930,189.00 </text> <text top="592" left="629" width="4" height="13" font="71"> </text> <text top="625" left="629" width="9" height="13" font="71">- </text> <text top="658" left="629" width="9" height="13" font="71">- </text> <text top="690" left="629" width="9" height="13" font="71">- </text> <text top="723" left="629" width="9" height="13" font="71">- </text> <text top="756" left="629" width="9" height="13" font="71">- </text> <text top="789" left="105" width="140" height="17" font="18">Source: GNPC/GRA </text> <text top="812" left="105" width="5" height="14" font="166"> </text> <text top="832" left="105" width="5" height="14" font="166"> </text> <text top="853" left="105" width="324" height="14" font="166">Table 7.2: Jubilee Field Liftings by IOCs’ in 2011 </text> <text top="876" left="105" width="141" height="13" font="167">TULLOW GHANA LTD </text> <text top="909" left="105" width="99" height="13" font="167">1.05/01/2011 </text> <text top="942" left="105" width="99" height="13" font="167">2.20/03/2011 </text> <text top="974" left="105" width="99" height="13" font="167">3.09/04/2011 </text> <text top="1007" left="105" width="99" height="13" font="167">4.06/06/2011 </text> <text top="1040" left="105" width="99" height="13" font="167">5.19/07/2011 </text> <text top="876" left="303" width="4" height="13" font="167"> </text> <text top="909" left="303" width="79" height="13" font="167">617,909.00 </text> <text top="942" left="303" width="79" height="13" font="167">949,428.00 </text> <text top="974" left="303" width="79" height="13" font="167">949,426.00 </text> <text top="1007" left="303" width="79" height="13" font="167">945,576.00 </text> <text top="1040" left="303" width="79" height="13" font="167">949,450.00 </text> </page> <page number="142" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">29 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="184" left="105" width="99" height="13" font="167">6.29/08/2011 </text> <text top="217" left="105" width="99" height="13" font="167">7.20/09/2011 </text> <text top="250" left="105" width="99" height="13" font="167">8.09/11/2011 </text> <text top="282" left="105" width="99" height="13" font="167">9.06/12/2011 </text> <text top="315" left="105" width="47" height="13" font="167">TOTAL </text> <text top="184" left="303" width="79" height="13" font="167">997,069.00 </text> <text top="217" left="303" width="79" height="13" font="167">995,125.00 </text> <text top="250" left="303" width="79" height="13" font="167">996,465.00 </text> <text top="282" left="303" width="79" height="13" font="167">994,445.00 </text> <text top="315" left="303" width="92" height="13" font="167">8,394,893.00 </text> <text top="348" left="303" width="4" height="13" font="167"> </text> <text top="384" left="105" width="124" height="13" font="159"> KOSMOS ENERGY </text> <text top="417" left="105" width="99" height="13" font="159">1.20/01/2011 </text> <text top="450" left="105" width="99" height="13" font="159">2.22/04/2011 </text> <text top="483" left="105" width="99" height="13" font="159">3.04/07/2011 </text> <text top="515" left="105" width="99" height="13" font="159">4.08/09/2011 </text> <text top="548" left="105" width="99" height="13" font="159">5.29/10/2011 </text> <text top="581" left="105" width="99" height="13" font="159">6.20/12/2011 </text> <text top="614" left="105" width="47" height="13" font="159">TOTAL </text> <text top="384" left="303" width="4" height="13" font="71"> </text> <text top="417" left="303" width="77" height="13" font="71"> 989,360.00 </text> <text top="450" left="303" width="78" height="13" font="5"> 995,713.00 </text> <text top="483" left="303" width="78" height="13" font="5"> 997,374.00 </text> <text top="515" left="303" width="78" height="13" font="5"> 996,194.00 </text> <text top="548" left="303" width="78" height="13" font="5"> 996,015.00 </text> <text top="581" left="303" width="78" height="13" font="5"> 995,936.00 </text> <text top="614" left="303" width="92" height="13" font="71">5,970,592.00 </text> <text top="647" left="303" width="4" height="13" font="71"> </text> <text top="680" left="105" width="109" height="13" font="159">ANADARKO LTD </text> <text top="713" left="105" width="99" height="13" font="159">1.09/02/2011 </text> <text top="746" left="105" width="99" height="13" font="159">2.07/05/2011 </text> <text top="779" left="105" width="99" height="13" font="159">3.21/06/2011 </text> <text top="812" left="105" width="99" height="13" font="159">4.16/08/2011 </text> <text top="845" left="105" width="99" height="13" font="159">5.03/10/2011 </text> <text top="877" left="105" width="99" height="13" font="159">6.23/11/2011 </text> <text top="910" left="105" width="47" height="13" font="159">TOTAL </text> <text top="680" left="303" width="4" height="13" font="71"> </text> <text top="713" left="303" width="69" height="13" font="5">995,412.00 </text> <text top="746" left="303" width="69" height="13" font="5">769,277.00 </text> <text top="779" left="303" width="73" height="13" font="5"> 907,216.00 </text> <text top="812" left="303" width="73" height="13" font="5"> 877,801.00 </text> <text top="845" left="303" width="73" height="13" font="5"> 859,824.00 </text> <text top="877" left="303" width="73" height="13" font="71"> 886,793.00 </text> <text top="910" left="303" width="92" height="13" font="71">5,296,323.00 </text> <text top="943" left="303" width="4" height="13" font="71"> </text> <text top="976" left="303" width="4" height="13" font="71"> </text> </page> <page number="143" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">30 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="139" height="13" font="159">SABRE OIL AND GAS </text> <text top="214" left="105" width="99" height="13" font="159">1.07/05/2011 </text> <text top="247" left="105" width="99" height="13" font="159">2.21/06/2011 </text> <text top="280" left="105" width="99" height="13" font="159">3.16/08/2011 </text> <text top="313" left="105" width="99" height="13" font="159">4.03/10/2011 </text> <text top="345" left="105" width="99" height="13" font="159">5.23/11/2011 </text> <text top="378" left="105" width="47" height="13" font="159">TOTAL </text> <text top="181" left="303" width="4" height="13" font="71"> </text> <text top="214" left="303" width="69" height="13" font="5">227,196.00 </text> <text top="247" left="303" width="71" height="13" font="5"> 85,579.00 </text> <text top="280" left="303" width="69" height="13" font="5">115,299.00 </text> <text top="313" left="303" width="69" height="13" font="5">100,230.00 </text> <text top="345" left="303" width="69" height="13" font="5">107,375.00 </text> <text top="378" left="303" width="79" height="13" font="71">635,679.00 </text> <text top="411" left="303" width="4" height="13" font="71"> </text> <text top="445" left="105" width="82" height="13" font="159">E.O. GROUP </text> <text top="478" left="105" width="103" height="13" font="159">1.05./01/2011 </text> <text top="510" left="105" width="99" height="13" font="159">2.20/03/3011 </text> <text top="543" left="105" width="99" height="13" font="159">3.09/04/2011 </text> <text top="576" left="105" width="99" height="13" font="159">4.06/06/2011 </text> <text top="609" left="105" width="99" height="13" font="159">5.19/07/2011 </text> <text top="642" left="105" width="47" height="13" font="159">TOTAL </text> <text top="445" left="303" width="4" height="13" font="71"> </text> <text top="478" left="303" width="62" height="13" font="5">31,155.00 </text> <text top="510" left="303" width="62" height="13" font="5">47,882.00 </text> <text top="543" left="303" width="62" height="13" font="5">47,878.00 </text> <text top="576" left="303" width="62" height="13" font="5">47,684.00 </text> <text top="609" left="303" width="62" height="13" font="5">47,880.00 </text> <text top="642" left="303" width="79" height="13" font="71">222,479.00 </text> <text top="675" left="303" width="4" height="13" font="5"> </text> <text top="709" left="105" width="197" height="14" font="8">Source: GRA Customs Division </text> <text top="746" left="105" width="4" height="14" font="8"> </text> <text top="783" left="105" width="4" height="14" font="8"> </text> <text top="820" left="105" width="4" height="14" font="8"> </text> <text top="857" left="105" width="4" height="14" font="8"> </text> <text top="895" left="105" width="4" height="14" font="8"> </text> <text top="932" left="105" width="4" height="14" font="8"> </text> <text top="969" left="105" width="4" height="14" font="8"> </text> <text top="1006" left="105" width="4" height="14" font="8"> </text> <text top="1043" left="105" width="4" height="14" font="8"> </text> <text top="1079" left="105" width="4" height="14" font="39"> </text> </page> <page number="144" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">31 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="342" height="16" font="0">FIG 7: Share of Jubilee Oil liftings in 2011 </text> <text top="555" left="691" width="5" height="16" font="0"> </text> <text top="574" left="105" width="61" height="16" font="0">Source:</text> <text top="575" left="166" width="262" height="14" font="37">GRA Customs Division/Boas compilations</text> <text top="574" left="429" width="5" height="16" font="0"> </text> <text top="595" left="105" width="4" height="14" font="39"> </text> <text top="614" left="105" width="487" height="14" font="39">Table 7.3 Reconciliation of GNPC oil sales (proceeds) and receipts by Government </text> <text top="634" left="105" width="63" height="16" font="25">Date of </text> <text top="656" left="105" width="161" height="16" font="25">GNPC/GOG Liftings </text> <text top="634" left="280" width="107" height="16" font="25">GNPC Lifting </text> <text top="656" left="280" width="108" height="16" font="25">Proceeds ($) </text> <text top="634" left="455" width="100" height="16" font="25">Government</text> <text top="631" left="554" width="9" height="10" font="78">iii</text> <text top="634" left="563" width="5" height="16" font="25"> </text> <text top="656" left="455" width="99" height="16" font="25">Receipts($) </text> <text top="634" left="629" width="103" height="16" font="25">Discrepancy </text> <text top="694" left="105" width="10" height="16" font="0">9</text> <text top="691" left="115" width="11" height="10" font="65">th</text> <text top="694" left="126" width="66" height="16" font="0"> Mar 11 </text> <text top="694" left="280" width="132" height="16" font="0">112,189,575.52 </text> <text top="694" left="455" width="132" height="16" font="0">112,189,575.52 </text> <text top="694" left="729" width="15" height="16" font="0">0 </text> <text top="731" left="105" width="21" height="16" font="25">26</text> <text top="728" left="126" width="11" height="10" font="78">th</text> <text top="731" left="136" width="63" height="16" font="25"> Jun 11 </text> <text top="731" left="280" width="132" height="16" font="25">115,579,115.44 </text> <text top="731" left="455" width="132" height="16" font="25">115,579,115.44 </text> <text top="731" left="729" width="15" height="16" font="25">0 </text> <text top="769" left="105" width="10" height="16" font="0">3</text> <text top="766" left="115" width="11" height="10" font="65">rd</text> <text top="769" left="126" width="66" height="16" font="0"> Aug 11 </text> <text top="769" left="280" width="132" height="16" font="0">109,569,254.30 </text> <text top="769" left="455" width="132" height="16" font="0">109,569,254.30 </text> <text top="769" left="729" width="15" height="16" font="0">0 </text> <text top="807" left="105" width="21" height="16" font="25">15</text> <text top="804" left="126" width="11" height="10" font="78">th</text> <text top="807" left="136" width="62" height="16" font="25"> Oct 11 </text> <text top="807" left="280" width="132" height="16" font="25">106,786,778.43 </text> <text top="807" left="455" width="132" height="16" font="25">106,786,778.43 </text> <text top="807" left="729" width="15" height="16" font="25">0 </text> <text top="844" left="105" width="57" height="16" font="0">TOTAL </text> <text top="844" left="280" width="132" height="16" font="0">444,124,723.69 </text> <text top="844" left="455" width="132" height="16" font="0">444,124,723.69 </text> <text top="844" left="729" width="15" height="16" font="0">0 </text> <text top="880" left="105" width="131" height="12" font="157">Source: GNPC/MoFEP </text> <text top="911" left="105" width="4" height="14" font="39"> </text> <text top="930" left="105" width="4" height="14" font="39"> </text> <text top="948" left="105" width="4" height="14" font="39"> </text> <text top="966" left="105" width="4" height="14" font="39"> </text> <text top="984" left="105" width="4" height="14" font="39"> </text> <text top="1003" left="105" width="4" height="14" font="39"> </text> <text top="1021" left="105" width="4" height="14" font="39"> </text> <text top="1039" left="105" width="4" height="14" font="39"> </text> <text top="1057" left="105" width="4" height="14" font="39"> </text> <text top="1076" left="105" width="4" height="14" font="39"> </text> </page> <page number="145" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">32 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="180" left="105" width="4" height="14" font="39"> </text> <text top="198" left="105" width="4" height="14" font="39"> </text> <text top="216" left="105" width="586" height="14" font="39">Table 7.4 Reconciliation (by revenue stream) of GNPC Payments and Government Receipts in 2011 </text> <text top="236" left="105" width="60" height="14" font="72">Revenue </text> <text top="256" left="105" width="50" height="14" font="72">Stream </text> <text top="236" left="215" width="108" height="14" font="72">GNPC Payments </text> <text top="236" left="460" width="147" height="14" font="72">Government Receipts </text> <text top="236" left="705" width="82" height="14" font="72">Discrepancy </text> <text top="292" left="105" width="5" height="14" font="37"> </text> <text top="292" left="215" width="49" height="14" font="37">BBL(A) </text> <text top="292" left="329" width="50" height="14" font="37">U$$(B) </text> <text top="292" left="460" width="49" height="14" font="37">BBL(C) </text> <text top="292" left="574" width="56" height="14" font="37">US$ (D) </text> <text top="292" left="705" width="68" height="14" font="37">BBL(A-C) </text> <text top="292" left="792" width="65" height="14" font="37">US$(B-D) </text> <text top="328" left="105" width="57" height="14" font="37">Royalty </text> <text top="328" left="215" width="90" height="14" font="37">1,087,943.13 </text> <text top="328" left="329" width="106" height="14" font="37">122,941,190.00 </text> <text top="362" left="329" width="5" height="14" font="37"> </text> <text top="397" left="329" width="5" height="14" font="37"> </text> <text top="328" left="460" width="90" height="14" font="37">1,087,943.13 </text> <text top="328" left="574" width="105" height="14" font="37">122,941,143.90 </text> <text top="328" left="705" width="10" height="14" font="37">- </text> <text top="328" left="792" width="41" height="14" font="37">46.10 </text> <text top="433" left="105" width="51" height="14" font="37">Carried </text> <text top="453" left="105" width="55" height="14" font="37">Interest </text> <text top="433" left="215" width="90" height="14" font="37">2,067,087.91 </text> <text top="433" left="329" width="106" height="14" font="37">233,587,963.67 </text> <text top="433" left="461" width="90" height="14" font="37">2,067,087.91 </text> <text top="433" left="574" width="105" height="14" font="37">233,588,058.03 </text> <text top="433" left="705" width="10" height="14" font="37">- </text> <text top="433" left="792" width="46" height="14" font="37">-94.36 </text> <text top="489" left="105" width="68" height="14" font="37">Additional </text> <text top="509" left="105" width="84" height="14" font="37">Participating </text> <text top="530" left="105" width="55" height="14" font="37">Interest </text> <text top="489" left="215" width="86" height="14" font="37"> 775,158.70 </text> <text top="489" left="329" width="107" height="14" font="37"> 87,595,570.02 </text> <text top="489" left="461" width="91" height="14" font="37"> 775,158.70 </text> <text top="489" left="574" width="106" height="14" font="37"> 87,595,521.76 </text> <text top="489" left="705" width="10" height="14" font="37">- </text> <text top="489" left="792" width="41" height="14" font="37">48.26 </text> <text top="565" left="105" width="37" height="14" font="37">Total </text> <text top="565" left="215" width="233" height="14" font="35">3,930,189.74 444,124,723.69 </text> <text top="600" left="329" width="5" height="14" font="37"> </text> <text top="565" left="460" width="233" height="14" font="35">3,930,189.74 444,124,723.69 </text> <text top="600" left="574" width="5" height="14" font="37"> </text> <text top="565" left="705" width="10" height="14" font="37">- </text> <text top="565" left="792" width="12" height="14" font="37">0 </text> <text top="635" left="105" width="133" height="14" font="39">Source: GNPC/MoFEP. </text> <text top="668" left="105" width="4" height="13" font="71"> </text> <text top="686" left="105" width="4" height="13" font="71"> </text> <text top="704" left="105" width="507" height="14" font="39"> Table 7.5 Reconciliation of SOPCL Payments and Government Receipts in 2010/2011 </text> <text top="724" left="105" width="111" height="14" font="72">Revenue Stream </text> <text top="724" left="301" width="151" height="14" font="72">SOPCL Payments(US$) </text> <text top="724" left="477" width="184" height="14" font="72">Government Receipts(US$) </text> <text top="724" left="686" width="119" height="14" font="72">Discrepancy(US$) </text> <text top="769" left="105" width="144" height="14" font="37"> Royalty - 2010 </text> <text top="803" left="201" width="5" height="14" font="37">-</text> <text top="804" left="206" width="4" height="13" font="38"> </text> <text top="803" left="210" width="36" height="14" font="37">2011 </text> <text top="769" left="301" width="77" height="14" font="37">314,755.73 </text> <text top="803" left="301" width="77" height="14" font="37">132,982.40 </text> <text top="769" left="477" width="77" height="14" font="37">314,755.73 </text> <text top="803" left="477" width="77" height="14" font="37">132,982.40 </text> <text top="769" left="686" width="10" height="14" font="37">- </text> <text top="803" left="686" width="5" height="14" font="37"> </text> <text top="838" left="686" width="10" height="14" font="37">- </text> <text top="874" left="105" width="140" height="14" font="37">Surface Rental -2010 </text> <text top="909" left="105" width="142" height="14" font="37"> -2011 </text> <text top="874" left="301" width="76" height="14" font="37"> 907.50 </text> <text top="909" left="301" width="42" height="14" font="37"> - </text> <text top="874" left="477" width="49" height="14" font="37">605.00 </text> <text top="874" left="686" width="49" height="14" font="37">302.50 </text> <text top="944" left="105" width="143" height="14" font="37">Total -2010 </text> <text top="979" left="105" width="142" height="14" font="37"> -2011 </text> <text top="944" left="301" width="77" height="14" font="37">315,663.23 </text> <text top="979" left="301" width="77" height="14" font="37">132,982.40 </text> <text top="944" left="477" width="77" height="14" font="37">315,360.73 </text> <text top="979" left="477" width="77" height="14" font="37">132,982.40 </text> <text top="944" left="686" width="49" height="14" font="37">302.50 </text> <text top="979" left="686" width="10" height="14" font="37">- </text> <text top="1014" left="105" width="198" height="15" font="36">Source: SOPCL/MOFEP/GNPC. </text> <text top="1050" left="105" width="5" height="16" font="0"> </text> <text top="1087" left="105" width="5" height="16" font="0"> </text> </page> <page number="146" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">33 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="5" height="16" font="0"> </text> <text top="217" left="105" width="8" height="14" font="12">T</text> <text top="217" left="114" width="348" height="15" font="27">able 7.6 Surface Rental Payments – 2010/2011</text> <text top="217" left="461" width="5" height="14" font="12"> </text> <text top="236" left="100" width="65" height="14" font="72">Company </text> <text top="236" left="329" width="105" height="14" font="72">Surface Rentals </text> <text top="256" left="329" width="106" height="14" font="72">(US$) Company </text> <text top="276" left="329" width="138" height="14" font="72">Reported payments –</text> <text top="297" left="329" width="13" height="14" font="72">A </text> <text top="236" left="484" width="146" height="14" font="72">Surface Rentals (US$) </text> <text top="256" left="484" width="147" height="14" font="72">Government Reported </text> <text top="277" left="484" width="72" height="14" font="72">Receipts-B </text> <text top="236" left="675" width="116" height="14" font="72">Discrepancy(A-B) </text> <text top="332" left="100" width="267" height="14" font="37">Tullow Ghana - 2010 </text> <text top="367" left="152" width="155" height="14" font="37"> 2011 </text> <text top="332" left="329" width="83" height="14" font="37">63,866.95 </text> <text top="367" left="329" width="69" height="14" font="37">63,886.95 </t ext> <text top="332" left="484" width="69" height="14" font="37">58,140.50 </text> <text top="367" left="484" width="69" height="14" font="37">63,421.32 </text> <text top="332" left="675" width="61" height="14" font="37">5,726.45 </text> <text top="367" left="675" width="63" height="14" font="37"> 465.63 </text> <text top="403" left="100" width="204" height="14" font="37">Kosmos Energy - 2010 </text> <text top="438" left="100" width="205" height="14" font="37"> 2011 </text> <text top="403" left="329" width="69" height="14" font="37">48,751.00 </text> <text top="438" left="329" width="69" height="14" font="37">29,427.00 </text> <text top="403" left="484" width="69" height="14" font="37">48,751.00 </text> <text top="438" left="484" width="69" height="14" font="37">29,427.00 </text> <text top="473" left="484" width="5" height="14" font="37"> </text> <text top="403" left="675" width="12" height="14" font="37">0 </text> <text top="438" left="675" width="12" height="14" font="37">0 </text> <text top="536" left="100" width="202" height="14" font="37">Saltpond Oil Fields- 2010 </text> <text top="571" left="100" width="5" height="14" font="37"> </text> <text top="536" left="329" width="72" height="14" font="37"> 907.50 </text> <text top="536" left="484" width="67" height="14" font="37"> 605.00 </text> <text top="536" left="675" width="49" height="14" font="37">302.50 </text> <text top="606" left="100" width="202" height="14" font="37">Total - 2010 </text> <text top="641" left="229" width="5" height="14" font="37">-</text> <text top="642" left="234" width="4" height="13" font="38"> </text> <text top="641" left="255" width="46" height="14" font="37"> 2011 </text> <text top="606" left="329" width="77" height="14" font="37">113,525.45 </text> <text top="641" left="329" width="78" height="14" font="37"> 93,313.95 </text> <text top="606" left="484" width="77" height="14" font="37">107,496.50 </text> <text top="641" left="484" width="78" height="14" font="37"> 92,848.32 </text> <text top="606" left="675" width="61" height="14" font="37">6,028.95 </text> <text top="641" left="675" width="63" height="14" font="37"> 465.63 </text> <text top="676" left="105" width="298" height="15" font="36">Source: GNPC/Company Reporting Templates </text> <text top="710" left="105" width="4" height="14" font="40"> </text> <text top="726" left="105" width="4" height="14" font="40"> </text> <text top="742" left="105" width="4" height="14" font="40"> </text> <text top="758" left="105" width="4" height="14" font="40"> </text> <text top="774" left="105" width="4" height="14" font="40"> </text> <text top="790" left="105" width="4" height="14" font="40"> </text> <text top="806" left="105" width="4" height="14" font="40"> </text> <text top="822" left="105" width="4" height="14" font="40"> </text> <text top="837" left="105" width="4" height="14" font="40"> </text> <text top="853" left="105" width="4" height="14" font="40"> </text> <text top="869" left="105" width="4" height="14" font="40"> </text> <text top="885" left="105" width="4" height="14" font="40"> </text> <text top="901" left="105" width="4" height="14" font="40"> </text> <text top="917" left="105" width="4" height="14" font="40"> </text> <text top="933" left="105" width="4" height="14" font="40"> </text> <text top="948" left="105" width="4" height="14" font="40"> </text> <text top="964" left="105" width="4" height="14" font="40"> </text> <text top="980" left="105" width="4" height="14" font="40"> </text> <text top="996" left="105" width="4" height="14" font="40"> </text> <text top="1012" left="105" width="4" height="14" font="40"> </text> <text top="1028" left="105" width="4" height="14" font="40"> </text> <text top="1044" left="105" width="4" height="14" font="40"> </text> <text top="1059" left="105" width="4" height="14" font="40"> </text> <text top="1075" left="105" width="4" height="14" font="40"> </text> <text top="1091" left="105" width="4" height="14" font="40"> </text> </page> <page number="147" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">34 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="180" left="105" width="4" height="14" font="40"> </text> <text top="196" left="105" width="4" height="14" font="40"> </text> <text top="212" left="105" width="553" height="14" font="40">Table 7.7 2010/ 2011 Company Payments/Government Receipts/Discrepancies </text> <text top="229" left="92" width="68" height="14" font="74">Revenue </text> <text top="247" left="92" width="57" height="14" font="74">Stream </text> <text top="229" left="192" width="4" height="14" font="74"> </text> <text top="229" left="247" width="115" height="14" font="74">Company(US$) </text> <text top="229" left="382" width="287" height="14" font="74">Government(US$) Discrepancy(US$) </text> <text top="229" left="685" width="71" height="14" font="74">Resolved </text> <text top="229" left="770" width="87" height="14" font="74">Unresolved </text> <text top="265" left="92" width="77" height="14" font="35">S/Rentals </text> <text top="265" left="192" width="36" height="14" font="37">2010 </text> <text top="297" left="192" width="36" height="14" font="37">2011 </text> <text top="265" left="247" width="77" height="14" font="37">113,525.45 </text> <text top="297" left="247" width="78" height="14" font="37"> 93,313.95 </text> <text top="265" left="382" width="77" height="14" font="37">107,496.50 </text> <text top="300" left="382" width="78" height="14" font="37"> 92,848.32 </text> <text top="265" left="534" width="49" height="14" font="37">6,028.9</text> <text top="283" left="534" width="12" height="14" font="37">5 </text> <text top="315" left="534" width="9" height="14" font="37"> </text> <text top="332" left="534" width="49" height="14" font="37">465.63 </text> <text top="265" left="599" width="5" height="14" font="37"> </text> <text top="283" left="599" width="5" height="14" font="37"> </text> <text top="265" left="685" width="11" height="14" font="35">- </text> <text top="297" left="685" width="4" height="14" font="35"> </text> <text top="265" left="770" width="61" height="14" font="37">6,028.95 </text> <text top="297" left="770" width="63" height="14" font="37"> 465.63 </text> <text top="370" left="92" width="60" height="14" font="35">Royalty </text> <text top="370" left="192" width="36" height="14" font="37">2010 </text> <text top="402" left="192" width="36" height="14" font="37">2011 </text> <text top="370" left="247" width="77" height="14" font="37">314,755.73 </text> <text top="402" left="247" width="105" height="14" font="37">123,074,172.40 </text> <text top="370" left="382" width="77" height="14" font="37">314,755.73 </text> <text top="402" left="382" width="106" height="14" font="37">123,074,126.30 </text> <text top="370" left="534" width="10" height="14" font="37">- </text> <text top="402" left="534" width="41" height="14" font="37">46.10 </text> <text top="370" left="599" width="5" height="14" font="37"> </text> <text top="388" left="599" width="5" height="14" font="37"> </text> <text top="370" left="685" width="5" height="14" font="37"> </text> <text top="402" left="685" width="5" height="14" font="37"> </text> <text top="370" left="770" width="5" height="14" font="37"> </text> <text top="402" left="770" width="50" height="14" font="37"> 46.10 </text> <text top="435" left="92" width="82" height="14" font="35">C/Interest </text> <text top="435" left="192" width="36" height="14" font="37">2010 </text> <text top="467" left="192" width="36" height="14" font="37">2011 </text> <text top="435" left="247" width="10" height="14" font="37">- </text> <text top="467" left="247" width="106" height="14" font="37">233,587,963.67 </text> <text top="435" left="382" width="11" height="14" font="35">- </text> <text top="467" left="382" width="105" height="14" font="37">233,588,058.03 </text> <text top="435" left="534" width="5" height="14" font="37"> </text> <text top="467" left="534" width="5" height="14" font="37"> </text> <text top="435" left="599" width="5" height="14" font="37"> </text> <text top="453" left="599" width="5" height="14" font="37"> </text> <text top="470" left="599" width="46" height="14" font="37">-94.36 </text> <text top="435" left="685" width="5" height="14" font="37"> </text> <text top="435" left="770" width="5" height="14" font="37"> </text> <text top="467" left="770" width="46" height="14" font="37">-94.36 </text> <text top="503" left="92" width="31" height="14" font="35">API </text> <text top="503" left="192" width="36" height="14" font="37">2010 </text> <text top="535" left="192" width="36" height="14" font="37">2011 </text> <text top="503" left="247" width="10" height="14" font="37">- </text> <text top="535" left="247" width="98" height="14" font="37">87,595,570.02 </text> <text top="503" left="382" width="11" height="14" font="35">- </text> <text top="535" left="382" width="97" height="14" font="37">87,595,521.76 </text> <text top="503" left="534" width="4" height="14" font="35"> </text> <text top="535" left="534" width="41" height="14" font="37">48.26 </text> <text top="503" left="599" width="5" height="14" font="37"> </text> <text top="521" left="599" width="5" height="14" font="37"> </text> <text top="503" left="685" width="4" height="14" font="35"> </text> <text top="535" left="685" width="5" height="14" font="37"> </text> <text top="503" left="770" width="10" height="14" font="37">- </text> <text top="535" left="770" width="41" height="14" font="37">48.26 </text> <text top="568" left="92" width="74" height="14" font="35">Corp. Tax </text> <text top="568" left="192" width="36" height="14" font="37">2010 </text> <text top="601" left="192" width="36" height="14" font="37">2011 </text> <text top="568" left="247" width="10" height="14" font="37">- </text> <text top="601" left="247" width="10" height="14" font="37">- </text> <text top="568" left="382" width="11" height="14" font="35">- </text> <text top="601" left="382" width="11" height="14" font="35">- </text> <text top="568" left="534" width="4" height="14" font="35"> </text> <text top="601" left="534" width="4" height="14" font="35"> </text> <text top="568" left="599" width="4" height="14" font="35"> </text> <text top="586" left="599" width="4" height="14" font="35"> </text> <text top="568" left="685" width="11" height="14" font="35">- </text> <text top="601" left="685" width="11" height="14" font="35">- </text> <text top="568" left="770" width="11" height="14" font="35">- </text> <text top="601" left="770" width="11" height="14" font="35">- </text> <text top="634" left="92" width="69" height="14" font="35">Dividend </text> <text top="634" left="192" width="36" height="14" font="37">2010 </text> <text top="666" left="192" width="36" height="14" font="37">2011 </text> <text top="634" left="247" width="10" height="14" font="37">- </text> <text top="666" left="247" width="10" height="14" font="37">- </text> <text top="634" left="382" width="11" height="14" font="35">- </text> <text top="666" left="382" width="11" height="14" font="35">- </text> <text top="634" left="534" width="4" height="14" font="35"> </text> <text top="666" left="534" width="4" height="14" font="35"> </text> <text top="634" left="599" width="4" height="14" font="35"> </text> <text top="651" left="599" width="4" height="14" font="35"> </text> <text top="634" left="685" width="11" height="14" font="35">- </text> <text top="666" left="685" width="11" height="14" font="35">- </text> <text top="634" left="770" width="11" height="14" font="35">- </text> <text top="666" left="770" width="11" height="14" font="35">- </text> <text top="699" left="92" width="41" height="14" font="35">Total </text> <text top="699" left="192" width="36" height="14" font="37">2010 </text> <text top="731" left="192" width="36" height="14" font="37">2011 </text> <text top="699" left="247" width="148" height="14" font="35"> 428,281.18 </text> <text top="731" left="247" width="364" height="14" font="35">444,351,020.04 </text> <text top="699" left="382" width="88" height="14" font="35">422,252.23 </text> <text top="731" left="382" width="120" height="14" font="35">444,350,554.41 </text> <text top="699" left="534" width="46" height="14" font="35">6,028.</text> <text top="716" left="534" width="23" height="14" font="35">95 </text> <text top="749" left="534" width="9" height="14" font="35"> </text> <text top="766" left="534" width="42" height="14" font="35">559.9</text> <text top="784" left="534" width="13" height="14" font="35">9 </text> <text top="699" left="599" width="4" height="14" font="35"> </text> <text top="716" left="599" width="4" height="14" font="35"> </text> <text top="734" left="599" width="52" height="14" font="35">-94.36 </text> <text top="699" left="685" width="4" height="14" font="35"> </text> <text top="699" left="770" width="69" height="14" font="35">6,028.95 </text> <text top="731" left="770" width="68" height="14" font="35"> 465.63 </text> <text top="817" left="105" width="5" height="17" font="19"> </text> <text top="836" left="105" width="5" height="17" font="19"> </text> <text top="855" left="105" width="5" height="17" font="19"> </text> <text top="892" left="105" width="159" height="17" font="113">7.3 DISCREPANCY: </text> <text top="917" left="105" width="5" height="16" font="3"> </text> <text top="936" left="105" width="681" height="16" font="3">The reconciliation recorded net discrepancies of US$6,028.95 and US$465.63 in 2010 and 2011 </text> <text top="955" left="105" width="641" height="16" font="3">respectively. In 2011, the absolute discrepancy was US$654.35. The discrepancy in 2010 </text> <text top="975" left="105" width="650" height="16" font="3">resulted from differences between surface rental payments made by Tullow Ghana Ltd and </text> <text top="994" left="105" width="677" height="16" font="3">Saltpond Offshore Producing Company Ltd and reported receipts by the GNPC. (See Table 7.3) </text> <text top="1014" left="105" width="5" height="16" font="3"> </text> <text top="1033" left="105" width="664" height="16" font="3">In 2011 the difference between the reported payment by Tullow Ghana Ltd and the reported </text> <text top="1052" left="105" width="658" height="16" font="3">receipt by the GNPC produced the discrepancy of US$465.63. There were also discrepancies </text> <text top="1072" left="105" width="530" height="16" font="3">between GNPC payments and Government receipts. (See Table 7.2 & 7.5) </text> </page> <page number="148" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="168" size="14" family="Times" color="#434343"/> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">35 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="5" height="16" font="3"> </text> <text top="201" left="105" width="5" height="16" font="3"> </text> <text top="200" left="110" width="5" height="17" font="19"> </text> <text top="255" left="105" width="300" height="16" font="25">8.0 UNITIZATION OF JUBILEE FIELD </text> <text top="276" left="105" width="5" height="17" font="127"> </text> <text top="296" left="105" width="685" height="16" font="3">Since Jubilee field straddles between Deep water Tano and West Cape Three Point fields owned </text> <text top="316" left="105" width="673" height="16" font="3">by a consortium of interest holding companies, unitization was the preferred option for reason </text> <text top="335" left="105" width="178" height="16" font="3">of production economy. </text> <text top="355" left="105" width="5" height="16" font="3"> </text> <text top="374" left="105" width="645" height="16" font="3">Under the Unitization Agreement signed by the Jubilee Partners in July 2009, Tullow holds </text> <text top="393" left="105" width="654" height="16" font="3">34.70 %, Kosmos Ltd 23.49%, Anadarko 23.49%, GNPC 13.75%, Sabre Oil 2.81% and E.O </text> <text top="413" left="105" width="110" height="16" font="3">Group 1.75%. </text> <text top="432" left="105" width="5" height="16" font="3"> </text> <text top="452" left="105" width="10" height="16" font="3"> </text> <text top="471" left="105" width="477" height="16" font="3">E.O Group acquisition in 2011 increased Tullow’s stake to 36.45%. </text> <text top="511" left="105" width="79" height="15" font="27">Fig 8.1 Re-</text> <text top="510" left="184" width="224" height="17" font="19">determination of Interests </text> <text top="551" left="365" width="5" height="16" font="168"> </text> <text top="590" left="365" width="5" height="16" font="0"> </text> <text top="630" left="365" width="5" height="16" font="0"> </text> <text top="670" left="365" width="5" height="16" font="0"> </text> <text top="710" left="365" width="5" height="16" font="0"> </text> <text top="729" left="365" width="5" height="16" font="3"> </text> <text top="749" left="365" width="5" height="16" font="3"> </text> <text top="768" left="365" width="5" height="16" font="3"> </text> <text top="786" left="105" width="15" height="16" font="3"> </text> <text top="786" left="120" width="174" height="15" font="36">Source: Ministry of Energy </text> <text top="805" left="105" width="5" height="16" font="3"> </text> <text top="825" left="105" width="5" height="16" font="3"> </text> <text top="844" left="105" width="682" height="16" font="3">Unitization agreement for Jubilee field contain provisions requiring that changed ownership and </text> <text top="863" left="105" width="684" height="16" font="3">reserve holdings be re-determined and adjusted at dates subsequent to the date of unitization. </text> <text top="883" left="105" width="5" height="16" font="3"> </text> <text top="902" left="105" width="625" height="16" font="3">Between the dates of the Jubilee unitization and the subsequent re-adjustment on the 1</text> <text top="899" left="730" width="8" height="10" font="50">st</text> <text top="902" left="738" width="5" height="16" font="3"> </text> <text top="921" left="105" width="127" height="16" font="3">December 2011, </text> <text top="941" left="105" width="665" height="16" font="3">production revenues as well as operating expenses and development costs were allocated on </text> <text top="960" left="105" width="487" height="16" font="3">the basis of ownership interest computed at the date of unitization. </text> <text top="980" left="105" width="5" height="16" font="3"> </text> <text top="999" left="105" width="620" height="16" font="3">As determined by an independent expert analysis, a greater portion of the Jubilee field </text> <text top="1018" left="105" width="667" height="16" font="3">resources reside in the West Cape Three Points Block than was established under the original </text> <text top="1038" left="105" width="147" height="16" font="3">tract participations. </text> <text top="1057" left="105" width="5" height="16" font="3"> </text> <text top="1076" left="105" width="5" height="16" font="3"> </text> </page> <page number="149" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="169" size="14" family="Times" color="#c00000"/> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">36 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="5" height="16" font="3"> </text> <text top="201" left="105" width="5" height="16" font="3"> </text> <text top="220" left="105" width="5" height="16" font="169"> </text> <text top="238" left="105" width="640" height="15" font="36">Table 8.1: Equity Holdings (%) of partners in Deepwater Tano and West Cape Three Point after re-</text> <text top="256" left="105" width="94" height="15" font="36">determination </text> <text top="275" left="105" width="71" height="16" font="26">Company </text> <text top="275" left="278" width="162" height="16" font="26">Deep Water Tano(DT) </text> <text top="295" left="278" width="5" height="16" font="26"> </text> <text top="275" left="451" width="127" height="16" font="26">West Cape Three </text> <text top="295" left="451" width="100" height="16" font="26">Point (WCTP) </text> <text top="314" left="451" width="5" height="16" font="26"> </text> <text top="275" left="624" width="93" height="16" font="26">Jubilee After </text> <text top="295" left="624" width="122" height="16" font="26">Redetermination </text> <text top="334" left="105" width="5" height="16" font="3"> </text> <text top="354" left="105" width="84" height="16" font="3">GOG/GNPC </text> <text top="373" left="105" width="5" height="16" font="3"> </text> <text top="334" left="357" width="5" height="16" font="3"> </text> <text top="354" left="328" width="62" height="16" font="3">6.84501 </text> <text top="334" left="530" width="5" height="16" font="3"> </text> <text top="354" left="501" width="62" height="16" font="3">6.79583 </text> <text top="334" left="703" width="5" height="16" font="3"> </text> <text top="354" left="670" width="71" height="16" font="3">13.64084 </text> <text top="393" left="105" width="5" height="16" font="26"> </text> <text top="412" left="105" width="102" height="16" font="26">Tullow Ghana </text> <text top="393" left="357" width="5" height="16" font="26"> </text> <text top="412" left="324" width="71" height="16" font="26">21.52755 </text> <text top="393" left="530" width="5" height="16" font="26"> </text> <text top="412" left="497" width="71" height="16" font="26">13.95197 </text> <text top="393" left="703" width="5" height="16" font="26"> </text> <text top="412" left="670" width="71" height="16" font="26">35.47952 </text> <text top="432" left="105" width="5" height="16" font="3"> </text> <text top="452" left="105" width="114" height="16" font="3">Kosmos Energy </text> <text top="432" left="357" width="5" height="16" font="3"> </text> <text top="452" left="328" width="62" height="16" font="3">7.75768 </text> <text top="432" left="530" width="5" height="16" font="3"> </text> <text top="452" left="497" width="71" height="16" font="3">16.31942 </text> <text top="432" left="703" width="5" height="16" font="3"> </text> <text top="452" left="670" width="71" height="16" font="3">24.07710 </text> <text top="472" left="105" width="5" height="16" font="26"> </text> <text top="491" left="105" width="72" height="16" font="26">Anadarko </text> <text top="472" left="357" width="5" height="16" font="26"> </text> <text top="491" left="328" width="62" height="16" font="26">7.75768 </text> <text top="472" left="530" width="5" height="16" font="26"> </text> <text top="491" left="497" width="71" height="16" font="26">16.31942 </text> <text top="472" left="703" width="5" height="16" font="26"> </text> <text top="491" left="670" width="71" height="16" font="26">24.07710 </text> <text top="511" left="105" width="5" height="16" font="3"> </text> <text top="531" left="105" width="69" height="16" font="3">Sabre Oil </text> <text top="511" left="357" width="5" height="16" font="3"> </text> <text top="531" left="328" width="62" height="16" font="3">1.74548 </text> <text top="511" left="530" width="5" height="16" font="3"> </text> <text top="531" left="501" width="62" height="16" font="3">0.97996 </text> <text top="511" left="703" width="5" height="16" font="3"> </text> <text top="531" left="674" width="63" height="16" font="3">2.72544 </text> <text top="551" left="105" width="5" height="16" font="26"> </text> <text top="570" left="105" width="5" height="16" font="26"> </text> <text top="551" left="357" width="5" height="16" font="26"> </text> <text top="570" left="357" width="5" height="16" font="26"> </text> <text top="551" left="530" width="5" height="16" font="26"> </text> <text top="570" left="530" width="5" height="16" font="26"> </text> <text top="551" left="703" width="5" height="16" font="26"> </text> <text top="570" left="703" width="5" height="16" font="26"> </text> <text top="590" left="105" width="5" height="16" font="3"> </text> <text top="610" left="105" width="41" height="16" font="3">Total </text> <text top="590" left="357" width="5" height="16" font="3"> </text> <text top="610" left="344" width="31" height="16" font="3">100 </text> <text top="590" left="530" width="5" height="16" font="3"> </text> <text top="610" left="517" width="31" height="16" font="3">100 </text> <text top="590" left="703" width="5" height="16" font="3"> </text> <text top="610" left="690" width="31" height="16" font="3">100 </text> <text top="629" left="105" width="154" height="14" font="39">Source: Tullow Ghana Ltd </text> <text top="646" left="105" width="5" height="16" font="169"> </text> <text top="665" left="105" width="5" height="16" font="3"> </text> <text top="685" left="105" width="649" height="16" font="3">The original tract participations in the Jubilee Unit were 50 percent for both the West Cape </text> <text top="704" left="105" width="667" height="16" font="3">Three Points and Deep water Tano Blocks. After expert analysis, the Unit interests have been </text> <text top="723" left="105" width="685" height="16" font="3">changed to 54.37 percent for the West Cape Three Points Block and 45.63 percent for the Deep </text> <text top="743" left="105" width="133" height="16" font="3">water Tano Block. </text> <text top="782" left="105" width="647" height="16" font="3"> Accordingly, Kosmos Jubilee Unit interest increased to 24.08 percent from 23.51 percent. </text> <text top="822" left="105" width="645" height="16" font="3">As a result of the re-determination Tullow’s working interest in the Jubilee Unit Area (JUA) </text> <text top="842" left="105" width="639" height="16" font="3">reduced slightly from 36.42% to 35.48% which became effective from 1 December 2011. </text> <text top="881" left="105" width="679" height="16" font="3">Documents covering the re-determination and subsequent production and costs apportionment </text> <text top="901" left="105" width="666" height="16" font="3">have not been sighted as GNPC are yet to forward them for verification at time of completing </text> <text top="920" left="105" width="86" height="16" font="3">the report. </text> <text top="940" left="105" width="5" height="16" font="3"> </text> <text top="959" left="105" width="671" height="16" font="3">Comparison of the movement of interest holdings from inception of operations to end of 2011 </text> <text top="979" left="105" width="197" height="16" font="3">has been tabulated below. </text> <text top="998" left="105" width="5" height="16" font="3"> </text> <text top="1017" left="105" width="5" height="16" font="3"> </text> <text top="1037" left="105" width="5" height="16" font="3"> </text> <text top="1056" left="105" width="5" height="16" font="3"> </text> <text top="1076" left="105" width="5" height="16" font="3"> </text> </page> <page number="150" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">37 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="5" height="16" font="3"> </text> <text top="201" left="105" width="5" height="16" font="3"> </text> <text top="220" left="105" width="5" height="16" font="3"> </text> <text top="238" left="105" width="328" height="15" font="36">Table 8.2: Equity Holdings (%) of Jubilee Partners </text> <text top="258" left="105" width="71" height="16" font="26">Company </text> <text top="258" left="278" width="113" height="16" font="26">July 2009 JUA* </text> <text top="258" left="451" width="155" height="16" font="26">May 2011 Acquisition </text> <text top="258" left="624" width="72" height="16" font="26">Dec 2011 </text> <text top="277" left="624" width="122" height="16" font="26">Redetermination </text> <text top="297" left="105" width="5" height="16" font="3"> </text> <text top="316" left="105" width="84" height="16" font="3">GOG/GNPC </text> <text top="336" left="105" width="5" height="16" font="3"> </text> <text top="297" left="278" width="5" height="16" font="3"> </text> <text top="316" left="278" width="45" height="16" font="3">13.75 </text> <text top="297" left="451" width="5" height="16" font="3"> </text> <text top="316" left="451" width="71" height="16" font="3">13.75000 </text> <text top="297" left="624" width="5" height="16" font="3"> </text> <text top="316" left="624" width="71" height="16" font="3">13.64084 </text> <text top="356" left="105" width="5" height="16" font="26"> </text> <text top="375" left="105" width="102" height="16" font="26">Tullow Ghana </text> <text top="356" left="278" width="5" height="16" font="26"> </text> <text top="375" left="278" width="45" height="16" font="26">34.70 </text> <text top="356" left="451" width="5" height="16" font="26"> </text> <text top="375" left="451" width="71" height="16" font="26">36.41889 </text> <text top="356" left="624" width="5" height="16" font="26"> </text> <text top="375" left="624" width="71" height="16" font="26">35.47952 </text> <text top="395" left="105" width="5" height="16" font="3"> </text> <text top="415" left="105" width="114" height="16" font="3">Kosmos Energy </text> <text top="395" left="278" width="5" height="16" font="3"> </text> <text top="415" left="278" width="45" height="16" font="3">23.50 </text> <text top="395" left="451" width="5" height="16" font="3"> </text> <text top="415" left="451" width="71" height="16" font="3">23.50868 </text> <text top="395" left="624" width="5" height="16" font="3"> </text> <text top="415" left="624" width="71" height="16" font="3">24.07710 </text> <text top="435" left="105" width="5" height="16" font="26"> </text> <text top="454" left="105" width="72" height="16" font="26">Anadarko </text> <text top="435" left="278" width="5" height="16" font="26"> </text> <text top="454" left="278" width="45" height="16" font="26">23.50 </text> <text top="435" left="451" width="5" height="16" font="26"> </text> <text top="454" left="451" width="71" height="16" font="26">23.50868 </text> <text top="435" left="624" width="5" height="16" font="26"> </text> <text top="454" left="624" width="71" height="16" font="26">24.07710 </text> <text top="475" left="105" width="5" height="16" font="3"> </text> <text top="494" left="105" width="69" height="16" font="3">Sabre Oil </text> <text top="475" left="278" width="5" height="16" font="3"> </text> <text top="494" left="278" width="36" height="16" font="3">2.81 </text> <text top="475" left="451" width="5" height="16" font="3"> </text> <text top="494" left="451" width="73" height="16" font="3"> 2.81375 </text> <text top="475" left="624" width="5" height="16" font="3"> </text> <text top="494" left="624" width="73" height="16" font="3"> 2.72544 </text> <text top="514" left="105" width="5" height="16" font="26"> </text> <text top="533" left="105" width="78" height="16" font="26">E.O Group </text> <text top="514" left="278" width="5" height="16" font="26"> </text> <text top="533" left="278" width="36" height="16" font="26">1.74 </text> <text top="514" left="451" width="5" height="16" font="26"> </text> <text top="533" left="451" width="11" height="16" font="26">- </text> <text top="514" left="624" width="5" height="16" font="26"> </text> <text top="533" left="624" width="11" height="16" font="26">- </text> <text top="553" left="105" width="5" height="16" font="3"> </text> <text top="573" left="105" width="41" height="16" font="3">Total </text> <text top="553" left="278" width="5" height="16" font="3"> </text> <text top="573" left="278" width="31" height="16" font="3">100 </text> <text top="553" left="451" width="5" height="16" font="3"> </text> <text top="573" left="451" width="31" height="16" font="3">100 </text> <text top="553" left="624" width="5" height="16" font="3"> </text> <text top="573" left="624" width="31" height="16" font="3">100 </text> <text top="592" left="105" width="187" height="14" font="39">Source: Tullow/Boas Associates </text> <text top="609" left="105" width="9" height="16" font="169">*</text> <text top="609" left="114" width="156" height="16" font="3">Approximated figures </text> <text top="628" left="105" width="5" height="16" font="3"> </text> <text top="648" left="105" width="5" height="16" font="169"> </text> <text top="667" left="105" width="5" height="16" font="169"> </text> <text top="686" left="105" width="5" height="16" font="169"> </text> <text top="706" left="105" width="5" height="16" font="169"> </text> <text top="725" left="105" width="5" height="16" font="169"> </text> <text top="745" left="105" width="5" height="16" font="169"> </text> <text top="764" left="105" width="5" height="16" font="169"> </text> <text top="783" left="105" width="5" height="16" font="169"> </text> <text top="803" left="105" width="5" height="16" font="169"> </text> <text top="822" left="105" width="5" height="16" font="169"> </text> <text top="841" left="105" width="5" height="16" font="169"> </text> <text top="861" left="105" width="5" height="16" font="169"> </text> <text top="880" left="105" width="5" height="16" font="169"> </text> <text top="899" left="105" width="5" height="16" font="169"> </text> <text top="919" left="105" width="5" height="16" font="169"> </text> <text top="938" left="105" width="5" height="16" font="169"> </text> <text top="958" left="105" width="5" height="16" font="169"> </text> <text top="977" left="105" width="5" height="16" font="169"> </text> <text top="997" left="105" width="5" height="16" font="169"> </text> <text top="1016" left="105" width="5" height="16" font="169"> </text> <text top="1035" left="105" width="5" height="16" font="169"> </text> <text top="1055" left="105" width="5" height="16" font="169"> </text> <text top="1074" left="105" width="5" height="16" font="169"> </text> </page> <page number="151" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">38 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="336" height="16" font="25">9.0: PETROLEUM HOLDING FUND - 2011 </text> <text top="203" left="105" width="5" height="16" font="0"> </text> <text top="223" left="105" width="656" height="16" font="3">The Petroleum Holding Fund receives payments from all the revenue streams in accordance </text> <text top="242" left="105" width="676" height="16" font="3">with Section 6 of Act 815. However in 2011, the state reported the receipts of only royalty and </text> <text top="262" left="105" width="375" height="16" font="3">Carried and Participating Interest (CAPI) payments. </text> <text top="281" left="105" width="5" height="16" font="3"> </text> <text top="300" left="105" width="666" height="16" font="3">GNPC was allocated $ 207.96 million (GH¢315,390,698) by Parliament in 2011, being 47% of </text> <text top="320" left="105" width="220" height="16" font="3">total Government oil receipts. </text> <text top="339" left="105" width="667" height="16" font="3">After Parliament had ceded the amount to GNPC, the balance on the Petroleum Holding Fund </text> <text top="358" left="105" width="686" height="16" font="3">was GHS 350,796,387 for expenditure on capital, recurrent and investments as stipulated under </text> <text top="378" left="105" width="142" height="16" font="3">the PRMA Act 815. </text> <text top="397" left="105" width="5" height="16" font="3"> </text> <text top="417" left="105" width="5" height="16" font="3"> </text> <text top="453" left="105" width="155" height="17" font="113">9.1 Exchange Rate </text> <text top="477" left="105" width="5" height="16" font="0"> </text> <text top="497" left="105" width="628" height="16" font="3">Using an exchange rate of $1: 1.5 Cedis, the total revenue from royalty and carried and </text> <text top="516" left="105" width="592" height="16" font="3">participating interest totaling $ 444,124,723.68 converts to 666,187,085.52 Cedis. </text> <text top="535" left="105" width="5" height="16" font="3"> </text> <text top="554" left="105" width="4" height="14" font="48"> </text> <text top="572" left="105" width="4" height="14" font="48"> </text> <text top="590" left="105" width="406" height="14" font="48">Table 9.1 Determination of Petroleum Revenue (Cedis) </text> <text top="608" left="105" width="5" height="16" font="25"> </text> <text top="628" left="105" width="141" height="16" font="25">Royalties & CAPI </text> <text top="647" left="105" width="5" height="16" font="25"> </text> <text top="608" left="310" width="132" height="16" font="25">666,187,085.52 </text> <text top="608" left="586" width="114" height="16" font="25">Balance GOG </text> <text top="628" left="586" width="195" height="16" font="25">Disbursements (CEDIS) </text> <text top="667" left="105" width="137" height="16" font="0">Corporate Taxes </text> <text top="687" left="105" width="5" height="16" font="0"> </text> <text top="667" left="310" width="15" height="16" font="0">0 </text> <text top="667" left="586" width="5" height="16" font="0"> </text> <text top="707" left="105" width="132" height="16" font="25">Surface Rentals </text> <text top="726" left="105" width="5" height="16" font="25"> </text> <text top="707" left="310" width="15" height="16" font="25">0 </text> <text top="707" left="586" width="5" height="16" font="25"> </text> <text top="746" left="105" width="126" height="16" font="0">GNPC Dividend </text> <text top="766" left="105" width="5" height="16" font="0"> </text> <text top="746" left="310" width="15" height="16" font="0">0 </text> <text top="746" left="586" width="5" height="16" font="0"> </text> <text top="786" left="105" width="143" height="16" font="25">GPF Investments </text> <text top="805" left="105" width="68" height="16" font="25">Returns </text> <text top="825" left="105" width="5" height="16" font="25"> </text> <text top="786" left="310" width="15" height="16" font="25">0 </text> <text top="786" left="586" width="5" height="16" font="25"> </text> <text top="845" left="105" width="128" height="16" font="0">TOTAL Benefits </text> <text top="864" left="105" width="190" height="16" font="0">GNPC Equity Finance & </text> <text top="883" left="105" width="48" height="16" font="0">Costs </text> <text top="845" left="310" width="137" height="16" font="0">666,187,085.52 </text> <text top="864" left="310" width="45" height="16" font="0"> Less </text> <text top="845" left="454" width="5" height="16" font="0"> </text> <text top="864" left="454" width="121" height="16" font="0">(315,390,698) </text> <text top="845" left="586" width="5" height="16" font="0"> </text> <text top="864" left="586" width="132" height="16" font="0">350,796,387.51 </text> <text top="883" left="586" width="70" height="16" font="0">(CEDIS) </text> <text top="903" left="586" width="5" height="16" font="0"> </text> <text top="923" left="105" width="5" height="16" font="0"> </text> <text top="942" left="105" width="237" height="16" font="0">Source: Bank of Ghana/Boas </text> <text top="962" left="105" width="5" height="16" font="25"> </text> <text top="981" left="105" width="5" height="16" font="25"> </text> <text top="1000" left="105" width="572" height="17" font="113">9.2 Determination of Benchmark Revenue from Petroleum Operations</text> <text top="1000" left="677" width="5" height="16" font="25"> </text> <text top="1020" left="105" width="5" height="16" font="0"> </text> <text top="1039" left="105" width="673" height="16" font="3">The annual Benchmark Revenue from petroleum operations shall be calculated on the basis of </text> <text top="1059" left="105" width="677" height="16" font="3">actual and expected average unit price for crude oil and natural gas derived from a seven-year </text> <text top="1078" left="105" width="666" height="16" font="3">moving average. The seven years being the 4 years immediately prior to the current financial </text> </page> <page number="152" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="170" size="12" family="Times" color="#3749f0"/> <fontspec id="171" size="12" family="Times" color="#538dd4"/> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">39 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="660" height="16" font="3">year, the current financial year itself, and 2 years immediately following the current financial </text> <text top="201" left="105" width="41" height="16" font="3">year. </text> <text top="220" left="105" width="656" height="16" font="3">The expected quantity shall be calculated on the basis of the expected average government </text> <text top="239" left="105" width="670" height="16" font="3">take in gross oil over a three year horizon, such three years being the immediately preceding, </text> <text top="259" left="105" width="660" height="16" font="3">the current financial year, and the one year ahead projection.(PRMA First schedule) (Section </text> <text top="278" left="105" width="29" height="16" font="3">17) </text> <text top="297" left="158" width="5" height="17" font="2"> </text> <text top="317" left="105" width="630" height="16" font="3">Since the state has no benefit of the past in determining benchmark prices as well as oil </text> <text top="336" left="105" width="646" height="16" font="3">quantities, this important provision was not employed. It is hoped that in the years ahead, </text> <text top="356" left="105" width="298" height="16" font="3">much advantage would be drawn from it. </text> <text top="375" left="158" width="5" height="16" font="3"> </text> <text top="394" left="105" width="614" height="16" font="3">Benchmark Revenue = Expected current receipts from oil + Expected current receipts </text> <text top="414" left="105" width="415" height="16" font="3">from gas + Expected dividends from national oil company </text> <text top="433" left="158" width="5" height="16" font="0"> </text> <text top="452" left="105" width="4" height="15" font="27"> </text> <text top="469" left="105" width="4" height="15" font="27"> </text> <text top="487" left="105" width="494" height="15" font="27">Table 9.2: 2011 Benchmark Revenue - Target/Actual Comparisons </text> <text top="506" left="105" width="81" height="16" font="25">REVENUE </text> <text top="525" left="105" width="5" height="16" font="25"> </text> <text top="506" left="282" width="118" height="16" font="25">TARGET(GHS) </text> <text top="506" left="456" width="117" height="16" font="25">ACTUAL(GHS) </text> <text top="506" left="630" width="139" height="16" font="25">VARIANCE(GHS) </text> <text top="545" left="105" width="161" height="16" font="0">Total GOG Revenue </text> <text top="565" left="105" width="5" height="16" font="0"> </text> <text top="545" left="282" width="122" height="16" font="0">1,250,000,000 </text> <text top="545" left="456" width="122" height="16" font="0">666,187,085.6 </text> <text top="545" left="630" width="122" height="16" font="0">583,812,914.4 </text> <text top="585" left="105" width="131" height="16" font="25">GNPC Transfers </text> <text top="604" left="105" width="5" height="16" font="25"> </text> <text top="585" left="282" width="107" height="16" font="25">327,337,152 </text> <text top="585" left="456" width="107" height="16" font="25">315,390,698 </text> <text top="585" left="630" width="112" height="16" font="25">11,946,454.0 </text> <text top="624" left="105" width="96" height="16" font="0">Benchmark </text> <text top="644" left="105" width="166" height="16" font="0">Revenue(Petroleum </text> <text top="663" left="105" width="119" height="16" font="0">Holding Fund) </text> <text top="683" left="105" width="5" height="16" font="0"> </text> <text top="624" left="282" width="107" height="16" font="0">923,446,572 </text> <text top="624" left="456" width="132" height="16" font="0">350,796,387.51 </text> <text top="624" left="630" width="5" height="16" font="0"> </text> <text top="703" left="105" width="101" height="14" font="170">Source: MoFEP </text> <text top="720" left="105" width="5" height="14" font="171"> </text> <text top="755" left="105" width="292" height="17" font="113">9.3 Annual Budget Funding Amount </text> <text top="779" left="105" width="5" height="16" font="3"> </text> <text top="799" left="105" width="648" height="16" font="3">According to the Section 18 of the PRMA Act 815, the annual allocation to the budget from </text> <text top="818" left="105" width="423" height="16" font="3">petroleum revenues for current spending is determined as: </text> <text top="838" left="105" width="5" height="16" font="3"> </text> <text top="857" left="105" width="291" height="16" font="3">Annual Budget Funding Amount = Up to </text> <text top="856" left="396" width="170" height="17" font="2">Seventy percent (70%) </text> <text top="857" left="566" width="169" height="16" font="3">of Benchmark Revenue </text> <text top="876" left="105" width="5" height="16" font="0"> </text> <text top="895" left="105" width="233" height="15" font="27"> Table 9.3: Allocations to the ABFA </text> <text top="913" left="105" width="5" height="17" font="31"> </text> <text top="933" left="105" width="96" height="17" font="31">Benchmark </text> <text top="952" left="105" width="75" height="17" font="31">Revenue </text> <text top="913" left="273" width="138" height="17" font="31">Annual Budget </text> <text top="933" left="273" width="70" height="17" font="31">Funding </text> <text top="952" left="273" width="125" height="17" font="31">Amount(ABFA) </text> <text top="913" left="409" width="5" height="17" font="31"> </text> <text top="933" left="409" width="24" height="17" font="31">% </text> <text top="952" left="409" width="5" height="17" font="31"> </text> <text top="913" left="461" width="142" height="17" font="31"> ABFA Capex % </text> <text top="913" left="634" width="47" height="17" font="31">ABFA </text> <text top="933" left="634" width="85" height="17" font="31">Recurrent </text> <text top="952" left="634" width="103" height="17" font="31">Expenditure </text> <text top="913" left="767" width="24" height="17" font="31">% </text> <text top="973" left="105" width="5" height="16" font="0"> </text> <text top="992" left="105" width="132" height="16" font="0">350,796,387.51 </text> <text top="973" left="273" width="5" height="16" font="0"> </text> <text top="992" left="273" width="122" height="16" font="0">250,432,600.3 </text> <text top="973" left="409" width="5" height="16" font="0"> </text> <text top="992" left="409" width="40" height="16" font="0">71.4 </text> <text top="973" left="461" width="5" height="16" font="0"> </text> <text top="992" left="461" width="107" height="16" font="0">175,302,820 </text> <text top="973" left="579" width="5" height="16" font="0"> </text> <text top="992" left="579" width="25" height="16" font="0">70 </text> <text top="973" left="634" width="5" height="16" font="0"> </text> <text top="992" left="634" width="97" height="16" font="0">75,129,780 </text> <text top="973" left="767" width="5" height="16" font="0"> </text> <text top="992" left="767" width="25" height="16" font="0">30 </text> <text top="1012" left="105" width="5" height="16" font="0"> </text> </page> <page number="153" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="172" size="14" family="Times" color="#ff0000"/> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">40 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="642" height="16" font="3">The projected Annual Budget Funding Amount (ABFA) was GHS 646,412,601 whereas the </text> <text top="203" left="105" width="654" height="16" font="3">actual realized as at the end of December 2011 stood at GHS 250,432,600.30, representing </text> <text top="226" left="105" width="364" height="16" font="3">71.4% of the net revenue of GHS350, 796,387.51. </text> <text top="248" left="105" width="5" height="16" font="3"> </text> <text top="285" left="105" width="675" height="16" font="3">It is noteworthy that GH 250,432,600 representing 71.4% is slightly higher than the stipulated </text> <text top="307" left="105" width="125" height="16" font="3">70% in Act 815. </text> <text top="364" left="105" width="677" height="16" font="3"> Out of the ABFA allocation of GHS 250,432,600.30, GHS 175,302,820 (70%) was allocated for </text> <text top="387" left="105" width="630" height="16" font="3">capital expenditure and the remaining 30%, amounting to GHS75, 129,780 allocated for </text> <text top="409" left="105" width="518" height="16" font="3">recurrent spending. This is in line with the provisions of PRMA, Act 815. </text> <text top="431" left="105" width="4" height="14" font="3"> </text> <text top="468" left="105" width="85" height="16" font="3">Table 9.3.1 </text> <text top="488" left="105" width="227" height="14" font="72">ABFA Capital Expenditure Program </text> <text top="488" left="682" width="5" height="14" font="72"> </text> <text top="506" left="105" width="528" height="14" font="37"> Description Amount </text> <text top="507" left="687" width="69" height="14" font="72"> % </text> <text top="542" left="131" width="12" height="14" font="37">1.</text> <text top="543" left="144" width="4" height="13" font="38"> </text> <text top="542" left="158" width="505" height="14" font="37">Expenditure and Loans Amortization - Oil and Gas Infrastructure 20,000,000 </text> <text top="542" left="732" width="33" height="14" font="72">11.5 </text> <text top="578" left="131" width="12" height="14" font="37">2.</text> <text top="579" left="144" width="4" height="13" font="38"> </text> <text top="578" left="158" width="510" height="14" font="37">Roads Infrastructure 134,102,367 </text> <text top="578" left="732" width="33" height="14" font="72">76.5 </text> <text top="613" left="131" width="12" height="14" font="37">3.</text> <text top="614" left="144" width="4" height="13" font="38"> </text> <text top="613" left="158" width="505" height="14" font="37">Agricultural Modernization Capacity Building 13,147,652 </text> <text top="614" left="738" width="25" height="14" font="72">7.4 </text> <text top="649" left="131" width="12" height="14" font="37">4.</text> <text top="650" left="144" width="4" height="13" font="38"> </text> <text top="649" left="158" width="503" height="14" font="37">Capacity Building (inc Oil and Gas) 750,000 </text> <text top="649" left="739" width="25" height="14" font="72">0.4 </text> <text top="685" left="131" width="12" height="14" font="37">5.</text> <text top="685" left="144" width="4" height="13" font="38"> </text> <text top="685" left="158" width="509" height="14" font="37">Miscellaneous 7,302,800 </text> <text top="685" left="737" width="25" height="14" font="72">4.2 </text> <text top="720" left="105" width="5" height="14" font="37"> </text> <text top="720" left="682" width="5" height="14" font="72"> </text> <text top="738" left="105" width="553" height="13" font="159">TOTAL ABFA CAPITAL 75,302,820 </text> <text top="738" left="683" width="87" height="13" font="159"> 100 </text> <text top="772" left="105" width="232" height="17" font="18">Source: Budget Statement 2012 </text> <text top="792" left="105" width="5" height="16" font="172"> </text> <text top="811" left="105" width="685" height="16" font="3">It is noteworthy that all the four priority areas for capital expenditure by the state as outlined in </text> <text top="831" left="105" width="238" height="16" font="3">the PRMA Act 815 were covered </text> <text top="849" left="105" width="4" height="15" font="27"> </text> <text top="867" left="105" width="4" height="15" font="27"> </text> <text top="884" left="105" width="4" height="15" font="27"> </text> <text top="902" left="105" width="509" height="15" font="27">Table 9.4 Allocation to the Ghana Stabilization and Heritage Funds </text> <text top="921" left="105" width="163" height="16" font="25">Allocation to Ghana </text> <text top="941" left="105" width="141" height="16" font="25">Petroleum Funds </text> <text top="921" left="338" width="57" height="16" font="25">Ghana </text> <text top="941" left="338" width="150" height="16" font="25">Stabilization Fund </text> <text top="921" left="501" width="24" height="16" font="25">% </text> <text top="921" left="571" width="119" height="16" font="25">Heritage Fund </text> <text top="921" left="716" width="24" height="16" font="25">% </text> <text top="961" left="105" width="5" height="16" font="3"> </text> <text top="980" left="105" width="60" height="16" font="3"> Budget </text> <text top="961" left="338" width="5" height="16" font="3"> </text> <text top="980" left="338" width="107" height="16" font="3">70,254,651.04 </text> <text top="961" left="501" width="5" height="16" font="3"> </text> <text top="980" left="501" width="23" height="16" font="3">70 </text> <text top="961" left="571" width="5" height="16" font="3"> </text> <text top="980" left="571" width="107" height="16" font="3">30,109,136.16 </text> <text top="961" left="716" width="5" height="16" font="3"> </text> <text top="980" left="716" width="23" height="16" font="3">30 </text> <text top="1000" left="105" width="5" height="16" font="25"> </text> <text top="1020" left="105" width="60" height="16" font="25">Actual </text> <text top="1000" left="338" width="5" height="16" font="25"> </text> <text top="1020" left="338" width="97" height="16" font="25">82,008,345 </text> <text top="1000" left="501" width="5" height="16" font="25"> </text> <text top="1020" left="501" width="40" height="16" font="25">81.7 </text> <text top="1039" left="501" width="5" height="16" font="25"> </text> <text top="1000" left="571" width="5" height="16" font="25"> </text> <text top="1020" left="571" width="97" height="16" font="25">21,799,687 </text> <text top="1000" left="716" width="5" height="16" font="25"> </text> <text top="1020" left="716" width="41" height="16" font="25">18.3 </text> <text top="1058" left="105" width="210" height="15" font="36">Source: MoFEP 2011 Fiscal data </text> <text top="1077" left="105" width="5" height="16" font="3"> </text> </page> <page number="154" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">41 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="662" height="16" font="3">Distribution to the Stabilization and Heritage Funds, which together constitute the Petroleum </text> <text top="201" left="105" width="669" height="16" font="3">Funds, was inconsistent with the requirement of Act 815, Section 23(b)‘’ A minimum of thirty </text> <text top="220" left="105" width="656" height="16" font="3">percent of the excess revenue determined in subsection (1) (a) shall be transferred into the </text> <text top="239" left="105" width="657" height="16" font="3">Ghana Heritage Fund and the balance shall be transferred into the Ghana Stabilization Fund </text> <text top="259" left="105" width="112" height="16" font="3">each quarter’’. </text> <text top="277" left="105" width="5" height="17" font="2"> </text> <text top="297" left="105" width="653" height="16" font="3">That is, the allocation to the Ghana Heritage Fund shall not be less than 30% of the excess </text> <text top="317" left="105" width="374" height="16" font="3">revenues over the Annual Budget Funding Amount. </text> <text top="336" left="105" width="5" height="16" font="3"> </text> <text top="356" left="105" width="675" height="16" font="3">The allocation of 18.3% of the excess revenues to the Ghana Heritage Fund and 81.7% to the </text> <text top="375" left="105" width="411" height="16" font="3">Ghana Stabilization Fund are not consistent with Act 815. </text> <text top="394" left="105" width="5" height="16" font="3"> </text> <text top="414" left="105" width="5" height="16" font="0"> </text> <text top="450" left="105" width="352" height="17" font="113">9.4 Investment of Ghana Petroleum Funds </text> <text top="474" left="105" width="5" height="16" font="3"> </text> <text top="494" left="105" width="654" height="16" font="3"> Ghana Petroleum Funds were invested in Euro clear Bonds which have triple A Commercial </text> <text top="513" left="105" width="172" height="16" font="3">Papers. (See Table 9.5) </text> <text top="532" left="105" width="5" height="16" font="3"> </text> <text top="552" left="105" width="602" height="16" font="3">Prior to investing the funds in Euro clear funds, the funds were used to purchase US </text> <text top="571" left="105" width="676" height="16" font="3">Government Treasuries through the Federal Reserve Bank of New York. But were later moved </text> <text top="591" left="105" width="685" height="16" font="3">from the US Federal Reserve to Euro clear funds because the Federal Reserve‘s rates of interest </text> <text top="610" left="105" width="74" height="16" font="3">were low. </text> <text top="628" left="105" width="4" height="15" font="27"> </text> <text top="646" left="105" width="407" height="15" font="27">Table 9.5 Petroleum Fund Euro clear Bond investments </text> <text top="665" left="105" width="98" height="16" font="25">Investment </text> <text top="685" left="105" width="5" height="16" font="25"> </text> <text top="665" left="278" width="68" height="16" font="25">Amount </text> <text top="685" left="278" width="101" height="16" font="25">Invested($) </text> <text top="665" left="451" width="70" height="16" font="25">Yield($) </text> <text top="705" left="105" width="162" height="16" font="0">Ghana Stabilization </text> <text top="724" left="105" width="134" height="16" font="0">Fund – 3Months </text> <text top="705" left="278" width="5" height="16" font="0"> </text> <text top="724" left="278" width="97" height="16" font="0">54,800,000 </text> <text top="705" left="451" width="5" height="16" font="0"> </text> <text top="724" left="451" width="86" height="16" font="0">32,471.18 </text> <text top="744" left="105" width="131" height="16" font="25">Ghana Heritage </text> <text top="764" left="105" width="131" height="16" font="25">Fund -6 Months </text> <text top="744" left="278" width="5" height="16" font="25"> </text> <text top="764" left="278" width="97" height="16" font="25">14,400,000 </text> <text top="744" left="451" width="5" height="16" font="25"> </text> <text top="764" left="451" width="86" height="16" font="25">39,206.59 </text> <text top="784" left="105" width="5" height="16" font="0"> </text> <text top="803" left="105" width="62" height="16" font="0">TOTAL </text> <text top="784" left="278" width="5" height="16" font="0"> </text> <text top="803" left="278" width="97" height="16" font="0">69,200,000 </text> <text top="784" left="451" width="5" height="16" font="0"> </text> <text top="803" left="451" width="86" height="16" font="0">71,677.77 </text> <text top="822" left="105" width="154" height="14" font="40">Source: Bank of Ghana </text> <text top="839" left="105" width="5" height="16" font="11"> </text> <text top="876" left="105" width="5" height="16" font="11"> </text> <text top="913" left="105" width="5" height="16" font="11"> </text> <text top="950" left="105" width="5" height="16" font="11"> </text> </page> <page number="155" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">42 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="156" height="16" font="25">10.0 CHALLENGES </text> <text top="220" left="105" width="267" height="17" font="113">10.1 The EITI reporting process: </text> <text top="245" left="105" width="654" height="16" font="3">The EITI reporting process has been challenging as companies and government institutions </text> <text top="267" left="105" width="680" height="16" font="3">were reluctant to provide data. The Bank of Ghana declined to provide details of the petroleum </text> <text top="289" left="105" width="636" height="16" font="3">Holding Fund Account. In general International Oil Companies (IOC’s) were not willing to </text> <text top="312" left="105" width="650" height="16" font="3">provide information beyond payments made to the government. Some actually stated their </text> <text top="334" left="105" width="642" height="16" font="3">unwillingness or inability to provide information beyond that which is statutorily required. </text> <text top="371" left="105" width="649" height="16" font="3">The terms of reference for the assignment however required the Reconciler to analyze and </text> <text top="393" left="105" width="667" height="16" font="3">comment on some details including operating cost, capital allowance computation, prices and </text> <text top="415" left="105" width="227" height="16" font="3">liftings by GNPC and the IOC’S. </text> <text top="454" left="105" width="192" height="17" font="113">10.2 Recommendation: </text> <text top="479" left="105" width="664" height="16" font="3">The Steering committee should discuss with the participants, both state owned Agencies and </text> <text top="501" left="105" width="674" height="16" font="3">IOCs. The discussions should include the Terms of Reference , as well as the time required for </text> <text top="523" left="105" width="189" height="16" font="3">the completion of reports. </text> <text top="523" left="294" width="5" height="16" font="11"> </text> <text top="560" left="105" width="5" height="16" font="11"> </text> <text top="597" left="105" width="5" height="16" font="11"> </text> <text top="634" left="105" width="5" height="16" font="11"> </text> <text top="671" left="105" width="5" height="16" font="11"> </text> <text top="708" left="105" width="5" height="16" font="11"> </text> <text top="745" left="105" width="5" height="16" font="11"> </text> <text top="782" left="105" width="5" height="16" font="11"> </text> <text top="819" left="105" width="5" height="16" font="11"> </text> <text top="855" left="105" width="5" height="16" font="11"> </text> <text top="892" left="105" width="5" height="16" font="11"> </text> <text top="929" left="105" width="5" height="16" font="11"> </text> <text top="966" left="105" width="5" height="16" font="11"> </text> </page> <page number="156" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">43 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="425" height="16" font="25">11.0 SIGNIFICANT FINDINGS AND OBSERVATIONS: </text> <text top="220" left="105" width="185" height="17" font="113">11.1 Capital Gains Tax </text> <text top="254" left="105" width="97" height="15" font="122">11.1.1 Finding </text> <text top="275" left="105" width="5" height="16" font="11"> </text> <text top="294" left="105" width="661" height="16" font="3">Tullow Oil Plc. acquired the in EO Group Limited in 2011. The reconciler did not come across </text> <text top="314" left="105" width="685" height="16" font="3">any capital gain tax in the transaction. GRA has issued a ruling that the transaction is subject to </text> <text top="333" left="105" width="280" height="16" font="3">tax but issues have been raised on it. </text> <text top="353" left="105" width="5" height="16" font="3"> </text> <text top="372" left="105" width="632" height="16" font="3">The Petroleum Revenue Management Act, Act 815 section 6(e) indicate capital gains tax </text> <text top="392" left="105" width="647" height="16" font="3">derived from the sale of ownership of exploration, development and production rights as a </text> <text top="411" left="105" width="353" height="16" font="3">possible receipt for the petroleum holding fund. </text> <text top="430" left="105" width="5" height="16" font="3"> </text> <text top="450" left="105" width="5" height="16" font="3"> </text> <text top="469" left="105" width="5" height="16" font="3"> </text> <text top="487" left="105" width="5" height="16" font="3"> </text> <text top="488" left="110" width="167" height="14" font="12">11.1.2 Recommendation: </text> <text top="506" left="105" width="5" height="16" font="3"> </text> <text top="525" left="105" width="679" height="16" font="3">It is recommended that GRA pursues the issue of capital gains tax on the E.O Group’s acquired </text> <text top="545" left="105" width="664" height="16" font="3">1.75% equity and other such acquisitions to its logical conclusion. It may also be prudent for </text> <text top="564" left="105" width="672" height="16" font="3">the necessary legislation on capital gains to be streamlined as the E.O Group acquisitions may </text> <text top="583" left="105" width="316" height="16" font="3">only be the beginning of such transactions. </text> <text top="603" left="105" width="5" height="16" font="11"> </text> <text top="622" left="105" width="202" height="16" font="11">11.2 Thin Capitalization: </text> <text top="642" left="105" width="5" height="16" font="3"> </text> <text top="662" left="105" width="92" height="14" font="12">11.2.1 Finding</text> <text top="661" left="197" width="6" height="16" font="10">:</text> <text top="661" left="203" width="589" height="16" font="3"> Interest expense is generally deductible in determining the chargeable income for </text> <text top="683" left="105" width="651" height="16" font="3">corporate tax purposes. There is however no provision in the PITL that relates to excessive </text> <text top="706" left="105" width="671" height="16" font="3">interest charges. There is the risk that taxpayers may use unlimited interest payments to strip </text> <text top="728" left="105" width="640" height="16" font="3">profits, resulting in lower corporate tax payments. However, Section 41 of the PITL, 1987 </text> <text top="750" left="105" width="642" height="16" font="3">provides that without express exemption of a contractor from taxation, the general law or </text> <text top="773" left="105" width="672" height="16" font="3">provisions thereof relating to taxation may apply. This provision according to the GRA ensures </text> <text top="795" left="105" width="661" height="16" font="3">that provisions on limitations in interest deductions in ACT 2000, the Internal Revenue Act is </text> <text top="817" left="105" width="250" height="16" font="3">applicable in the petroleum sector. </text> <text top="854" left="105" width="167" height="14" font="12">11.2.2 Recommendation: </text> <text top="889" left="105" width="664" height="16" font="3"> There is the need to harmonise the provisions in the PITL and the Internal Revenue Act, Act </text> <text top="911" left="105" width="45" height="16" font="3">2000. </text> <text top="948" left="105" width="233" height="16" font="11">11.3 Losses carried forward. </text> <text top="985" left="105" width="102" height="14" font="12">11.3.1 Finding: </text> <text top="1003" left="105" width="5" height="16" font="0"> </text> <text top="1022" left="105" width="644" height="16" font="3">Tax losses, under the PITL are carried forward indefinitely. Under the IRA, ACT 2000, the </text> <text top="1041" left="105" width="652" height="16" font="3">Losses are carried forward for only five years for mining operations. The practice under the </text> <text top="1061" left="105" width="684" height="16" font="3">Income Tax law however is that capital allowances do not create losses and are carried forward </text> <text top="1080" left="105" width="87" height="16" font="3">indefinitely. </text> </page> <page number="157" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">44 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="5" height="16" font="3"> </text> <text top="200" left="105" width="167" height="14" font="12">11.3.2 Recommendation: </text> <text top="218" left="105" width="668" height="16" font="3">It is recommended that tax losses are carried forward for five years in the petroleum industry </text> <text top="237" left="105" width="613" height="16" font="3">as pertains in the mining industry. The practice of carrying forward capital allowances </text> <text top="257" left="105" width="589" height="16" font="3">indefinitely in the mining sector may also be extended to the petroleum industry. </text> <text top="276" left="105" width="5" height="16" font="3"> </text> <text top="296" left="105" width="5" height="16" font="3"> </text> <text top="315" left="105" width="152" height="16" font="11">11.4 Ring fencing: </text> <text top="334" left="105" width="5" height="16" font="0"> </text> <text top="354" left="105" width="111" height="16" font="10">11.4.1 Finding </text> <text top="373" left="105" width="5" height="16" font="10"> </text> <text top="393" left="105" width="684" height="16" font="3">Ring fencing refers to the limitation on consolidation of income and deductions for tax purposes </text> <text top="412" left="105" width="475" height="16" font="3">by the same taxpayer, for different projects or different activities. </text> <text top="431" left="105" width="5" height="16" font="3"> </text> <text top="451" left="105" width="678" height="16" font="3">Ring fencing legislation has been passed, under the Internal Revenue (Amendment) Act, 2012, </text> <text top="470" left="105" width="661" height="16" font="3">ACT 839, to disallow the deduction of expenses exclusively incurred in a mining area against </text> <text top="489" left="105" width="647" height="16" font="3">revenue derived from another mining area belonging to the same taxpayer or in which the </text> <text top="509" left="105" width="487" height="16" font="3">taxpayer has an interest in the determination of chargeable income. </text> <text top="528" left="105" width="5" height="16" font="3"> </text> <text top="548" left="105" width="657" height="16" font="3">Currently the petroleum industry does apply ring fencing to contracts. However a contractor </text> <text top="567" left="105" width="644" height="16" font="3">may set off expenses that are exclusive to a production area against income from another </text> <text top="586" left="105" width="406" height="16" font="3">production area. This may delay corporate tax revenues. </text> <text top="605" left="105" width="5" height="14" font="12"> </text> <text top="623" left="105" width="167" height="14" font="12">11.4.2 Recommendation: </text> <text top="641" left="105" width="5" height="16" font="3"> </text> <text top="660" left="105" width="684" height="16" font="3">Legislation similar to the amendment on ring fencing in the mining sector, should be introduced </text> <text top="680" left="105" width="633" height="16" font="3">in the petroleum industry to production areas. As many fields commence production ring </text> <text top="699" left="105" width="654" height="16" font="3">fencing legislation is needed to ensure early corporate tax receipts. This however should be </text> <text top="719" left="105" width="525" height="16" font="3">viewed against the need to obtain more geological data from greenfields. </text> <text top="738" left="105" width="5" height="16" font="3"> </text> <text top="757" left="105" width="5" height="16" font="3"> </text> <text top="777" left="105" width="344" height="16" font="11">11.5 Staff Members and Capacity Building:</text> <text top="777" left="449" width="5" height="16" font="3"> </text> <text top="813" left="105" width="677" height="16" font="3">The oil and Gas sector is an emerging industry in Ghana. There are only few members of staff </text> <text top="836" left="105" width="528" height="16" font="3">engaged in the petroleum sector at the GRA, MOFEP and Bank of Ghana. </text> <text top="873" left="105" width="189" height="16" font="10">11.5.1 Recommendation: </text> <text top="910" left="105" width="667" height="16" font="3">There is the need to increase the numbers and speedily build up the capacity of officers of all </text> <text top="932" left="105" width="664" height="16" font="3">the agencies involved—GRA, MOFEP, BOG to enable them carry out their functions efficiently </text> <text top="954" left="105" width="108" height="16" font="3">and effectively </text> <text top="991" left="105" width="253" height="16" font="11">11.6 Information on payment. </text> <text top="1028" left="105" width="97" height="14" font="12">11.6.1 Finding </text> <text top="1063" left="105" width="649" height="16" font="3">Saltpond Offshore Producing Company Ltd (SOPCL) made payments of royalty in 2010 and </text> <text top="1085" left="105" width="673" height="16" font="3">2011 into the Non Tax Revenue /GOG account. The Non Tax Revenue Division of the Ministry </text> </page> <page number="158" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">45 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="664" height="16" font="3">of Finance and Economic Planning, operator of the accounts was not alerted of the payment. </text> <text top="203" left="105" width="389" height="16" font="3">SOPCL did not obtain receipts for the payment made. </text> <text top="240" left="105" width="162" height="14" font="12">11.6.2 Recommendation </text> <text top="275" left="105" width="643" height="16" font="3">Since, PRMA became operational, petroleum payments are to be made into the Petroleum </text> <text top="297" left="105" width="639" height="16" font="3">Holding Fund. To avoid situations as indicated above, the Bank of Ghana should regularly </text> <text top="320" left="105" width="651" height="16" font="3">update the GRA on all payments made by licence holders. This will ensure that receipts are </text> <text top="342" left="105" width="643" height="16" font="3">properly provided to these companies. Reconciliations of amounts paid into the petroleum </text> <text top="364" left="105" width="259" height="16" font="3">holding fund would be made easier. </text> <text top="401" left="105" width="5" height="16" font="3"> </text> <text top="421" left="105" width="5" height="16" font="3"> </text> <text top="440" left="105" width="5" height="16" font="3"> </text> <text top="459" left="105" width="5" height="16" font="3"> </text> <text top="479" left="105" width="5" height="16" font="3"> </text> <text top="498" left="105" width="5" height="16" font="3"> </text> <text top="518" left="105" width="5" height="16" font="3"> </text> <text top="537" left="105" width="5" height="16" font="3"> </text> <text top="556" left="105" width="5" height="16" font="3"> </text> <text top="576" left="105" width="5" height="16" font="3"> </text> <text top="595" left="105" width="5" height="16" font="3"> </text> <text top="614" left="105" width="5" height="16" font="3"> </text> <text top="634" left="105" width="5" height="16" font="3"> </text> <text top="653" left="105" width="5" height="16" font="3"> </text> <text top="673" left="105" width="5" height="16" font="3"> </text> <text top="692" left="105" width="5" height="16" font="3"> </text> <text top="711" left="105" width="5" height="16" font="3"> </text> <text top="731" left="105" width="5" height="16" font="3"> </text> <text top="750" left="105" width="5" height="16" font="3"> </text> <text top="770" left="105" width="5" height="16" font="3"> </text> <text top="789" left="105" width="5" height="16" font="3"> </text> <text top="808" left="105" width="5" height="16" font="3"> </text> <text top="827" left="105" width="5" height="16" font="3"> </text> <text top="847" left="105" width="5" height="16" font="3"> </text> <text top="866" left="105" width="5" height="16" font="3"> </text> <text top="886" left="105" width="5" height="16" font="3"> </text> <text top="905" left="105" width="5" height="16" font="3"> </text> <text top="925" left="105" width="5" height="16" font="3"> </text> <text top="944" left="105" width="5" height="16" font="3"> </text> <text top="963" left="105" width="5" height="16" font="3"> </text> <text top="983" left="105" width="5" height="16" font="3"> </text> <text top="1002" left="105" width="5" height="16" font="3"> </text> <text top="1022" left="105" width="5" height="16" font="3"> </text> </page> <page number="159" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">46 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="155" height="16" font="25">12.0 CONCLUSION </text> <text top="203" left="105" width="5" height="16" font="3"> </text> <text top="224" left="125" width="4" height="15" font="24"> </text> <text top="223" left="138" width="563" height="16" font="3">This report provides details of the first Oil and Gas EITI reconciliation exercise. </text> <text top="242" left="131" width="5" height="16" font="3"> </text> <text top="262" left="105" width="704" height="16" font="3"> Discrepancies of US$6,028.95 and US$465.63 were recorded in 2010 and 2011 respectively. </text> <text top="281" left="105" width="703" height="16" font="3"> The discrepancy in 2010, resulted from differences between surface rental payments made by </text> <text top="300" left="105" width="693" height="16" font="3"> Tullow Ghana Ltd and Saltpond Offshore Producing Company Ltd and reported receipts by the </text> <text top="320" left="105" width="701" height="16" font="3"> GNPC. In 2011 the difference between the reported payment by Tullow Ghana Ltd and GNPC </text> <text top="339" left="105" width="582" height="16" font="3"> reported receipt produced the discrepancy of US$465.63.(see Table 7.3 & 7.5). </text> <text top="358" left="105" width="5" height="16" font="3"> </text> <text top="379" left="125" width="4" height="15" font="24"> </text> <text top="378" left="138" width="576" height="16" font="3">Saltpond Offshore Producing Company made paid US$314,755.73 as royalty and </text> <text top="397" left="138" width="644" height="16" font="3">US$907.50 as surface rental. In 2011 SOPCL paid an amount US$132,982.40 as royalty to </text> <text top="417" left="138" width="73" height="16" font="3">the state. </text> <text top="436" left="131" width="5" height="16" font="3"> </text> <text top="455" left="105" width="5" height="16" font="3"> </text> <text top="476" left="125" width="4" height="15" font="24"> </text> <text top="475" left="138" width="635" height="16" font="3">GNPC paid an amount of US$ 444,124,723.69 to the Government of Ghana in 2011. This </text> <text top="494" left="138" width="631" height="16" font="3">amount represented payment for carried interest of US$233,587,963.67; Additional paid </text> <text top="513" left="138" width="469" height="16" font="3">interest of US$87,595,570.02 and Royalty of US$122,941,190.00. </text> <text top="533" left="131" width="5" height="16" font="3"> </text> <text top="553" left="125" width="4" height="15" font="24"> </text> <text top="552" left="138" width="643" height="16" font="3">As at the end of 2011, GNPC owed its Jubilee partners an amount of US$33,308,728. This </text> <text top="572" left="138" width="530" height="16" font="3">amount does not include GNPC’S share of the purchase cost of the FPSO. </text> <text top="591" left="105" width="5" height="16" font="3"> </text> <text top="611" left="125" width="4" height="15" font="24"> </text> <text top="610" left="138" width="649" height="16" font="3">Corporate tax receipts will be enhanced if, thin capitalization, losses carry forward and ring </text> <text top="630" left="138" width="614" height="16" font="3">fencing rules are amended. Also costs should be scrutinised to reduce profit stripping. </text> <text top="649" left="131" width="5" height="16" font="3"> </text> <text top="670" left="125" width="4" height="15" font="24"> </text> <text top="669" left="138" width="553" height="16" font="3">Legislation on Capital gains tax should be put in place as early as practicable. </text> <text top="688" left="131" width="5" height="16" font="3"> </text> <text top="708" left="125" width="4" height="15" font="24"> </text> <text top="707" left="138" width="610" height="16" font="3">Disbursements to the Ghana Petroleum funds should be made in compliance with the </text> <text top="727" left="138" width="510" height="16" font="3">provisions of the Petroleum Revenue Management Act, 2011; ACT 815 </text> <text top="746" left="131" width="5" height="16" font="3"> </text> <text top="766" left="125" width="4" height="15" font="24"> </text> <text top="766" left="138" width="642" height="16" font="3">The Steering Committee should engage all stakeholders in the petroleum sector to ensure </text> <text top="785" left="138" width="614" height="16" font="3">that the EITI reporting process stays on course. This may include deliberations on the </text> <text top="804" left="138" width="363" height="16" font="3">scope of the assignment and reporting templates. </text> <text top="824" left="105" width="5" height="16" font="3"> </text> <text top="843" left="105" width="5" height="16" font="3"> </text> <text top="862" left="105" width="5" height="16" font="3"> </text> <text top="882" left="105" width="5" height="16" font="3"> </text> <text top="901" left="105" width="5" height="16" font="3"> </text> <text top="921" left="105" width="5" height="16" font="3"> </text> <text top="940" left="105" width="5" height="16" font="3"> </text> <text top="959" left="105" width="5" height="16" font="3"> </text> <text top="979" left="105" width="5" height="16" font="3"> </text> <text top="998" left="105" width="5" height="16" font="3"> </text> <text top="1017" left="105" width="5" height="16" font="3"> </text> <text top="1037" left="105" width="5" height="16" font="3"> </text> <text top="1056" left="105" width="5" height="16" font="3"> </text> <text top="1076" left="105" width="5" height="16" font="3"> </text> </page> <page number="160" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="173" size="21" family="Times" color="#3232ff"/> <fontspec id="174" size="27" family="Times" color="#3232ff"/> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">47 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="5" height="16" font="3"> </text> <text top="201" left="105" width="5" height="16" font="3"> </text> <text top="220" left="105" width="5" height="16" font="3"> </text> <text top="241" left="447" width="7" height="23" font="173"> </text> <text top="269" left="447" width="7" height="23" font="173"> </text> <text top="297" left="447" width="7" height="23" font="173"> </text> <text top="326" left="447" width="7" height="23" font="173"> </text> <text top="354" left="447" width="7" height="23" font="173"> </text> <text top="382" left="447" width="7" height="23" font="173"> </text> <text top="410" left="447" width="7" height="23" font="173"> </text> <text top="438" left="447" width="7" height="23" font="173"> </text> <text top="466" left="447" width="7" height="23" font="173"> </text> <text top="496" left="447" width="9" height="29" font="174"> </text> <text top="531" left="364" width="175" height="29" font="174">APPENDICES </text> <text top="564" left="105" width="5" height="16" font="3"> </text> <text top="583" left="105" width="5" height="16" font="3"> </text> <text top="602" left="105" width="5" height="16" font="3"> </text> <text top="622" left="105" width="5" height="16" font="3"> </text> <text top="641" left="105" width="5" height="16" font="3"> </text> <text top="660" left="105" width="5" height="16" font="3"> </text> <text top="680" left="105" width="5" height="16" font="3"> </text> <text top="699" left="105" width="5" height="16" font="3"> </text> <text top="719" left="105" width="5" height="16" font="3"> </text> <text top="738" left="105" width="5" height="16" font="3"> </text> <text top="757" left="105" width="5" height="16" font="3"> </text> <text top="777" left="105" width="5" height="16" font="3"> </text> <text top="796" left="105" width="5" height="16" font="3"> </text> <text top="815" left="105" width="5" height="16" font="3"> </text> <text top="835" left="105" width="5" height="16" font="3"> </text> <text top="854" left="105" width="5" height="16" font="3"> </text> <text top="874" left="105" width="5" height="16" font="3"> </text> <text top="893" left="105" width="5" height="16" font="3"> </text> <text top="930" left="105" width="5" height="16" font="3"> </text> <text top="970" left="105" width="5" height="16" font="3"> </text> <text top="1010" left="105" width="5" height="16" font="3"> </text> <text top="1049" left="105" width="5" height="16" font="3"> </text> <text top="1088" left="105" width="4" height="15" font="27"> </text> </page> <page number="161" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="175" size="12" family="Times" color="#000000"/> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">48 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="180" left="105" width="238" height="15" font="27">Appendix 1: Company Template </text> <text top="202" left="113" width="316" height="13" font="35">Ghana Extractive Industries’ Transparency Initiative </text> <text top="220" left="113" width="438" height="13" font="35">Input Template for COMPANY Reporting Entity for Oil and Gas Industry. </text> <text top="239" left="113" width="168" height="13" font="35">Company/Type reporting :( </text> <text top="261" left="113" width="195" height="13" font="35">Development/Production Area: </text> <text top="283" left="113" width="110" height="13" font="35">Reporting Period: </text> <text top="306" left="113" width="3" height="13" font="35"> </text> <text top="324" left="113" width="3" height="13" font="35"> </text> <text top="342" left="113" width="100" height="13" font="35">Benefit Streams </text> <text top="306" left="411" width="94" height="13" font="37"> Cash </text> <text top="306" left="592" width="129" height="13" font="37"> Benefit- in- Kind </text> <text top="324" left="592" width="3" height="13" font="37"> </text> <text top="342" left="411" width="49" height="13" font="37">Volume </text> <text top="342" left="502" width="69" height="13" font="37">Value(US$) </text> <text top="342" left="592" width="49" height="13" font="37">Volume </text> <text top="342" left="692" width="69" height="13" font="37">Value(US$) </text> <text top="361" left="113" width="3" height="13" font="37"> </text> <text top="361" left="152" width="7" height="13" font="35"> </text> <text top="361" left="411" width="3" height="13" font="37"> </text> <text top="361" left="502" width="3" height="13" font="37"> </text> <text top="361" left="592" width="3" height="13" font="37"> </text> <text top="361" left="692" width="3" height="13" font="37"> </text> <text top="380" left="411" width="3" height="13" font="37"> </text> <text top="380" left="502" width="3" height="13" font="37"> </text> <text top="380" left="592" width="3" height="13" font="37"> </text> <text top="380" left="692" width="3" height="13" font="37"> </text> <text top="398" left="113" width="3" height="13" font="37"> </text> <text top="398" left="152" width="175" height="13" font="35">INTERNATIONAL COMPANY: </text> <text top="398" left="411" width="3" height="13" font="37"> </text> <text top="398" left="502" width="3" height="13" font="37"> </text> <text top="398" left="592" width="3" height="13" font="37"> </text> <text top="398" left="692" width="3" height="13" font="37"> </text> <text top="417" left="113" width="14" height="13" font="37">1. </text> <text top="416" left="152" width="243" height="13" font="35">Production Stream Paid to Government </text> <text top="417" left="411" width="3" height="13" font="37"> </text> <text top="417" left="502" width="3" height="13" font="37"> </text> <text top="417" left="592" width="3" height="13" font="37"> </text> <text top="417" left="692" width="3" height="13" font="37"> </text> <text top="435" left="113" width="22" height="13" font="37">1.1 </text> <text top="435" left="152" width="218" height="13" font="35">Production Stream paid to National </text> <text top="453" left="152" width="146" height="13" font="35">State Owned Company. </text> <text top="435" left="411" width="3" height="13" font="37"> </text> <text top="435" left="502" width="3" height="13" font="37"> </text> <text top="435" left="592" width="3" height="13" font="37"> </text> <text top="435" left="692" width="3" height="13" font="37"> </text> <text top="472" left="113" width="3" height="13" font="37"> </text> <text top="471" left="152" width="231" height="13" font="35"> NATIONAL STATE OWNED COMPANY </text> <text top="472" left="411" width="3" height="13" font="37"> </text> <text top="472" left="502" width="3" height="13" font="37"> </text> <text top="472" left="592" width="3" height="13" font="37"> </text> <text top="472" left="692" width="3" height="13" font="37"> </text> <text top="490" left="113" width="18" height="13" font="37">2. </text> <tex t top="490" left="152" width="166" height="13" font="35">State Participating Interest </text> <text top="490" left="411" width="3" height="13" font="37"> </text> <text top="490" left="502" width="3" height="13" font="37"> </text> <text top="490" left="592" width="3" height="13" font="37"> </text> <text top="490" left="692" width="3" height="13" font="37"> </text> <text top="509" left="113" width="22" height="13" font="37">2.1 </text> <text top="508" left="152" width="97" height="13" font="175">Carried Interest </text> <text top="509" left="411" width="3" height="13" font="37"> </text> <text top="509" left="502" width="3" height="13" font="37"> </text> <text top="509" left="592" width="3" height="13" font="37"> </text> <text top="509" left="692" width="3" height="13" font="37"> </text> <text top="527" left="113" width="3" height="13" font="37"> </text> <text top="527" left="152" width="176" height="13" font="35">-Gross Received on behalf of </text> <text top="545" left="152" width="80" height="13" font="35">Government </text> <text top="527" left="411" width="3" height="13" font="37"> </text> <text top="527" left="502" width="3" height="13" font="37"> </text> <text top="527" left="592" width="3" height="13" font="37"> </text> <text top="527" left="692" width="3" height="13" font="37"> </text> <text top="564" left="113" width="3" height="13" font="37"> </text> <text top="563" left="152" width="160" height="13" font="35">-Net paid to Government. </text> <text top="564" left="411" width="3" height="13" font="37"> </text> <text top="564" left="502" width="3" height="13" font="37"> </text> <text top="564" left="592" width="3" height="13" font="37"> </text> <text top="564" left="692" width="3" height="13" font="37"> </text> <text top="582" left="113" width="22" height="13" font="37">2.2 </text> <text top="582" left="152" width="203" height="13" font="175">Paid Interest(Additional interest) </text> <text top="582" left="411" width="3" height="13" font="37"> </text> <text top="582" left="502" width="3" height="13" font="37"> </text> <text top="582" left="592" width="3" height="13" font="37"> </text> <text top="582" left="692" width="3" height="13" font="37"> </text> <text top="601" left="113" width="3" height="13" font="37"> </text> <text top="600" left="152" width="176" height="13" font="35">-Gross Received on behalf of </text> <text top="618" left="152" width="80" height="13" font="35">Government </text> <text top="601" left="411" width="3" height="13" font="37"> </text> <text top="601" left="502" width="3" height="13" font="37"> </text> <text top="601" left="592" width="3" height="13" font="37"> </text> <text top="601" left="692" width="3" height="13" font="37"> </text> <text top="637" left="113" width="3" height="13" font="37"> </text> <text top="637" left="152" width="160" height="13" font="35">-Net paid to Government. </text> <text top="637" left="411" width="3" height="13" font="37"> </text> <text top="637" left="502" width="3" height="13" font="37"> </text> <text top="637" left="592" width="3" height="13" font="37"> </text> <text top="637" left="692" width="3" height="13" font="37"> </text> <text top="656" left="113" width="14" height="13" font="37">3. </text> <text top="655" left="152" width="166" height="13" font="35">Additional Oil entitlement. </text> <text top="656" left="411" width="3" height="13" font="37"> </text> <text top="656" left="502" width="3" height="13" font="37"> </text> <text top="656" left="592" width="3" height="13" font="37"> </text> <text top="656" left="692" width="3" height="13" font="37"> </text> <text top="674" left="113" width="3" height="13" font="37"> </text> <text top="674" left="152" width="140" height="13" font="35">PAYMENTS BY IC/NSC: </text> <text top="674" left="411" width="3" height="13" font="37"> </text> <text top="674" left="502" width="3" height="13" font="37"> </text> <text top="674" left="592" width="3" height="13" font="37"> </text> <text top="674" left="692" width="3" height="13" font="37"> </text> <text top="693" left="113" width="11" height="13" font="37">4 </text> <text top="693" left="152" width="49" height="13" font="35">Royalty </text> <text top="693" left="411" width="3" height="13" font="72"> </text> <text top="693" left="502" width="3" height="13" font="72"> </text> <text top="693" left="592" width="3" height="13" font="37"> </text> <text top="693" left="692" width="3" height="13" font="37"> </text> <text top="711" left="113" width="11" height="13" font="37">5 </text> <text top="711" left="152" width="156" height="13" font="35">Profit Tax(Corporate Tax) </text> <text top="711" left="411" width="3" height="13" font="72"> </text> <text top="711" left="502" width="3" height="13" font="72"> </text> <text top="711" left="592" width="3" height="13" font="37"> </text> <text top="711" left="692" width="3" height="13" font="37"> </text> <text top="730" left="113" width="14" height="13" font="37">6. </text> <text top="730" left="152" width="91" height="13" font="35">Surface Rental </text> <text top="730" left="411" width="3" height="13" font="72"> </text> <text top="730" left="502" width="3" height="13" font="72"> </text> <text top="730" left="592" width="3" height="13" font="37"> </text> <text top="730" left="692" width="3" height="13" font="37"> </text> <text top="748" left="113" width="11" height="13" font="37">7 </text> <text top="748" left="152" width="63" height="13" font="35">Dividends </text> <text top="748" left="411" width="3" height="13" font="72"> </text> <text top="748" left="502" width="3" height="13" font="37"> </text> <text top="748" left="592" width="3" height="13" font="37"> </text> <text top="748" left="692" width="3" height="13" font="37"> </text> <text top="767" left="113" width="11" height="13" font="37">8 </text> <text top="767" left="152" width="202" height="13" font="35">Other Payments to Government: </text> <text top="767" left="411" width="3" height="13" font="72"> </text> <text top="767" left="502" width="3" height="13" font="37"> </text> <text top="767" left="592" width="3" height="13" font="37"> </text> <text top="767" left="692" width="3" height="13" font="37"> </text> <text top="786" left="113" width="43" height="13" font="37">8(1) </text> <text top="786" left="411" width="3" height="13" font="72"> </text> <text top="786" left="502" width="3" height="13" font="37"> </text> <text top="786" left="592" width="3" height="13" font="37"> </text> <text top="786" left="692" width="3" height="13" font="37"> </text> <text top="804" left="113" width="43" height="13" font="37">8(2) </text> <text top="804" left="411" width="3" height="13" font="72"> </text> <text top="804" left="502" width="3" height="13" font="37"> </text> <text top="804" left="592" width="3" height="13" font="37"> </text> <text top="804" left="692" width="3" height="13" font="37"> </text> <text top="826" left="113" width="43" height="13" font="37">8(3) </text> <text top="826" left="411" width="3" height="13" font="72"> </text> <text top="826" left="502" width="3" height="13" font="37"> </text> <text top="826" left="592" width="3" height="13" font="37"> </text> <text top="826" left="692" width="3" height="13" font="37"> </text> <text top="849" left="113" width="3" height="13" font="37"> </text> <text top="848" left="152" width="3" height="13" font="35"> </text> <text top="849" left="411" width="3" height="13" font="37"> </text> <text top="849" left="502" width="3" height="13" font="37"> </text> <text top="849" left="592" width="3" height="13" font="37"> </text> <text top="849" left="692" width="3" height="13" font="37"> </text> <text top="867" left="113" width="11" height="13" font="37">9 </text> <text top="867" left="152" width="129" height="13" font="35">Voluntary Disclosure </text> <text top="867" left="411" width="3" height="13" font="37"> </text> <text top="867" left="502" width="3" height="13" font="37"> </text> <text top="867" left="592" width="3" height="13" font="37"> </text> <text top="867" left="692" width="3" height="13" font="37"> </text> <text top="886" left="113" width="3" height="13" font="37"> </text> <text top="886" left="152" width="3" height="13" font="35"> </text> <text top="886" left="411" width="3" height="13" font="37"> </text> <text top="886" left="502" width="3" height="13" font="37"> </text> <text top="886" left="592" width="3" height="13" font="37"> </text> <text top="886" left="692" width="3" height="13" font="37"> </text> <text top="905" left="113" width="3" height="13" font="37"> </text> <text top="904" left="152" width="3" height="13" font="175"> </text> <text top="905" left="411" width="3" height="13" font="37"> </text> <text top="905" left="502" width="3" height="13" font="37"> </text> <text top="905" left="592" width="3" height="13" font="37"> </text> <text top="905" left="692" width="3" height="13" font="37"> </text> <text top="923" left="113" width="3" height="13" font="37"> </text> <text top="923" left="152" width="3" height="13" font="35"> </text> <text top="923" left="411" width="3" height="13" font="37"> </text> <text top="923" left="502" width="3" height="13" font="37"> </text> <text top="923" left="592" width="3" height="13" font="37"> </text> <text top="923" left="692" width="3" height="13" font="37"> </text> <text top="941" left="113" width="3" height="13" font="37"> </text> <text top="941" left="152" width="3" height="13" font="35"> </text> <text top="941" left="411" width="3" height="13" font="37"> </text> <text top="941" left="502" width="3" height="13" font="37"> </text> <text top="941" left="592" width="3" height="13" font="37"> </text> <text top="941" left="692" width="3" height="13" font="37"> </text> <text top="960" left="113" width="3" height="13" font="37"> </text> <text top="960" left="152" width="3" height="13" font="35"> </text> <text top="960" left="411" width="3" height="13" font="37"> </text> <text top="960" left="502" width="3" height="13" font="37"> </text> <text top="960" left="592" width="3" height="13" font="37"> </text> <text top="960" left="692" width="3" height="13" font="37"> </text> <text top="979" left="105" width="67" height="12" font="40">Declaration:</text> <text top="979" left="172" width="568" height="12" font="5"> We acknowledge our responsibility for the fair presentation of the reporting template in accordance with </text> <text top="978" left="739" width="23" height="13" font="5">the </text> <text top="997" left="105" width="250" height="13" font="5">reporting guidelines, with the exception of:</text> <text top="998" left="355" width="3" height="12" font="39"> </text> <text top="1030" left="105" width="857" height="13" font="5">NAME: …………………………………………………………….. POSITION: …………………………………………………………. </text> <text top="1046" left="105" width="4" height="11" font="42"> </text> <text top="1060" left="105" width="624" height="11" font="42">SIGNATURE:……………………………………………………………… COMPANY STAMP:…………………..…………………………………….. </text> </page> <page number="162" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">49 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="4" height="14" font="48"> </text> <text top="218" left="105" width="260" height="14" font="48">Appendix 2: Government Template </text> <text top="239" left="113" width="316" height="13" font="35">Ghana Extractive Industries’ Transparency Initiative </text> <text top="258" left="113" width="463" height="13" font="35">Input Template for GOVERNMENT Reporting Entity for Oil and Gas Industry. </text> <text top="277" left="113" width="131" height="13" font="35">Government Agency: </text> <text top="295" left="113" width="564" height="13" font="35">Company/Type reporting on: (indicate whether national state owned/international company.) </text> <text top="317" left="113" width="190" height="13" font="35">Development/Production Area </text> <text top="339" left="113" width="110" height="13" font="35">Reporting Period: </text> <text top="362" left="113" width="3" height="13" font="35"> </text> <text top="380" left="113" width="3" height="13" font="35"> </text> <text top="398" left="113" width="100" height="13" font="35">Benefit Streams </text> <text top="362" left="404" width="94" height="13" font="37"> Cash </text> <text top="362" left="592" width="129" height="13" font="37"> Benefit- in- Kind </text> <text top="380" left="592" width="3" height="13" font="37"> </text> <text top="399" left="404" width="49" height="13" font="37">Volume </text> <text top="399" left="502" width="69" height="13" font="37">Value(US$) </text> <text top="399" left="592" width="49" height="13" font="37">Volume </text> <text top="399" left="692" width="69" height="13" font="37">Value(US$) </text> <text top="417" left="113" width="3" height="13" font="37"> </text> <text top="417" left="152" width="7" height="13" font="35"> </text> <text top="417" left="404" width="3" height="13" font="37"> </text> <text top="417" left="502" width="3" height="13" font="37"> </text> <text top="417" left="592" width="3" height="13" font="37"> </text> <text top="417" left="692" width="3" height="13" font="37"> </text> <text top="436" left="404" width="3" height="13" font="37"> </text> <text top="436" left="502" width="3" height="13" font="37"> </text> <text top="436" left="592" width="3" height="13" font="37"> </text> <text top="436" left="692" width="3" height="13" font="37"> </text> <text top="454" left="113" width="14" height="13" font="37">1. </text> <text top="454" left="152" width="117" height="13" font="35">Production Stream </text> <text top="454" left="404" width="3" height="13" font="37"> </text> <text top="454" left="502" width="3" height="13" font="37"> </text> <text top="454" left="592" width="3" height="13" font="37"> </text> <text top="454" left="692" width="3" height="13" font="37"> </text> <text top="473" left="113" width="14" height="13" font="37">2. </text> <text top="473" left="152" width="166" height="13" font="35">State Participating Interest </text> <text top="473" left="404" width="3" height="13" font="37"> </text> <text top="473" left="502" width="3" height="13" font="37"> </text> <text top="473" left="592" width="3" height="13" font="37"> </text> <text top="473" left="692" width="3" height="13" font="37"> </text> <text top="492" left="113" width="22" height="13" font="37">2.1 </text> <text top="491" left="152" width="97" height="13" font="175">Carried Interest </text> <text top="492" left="404" width="3" height="13" font="37"> </text> <text top="492" left="502" width="3" height="13" font="37"> </text> <text top="492" left="592" width="3" height="13" font="37"> </text> <text top="492" left="692" width="3" height="13" font="37"> </text> <text top="510" left="113" width="22" height="13" font="37">2.2 </text> <text top="510" left="152" width="203" height="13" font="175">Paid Interest(Additional interest) </text> <text top="510" left="404" width="3" height="13" font="37"> </text> <text top="510" left="502" width="3" height="13" font="37"> </text> <text top="510" left="592" width="3" height="13" font="37"> </text> <text top="510" left="692" width="3" height="13" font="37"> </text> <text top="529" left="113" width="14" height="13" font="37">3. </text> <text top="528" left="152" width="166" height="13" font="35">Additional Oil entitlement. </text> <text top="529" left="404" width="3" height="13" font="72"> </text> <text top="529" left="502" width="3" height="13" font="72"> </text> <text top="529" left="592" width="3" height="13" font="37"> </text> <text top="529" left="692" width="3" height="13" font="37"> </text> <text top="547" left="113" width="11" height="13" font="37">4 </text> <text top="547" left="152" width="49" height="13" font="35">Royalty </text> <text top="547" left="404" width="3" height="13" font="72"> </text> <text top="547" left="502" width="3" height="13" font="72"> </text> <text top="547" left="592" width="3" height="13" font="37"> </text> <text top="547" left="692" width="3" height="13" font="37"> </text> <text top="566" left="113" width="14" height="13" font="37">5. </text> <text top="566" left="152" width="168" height="13" font="35">Profit Taxes(corporate Tax) </text> <text top="566" left="404" width="3" height="13" font="72"> </text> <text top="566" left="502" width="3" height="13" font="37"> </text> <text top="566" left="592" width="3" height="13" font="37"> </text> <text top="566" left="692" width="3" height="13" font="37"> </text> <text top="584" left="113" width="14" height="13" font="37">6. </text> <text top="584" left="152" width="91" height="13" font="35">Surface Rental </text> <text top="584" left="404" width="3" height="13" font="72"> </text> <text top="584" left="502" width="3" height="13" font="37"> </text> <text top="584" left="592" width="3" height="13" font="37"> </text> <text top="584" left="692" width="3" height="13" font="37"> </text> <text top="603" left="113" width="11" height="13" font="37">7 </text> <text top="603" left="152" width="63" height="13" font="35">Dividends </text> <text top="603" left="404" width="3" height="13" font="72"> </text> <text top="603" left="502" width="3" height="13" font="37"> </text> <text top="603" left="592" width="3" height="13" font="37"> </text> <text top="603" left="692" width="3" height="13" font="37"> </text> <text top="621" left="113" width="11" height="13" font="37">8 </text> <text top="621" left="152" width="202" height="13" font="35">Other Payments to Government: </text> <text top="621" left="404" width="3" height="13" font="72"> </text> <text top="621" left="502" width="3" height="13" font="37"> </text> <text top="621" left="592" width="3" height="13" font="37"> </text> <text top="621" left="692" width="3" height="13" font="37"> </text> <text top="644" left="113" width="43" height="13" font="37">8(1) </text> <text top="644" left="404" width="3" height="13" font="72"> </text> <text top="644" left="502" width="3" height="13" font="37"> </text> <text top="644" left="592" width="3" height="13" font="37"> </text> <text top="644" left="692" width="3" height="13" font="37"> </text> <text top="666" left="113" width="43" height="13" font="37">8(2) </text> <text top="666" left="404" width="3" height="13" font="72"> </text> <text top="666" left="502" width="3" height="13" font="37"> </text> <text top="666" left="592" width="3" height="13" font="37"> </text> <text top="666" left="692" width="3" height="13" font="37"> </text> <text top="685" left="113" width="43" height="13" font="37">8(3) </text> <text top="685" left="404" width="3" height="13" font="72"> </text> <text top="685" left="502" width="3" height="13" font="37"> </text> <text top="685" left="592" width="3" height="13" font="37"> </text> <text top="685" left="692" width="3" height="13" font="37"> </text> <text top="703" left="113" width="3" height="13" font="37"> </text> <text top="703" left="152" width="3" height="13" font="35"> </text> <text top="703" left="404" width="3" height="13" font="37"> </text> <text top="703" left="502" width="3" height="13" font="37"> </text> <text top="703" left="592" width="3" height="13" font="37"> </text> <text top="703" left="692" width="3" height="13" font="37"> </text> <text top="722" left="113" width="3" height="13" font="37"> </text> <text top="722" left="152" width="3" height="13" font="175"> </text> <text top="722" left="404" width="3" height="13" font="37"> </text> <text top="722" left="502" width="3" height="13" font="37"> </text> <text top="722" left="592" width="3" height="13" font="37"> </text> <text top="722" left="692" width="3" height="13" font="37"> </text> <text top="740" left="113" width="11" height="13" font="37">9 </text> <text top="740" left="152" width="129" height="13" font="35">Voluntary Disclosure </text> <text top="740" left="404" width="3" height="13" font="37"> </text> <text top="740" left="502" width="3" height="13" font="37"> </text> <text top="740" left="592" width="3" height="13" font="37"> </text> <text top="740" left="692" width="3" height="13" font="37"> </text> <text top="759" left="113" width="3" height="13" font="37"> </text> <text top="759" left="152" width="3" height="13" font="35"> </text> <text top="759" left="404" width="3" height="13" font="37"> </text> <text top="759" left="502" width="3" height="13" font="37"> </text> <text top="759" left="592" width="3" height="13" font="37"> </text> <text top="759" left="692" width="3" height="13" font="37"> </text> <text top="777" left="113" width="3" height="13" font="37"> </text> <text top="777" left="152" width="3" height="13" font="35"> </text> <text top="777" left="404" width="3" height="13" font="37"> </text> <text top="777" left="502" width="3" height="13" font="37"> </text> <text top="777" left="592" width="3" height="13" font="37"> </text> <text top="777" left="692" width="3" height="13" font="37"> </text> <text top="796" left="113" width="3" height="13" font="37"> </text> <text top="796" left="152" width="3" height="13" font="35"> </text> <text top="796" left="404" width="3" height="13" font="37"> </text> <text top="796" left="502" width="3" height="13" font="37"> </text> <text top="796" left="592" width="3" height="13" font="37"> </text> <text top="796" left="692" width="3" height="13" font="37"> </text> <text top="815" left="113" width="3" height="13" font="37"> </text> <text top="815" left="152" width="3" height="13" font="37"> </text> <text top="815" left="404" width="3" height="13" font="37"> </text> <text top="815" left="502" width="3" height="13" font="37"> </text> <text top="815" left="592" width="3" height="13" font="37"> </text> <text top="815" left="692" width="3" height="13" font="37"> </text> <text top="833" left="113" width="3" height="13" font="37"> </text> <text top="833" left="152" width="3" height="13" font="37"> </text> <text top="833" left="404" width="3" height="13" font="37"> </text> <text top="833" left="502" width="3" height="13" font="37"> </text> <text top="833" left="592" width="3" height="13" font="37"> </text> <text top="833" left="692" width="3" height="13" font="37"> </text> <text top="852" left="113" width="3" height="13" font="37"> </text> <text top="852" left="152" width="3" height="13" font="37"> </text> <text top="852" left="404" width="3" height="13" font="37"> </text> <text top="852" left="502" width="3" height="13" font="37"> </text> <text top="852" left="592" width="3" height="13" font="37"> </text> <text top="852" left="692" width="3" height="13" font="37"> </text> <text top="870" left="113" width="3" height="13" font="37"> </text> <text top="870" left="152" width="3" height="13" font="37"> </text> <text top="870" left="404" width="3" height="13" font="37"> </text> <text top="870" left="502" width="3" height="13" font="37"> </text> <text top="870" left="592" width="3" height="13" font="37"> </text> <text top="870" left="692" width="3" height="13" font="37"> </text> <text top="889" left="113" width="3" height="13" font="37"> </text> <text top="889" left="152" width="3" height="13" font="37"> </text> <text top="889" left="404" width="3" height="13" font="37"> </text> <text top="889" left="502" width="3" height="13" font="37"> </text> <text top="889" left="592" width="3" height="13" font="37"> </text> <text top="889" left="692" width="3" height="13" font="37"> </text> <text top="907" left="105" width="3" height="13" font="37"> </text> <text top="942" left="105" width="76" height="13" font="37">Declaration: </text> <text top="978" left="105" width="651" height="13" font="37">We acknowledge our responsibility for the fair presentation of the reporting template in accordance with the </text> <text top="998" left="105" width="126" height="13" font="37">reporting guidelines. </text> <text top="1033" left="105" width="590" height="13" font="37">NAME: SIGNATURE: </text> <text top="1068" left="105" width="385" height="13" font="37">POSITION: STAMP: </text> </page> <page number="163" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">50 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="5" height="16" font="3"> </text> <text top="238" left="105" width="288" height="16" font="11">Appendix 3: TERMS OF REFERENCE </text> <text top="260" left="105" width="679" height="14" font="37">Under the terms of reference for the assignment the obligation of the aggregator/reconciler shall include </text> <text top="281" left="105" width="93" height="14" font="37">the following: </text> <text top="315" left="131" width="12" height="14" font="37">1.</text> <text top="316" left="144" width="4" height="13" font="38"> </text> <text top="315" left="158" width="633" height="14" font="37">Analyse all documentations on all oil and gas produced and compare with projected production in </text> <text top="336" left="158" width="630" height="14" font="37">Feasibility. Reports/Plan of Development and budget of the oil and gas companies and report on </text> <text top="356" left="158" width="122" height="14" font="37">any discrepancies. </text> <text top="376" left="158" width="5" height="14" font="37"> </text> <text top="397" left="131" width="12" height="14" font="37">2.</text> <text top="397" left="144" width="4" height="13" font="38"> </text> <text top="397" left="158" width="588" height="14" font="37">Review documentation on all oil and gas lifted by the National Oil Company (NOC) and the </text> <text top="417" left="158" width="626" height="14" font="37">International Oil Companies (IOC’s) and compare with the hydrocarbon allocation formula, so as </text> <text top="437" left="158" width="589" height="14" font="37">to confirm whether the sharing of the oil and gas produced and the lifting schedules are in </text> <text top="457" left="158" width="392" height="14" font="37">accordance with the agreed hydrocarbon allocation formula. </text> <text top="478" left="131" width="12" height="14" font="37">3.</text> <text top="478" left="144" width="4" height="13" font="38"> </text> <text top="478" left="158" width="618" height="14" font="37">Analyse declarations of oil and gas lifted by the NOC and the IOC’s in their financial statements </text> <text top="498" left="158" width="625" height="14" font="37">and compare with the aggregate of periodic declarations made to the regulatory institutions and </text> <text top="518" left="158" width="410" height="14" font="37">the Ghana Revenue Authority and report on any discrepancies. </text> <text top="538" left="158" width="5" height="14" font="37"> </text> <text top="559" left="131" width="12" height="14" font="37">4.</text> <text top="559" left="144" width="4" height="13" font="38"> </text> <text top="559" left="158" width="602" height="14" font="37">Analyse all documentations on oil and gas lifted and their prices and compare with reference </text> <text top="579" left="158" width="598" height="14" font="37">prices so as to confirm the correctness of the prices and the revenue from oil and gas lifted. </text> <text top="599" left="158" width="5" height="14" font="37"> </text> <text top="619" left="131" width="12" height="14" font="37">5.</text> <text top="620" left="144" width="4" height="13" font="38"> </text> <text top="619" left="158" width="566" height="14" font="37">Review all documentations on petroleum cost (exploration, appraisal, development and </text> <text top="640" left="158" width="618" height="14" font="37">production) and other costs of the oil and gas companies, so as to confirm that only actual and </text> <text top="660" left="158" width="384" height="14" font="37">qualify costs are deducted from income to arrive at profits. </text> <text top="680" left="158" width="5" height="14" font="37"> </text> <text top="701" left="131" width="12" height="14" font="37">6.</text> <text top="701" left="144" width="4" height="13" font="38"> </text> <text top="701" left="158" width="619" height="14" font="37">Check the capital allowances and tax computations to confirm their correctness. Also, report on </text> <text top="721" left="158" width="435" height="14" font="37">recovered capital costs to date, as well as new capital acquisitions. </text> <text top="741" left="158" width="5" height="14" font="37"> </text> <text top="761" left="131" width="12" height="14" font="37">7.</text> <text top="762" left="144" width="4" height="13" font="38"> </text> <text top="761" left="158" width="619" height="14" font="37">Ascertain the correctness of all payments (cash and in kind) made by the NOC and the IOC’s to </text> <text top="782" left="158" width="591" height="14" font="37">the state. Payments shall include royalties, initial (carried) interest, additional participating </text> <text top="802" left="158" width="567" height="14" font="37">interest, petroleum income tax, additional oil entitlement, surface rentals, dividend, the </text> <text top="822" left="158" width="598" height="14" font="37">investment income derived from accumulated petroleum funds, income tax/capital gains tax </text> <text top="842" left="158" width="561" height="14" font="37">derived from the sale of ownership of exploration, development and production rights. </text> <text top="863" left="131" width="12" height="14" font="37">8.</text> <text top="863" left="144" width="4" height="13" font="38"> </text> <text top="863" left="158" width="565" height="14" font="37">Reconcile all transfers made by the NOC into the Petroleum Holding Fund with receipts </text> <text top="883" left="158" width="220" height="14" font="37">acknowledged by Bank of Ghana. </text> <text top="903" left="131" width="12" height="14" font="37">9.</text> <text top="904" left="144" width="4" height="13" font="38"> </text> <text top="903" left="158" width="597" height="14" font="37">Verify the basis for the determination of the Petroleum Benchmark Revenue, Annual Budget </text> <text top="923" left="158" width="566" height="14" font="37">Funding Amount, and confirm whether they are in accordance with the provision of the </text> <text top="944" left="158" width="305" height="14" font="37">Petroleum Revenue Management Act, Act 815. </text> <text top="964" left="158" width="5" height="14" font="37"> </text> <text top="984" left="131" width="20" height="14" font="37">10.</text> <text top="985" left="152" width="4" height="13" font="38"> </text> <text top="984" left="158" width="595" height="14" font="37">Check and report on disbursement from the Petroleum Holding Funds to the Annual Budget </text> <text top="1005" left="158" width="626" height="14" font="37">funding Amount, the Heritage and Stabilization Funds, other exceptional payments provided and </text> <text top="1025" left="158" width="541" height="14" font="37">confirm if they are in conformity with the accordance with the provision of Act 815. </text> <text top="1045" left="158" width="5" height="14" font="37"> </text> <text top="1065" left="158" width="5" height="14" font="37"> </text> </page> <page number="164" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">51 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="131" width="20" height="14" font="37">11.</text> <text top="181" left="152" width="4" height="13" font="38"> </text> <text top="181" left="158" width="588" height="14" font="37">Report on the utilization of the Annual Budget Funding Amount, the Stabilization Fund and </text> <text top="201" left="158" width="579" height="14" font="37">Heritage Fund and confirm whether they are in accordance with the provision of Act 815. </text> <text top="256" left="105" width="335" height="15" font="27">Appendix 4: APPROACH AND METHODOLOGY </text> <text top="277" left="105" width="369" height="16" font="3">The assignment was categorised into three phases. </text> <text top="314" left="105" width="665" height="16" font="3">These are i) Inception phase, ii) Reconciliation phase iii) Validation/Framework for enhancing </text> <text top="336" left="105" width="97" height="16" font="3">transparency </text> <text top="369" left="136" width="7" height="21" font="20">•</text> <text top="374" left="143" width="4" height="15" font="21"> </text> <text top="373" left="158" width="136" height="16" font="11">Inception Phase </text> <text top="410" left="105" width="671" height="16" font="3">This is the preliminary information gathering stage. The Reconciler interacted with the Oil and </text> <text top="432" left="105" width="679" height="16" font="3">Gas Companies and the Government Agencies. An inception report was produced at the end of </text> <text top="455" left="105" width="82" height="16" font="3">this phase. </text> <text top="488" left="112" width="7" height="21" font="20">•</text> <text top="492" left="119" width="4" height="15" font="21"> </text> <text top="491" left="138" width="280" height="16" font="11">Aggregation/Reconciliation Phase </text> <text top="528" left="105" width="677" height="16" font="3">This is the phase in which the data collected is analysed and reconciled between the payments </text> <text top="551" left="105" width="650" height="16" font="3">reported by oil and gas companies and receipts by government Agencies. In this phase the </text> <text top="573" left="105" width="572" height="16" font="3">various tasks and activities required by the terms of reference were performed. </text> <text top="606" left="136" width="7" height="21" font="20">•</text> <text top="611" left="143" width="4" height="15" font="21"> </text> <text top="610" left="158" width="414" height="16" font="11">Validation/Framework for enhancing transparency </text> <text top="647" left="105" width="666" height="16" font="3">This is a continuous interactive phase which is aimed at utilizing the findings and experiences </text> <text top="669" left="105" width="385" height="16" font="3">acquired from the inception and aggregation phases. </text> <text top="706" left="105" width="5" height="16" font="3"> </text> <text top="743" left="105" width="632" height="16" font="3">A combination of desk and field work was employed in the execution of this assignment. </text> <text top="780" left="105" width="688" height="16" font="3">The desktop analysis involved the use of electronic data base management, computer spread </text> <text top="802" left="105" width="266" height="16" font="3">sheets and other software packages. </text> <text top="839" left="105" width="688" height="16" font="3">In order to enable the effective execution of the tasks on schedule, a number of activities were </text> <text top="861" left="105" width="176" height="16" font="3">executed concurrently. </text> <text top="901" left="105" width="5" height="16" font="0"> </text> <text top="925" left="105" width="412" height="16" font="3">Documents reviewed and studied included the following: </text> <text top="962" left="131" width="13" height="16" font="3">a.</text> <text top="963" left="145" width="4" height="15" font="24"> </text> <text top="962" left="158" width="636" height="16" font="3">Annual reports and audited financial statements of Oil and Gas companies for 2010 and </text> <text top="981" left="158" width="45" height="16" font="3">2011. </text> <text top="1000" left="131" width="14" height="16" font="3">b.</text> <text top="1001" left="145" width="4" height="15" font="24"> </text> <text top="1000" left="158" width="182" height="16" font="3">Budgets of oil companies </text> <text top="1020" left="131" width="12" height="16" font="3">c.</text> <text top="1021" left="144" width="4" height="15" font="24"> </text> <text top="1020" left="158" width="243" height="16" font="3">The Model Petroleum Agreement </text> <text top="1042" left="131" width="14" height="16" font="3">d.</text> <text top="1043" left="145" width="4" height="15" font="24"> </text> <text top="1042" left="158" width="288" height="16" font="3">Exploration and Production Law of 1984 </text> <text top="1064" left="131" width="13" height="16" font="3">e.</text> <text top="1065" left="145" width="4" height="15" font="24"> </text> <text top="1064" left="158" width="278" height="16" font="3">The Petroleum Commission Acts, 2011 </text> <text top="1087" left="131" width="10" height="16" font="3">f.</text> <text top="1088" left="141" width="4" height="15" font="24"> </text> <text top="1087" left="158" width="302" height="16" font="3">The Internal Revenue Act, 2000 (Act 592) </text> </page> <page number="165" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">52 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="131" width="14" height="16" font="3">g.</text> <text top="182" left="145" width="4" height="15" font="24"> </text> <text top="181" left="158" width="344" height="16" font="3">The Petroleum Revenue Management Act, 2011 </text> <text top="218" left="105" width="688" height="16" font="3">The document review was an activity, which was undertaken throughout the entire length of </text> <text top="240" left="105" width="123" height="16" font="3">the assignment. </text> <text top="280" left="105" width="219" height="16" font="11">Field Visits and Interviews </text> <text top="304" left="105" width="688" height="16" font="3">Periodic meetings with government institutions and field visits to the Oil companies were </text> <text top="326" left="105" width="226" height="16" font="3">undertaken in the assignment. </text> <text top="366" left="105" width="285" height="16" font="11"> Aggregation/Reconciliation Phase </text> <text top="399" left="105" width="126" height="15" font="27"> Data Collection: </text> <text top="420" left="105" width="688" height="16" font="3">Data already requested from the Departments and Agencies, producing Oil and Gas Companies </text> <text top="442" left="105" width="203" height="16" font="3">were collated and analysed. </text> <text top="479" left="105" width="71" height="17" font="19"> Analysis</text> <text top="479" left="176" width="5" height="16" font="0"> </text> <text top="516" left="105" width="319" height="16" font="3"> Activities undertaken at this stage included </text> <text top="549" left="136" width="7" height="21" font="23">•</text> <text top="554" left="143" width="4" height="15" font="24"> </text> <text top="553" left="162" width="631" height="16" font="3">Analysing all documentations on oil and gas produced and compare with projected </text> <text top="573" left="162" width="632" height="16" font="3">production in Feasibility. Report/Plan of Development and budget of the oil and gas </text> <text top="592" left="162" width="317" height="16" font="3">companies and report on any discrepancies. </text> <text top="611" left="136" width="5" height="16" font="3"> </text> <text top="645" left="136" width="7" height="21" font="23">•</text> <text top="649" left="143" width="4" height="15" font="24"> </text> <text top="649" left="162" width="632" height="16" font="3">Reviewing documentation on all oil and gas lifted by the National Oil Company (NOC) </text> <text top="668" left="162" width="631" height="16" font="3">and the International Oil Companies (IOC’s) and comparing with the hydrocarbon </text> <text top="687" left="162" width="632" height="16" font="3">allocation formula, so as to confirm whether the sharing of the oil and gas produced </text> <text top="707" left="162" width="631" height="16" font="3">and the lifting schedules are in accordance with the agreed hydrocarbon allocation </text> <text top="726" left="162" width="64" height="16" font="3">formula. </text> <text top="745" left="158" width="5" height="16" font="3"> </text> <text top="778" left="136" width="7" height="21" font="23">•</text> <text top="783" left="143" width="4" height="15" font="24"> </text> <text top="782" left="162" width="632" height="16" font="3">Analysing declarations of oil and gas lifted by NOC and the IOC’s in their financial </text> <text top="802" left="162" width="631" height="16" font="3">statements and compare with the aggregate of periodic declarations made to the </text> <text top="821" left="162" width="575" height="16" font="3">regulatory institutions and the Ghana Authority and report on any discrepancies. </text> <text top="840" left="158" width="5" height="16" font="3"> </text> <text top="874" left="136" width="7" height="21" font="23">•</text> <text top="878" left="143" width="4" height="15" font="24"> </text> <text top="878" left="162" width="632" height="16" font="3">Analysing all documentations on oil and gas lifted and their prices and comparing with </text> <text top="897" left="162" width="631" height="16" font="3">the reference prices so as to confirm the correctness of the prices and the revenue from </text> <text top="916" left="162" width="127" height="16" font="3">oil and gas lifted. </text> <text top="935" left="158" width="5" height="16" font="3"> </text> <text top="969" left="136" width="7" height="21" font="23">•</text> <text top="973" left="143" width="4" height="15" font="24"> </text> <text top="973" left="162" width="631" height="16" font="3">Reviewing all documentations on petroleum cost (exploration, appraisal, development </text> <text top="992" left="162" width="631" height="16" font="3">and production) and other costs of the oil and gas companies, so as to confirm that </text> <text top="1011" left="162" width="529" height="16" font="3">only actual and qualifying costs deducted from income to arrive at profits. </text> <text top="1031" left="158" width="5" height="16" font="3"> </text> <text top="1064" left="136" width="7" height="21" font="23">•</text> <text top="1069" left="143" width="4" height="15" font="24"> </text> <text top="1068" left="162" width="636" height="16" font="3">Checking the capital allowances and tax computations to confirm their correctness. </text> <text top="1087" left="162" width="588" height="16" font="3">Also, report on recovered capital costs to date, as well as new capital acquisitions. </text> </page> <page number="166" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">53 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="158" width="5" height="16" font="3"> </text> <text top="214" left="136" width="7" height="21" font="23">•</text> <text top="219" left="143" width="4" height="15" font="24"> </text> <text top="218" left="162" width="632" height="16" font="3">Ascertaining the correctness of all payments (cash and in kind) made by the NOC and </text> <text top="237" left="162" width="631" height="16" font="3">the IOC’s to the state. Payments shall include royalties, initial (carried) interest, </text> <text top="257" left="162" width="632" height="16" font="3">additional participating interest, petroleum income tax, additional oil entitlement, </text> <text top="276" left="162" width="631" height="16" font="3">surface rentals, dividend, the investment income derived from accumulated petroleum </text> <text top="296" left="162" width="631" height="16" font="3">funds, income tax/capital gain tax derived from the sale of ownership of exploration, </text> <text top="315" left="162" width="258" height="16" font="3">development and production rights. </text> <text top="334" left="158" width="5" height="16" font="3"> </text> <text top="367" left="136" width="7" height="21" font="23">•</text> <text top="372" left="143" width="4" height="15" font="24"> </text> <text top="371" left="162" width="632" height="16" font="3">Reconciling all transfers made by the NOC and IOC’s into the Petroleum Holding Fund </text> <text top="391" left="162" width="337" height="16" font="3">with receipts acknowledged by Bank of Ghana. </text> <text top="410" left="158" width="5" height="16" font="3"> </text> <text top="443" left="136" width="7" height="21" font="23">•</text> <text top="448" left="143" width="4" height="15" font="24"> </text> <text top="447" left="162" width="632" height="16" font="3">Verifying the basis for the determination of the Petroleum Benchmark Revenue, Annual </text> <text top="466" left="162" width="631" height="16" font="3">Budget Funding Amount and confirm whether they are in accordance with the </text> <text top="486" left="162" width="458" height="16" font="3">provisions of the Petroleum Revenue Management Act, Act 815. </text> <text top="505" left="158" width="5" height="16" font="3"> </text> <text top="538" left="136" width="7" height="21" font="23">•</text> <text top="543" left="143" width="4" height="15" font="24"> </text> <text top="542" left="162" width="631" height="16" font="3">Checking and reporting on disbursements from the Petroleum Holding Fund to the </text> <text top="562" left="162" width="631" height="16" font="3">Annual Budget Funding Amount, the Heritage and Stabilization Funds, other exceptional </text> <text top="581" left="162" width="626" height="16" font="3">payments provided and confirm if they are in conformity with the provisions of Act 815. </text> <text top="600" left="105" width="5" height="16" font="3"> </text> <text top="636" left="105" width="254" height="15" font="27"> Data Aggregation/Reconciliation </text> <text top="657" left="105" width="688" height="16" font="3">The Reconciler completed templates for Government and Oil companies. The aggregation </text> <text top="680" left="105" width="69" height="16" font="3">involved: </text> <text top="717" left="105" width="688" height="16" font="3">Developing a composite template for Oil and Gas Companies, by adding similar benefits from </text> <text top="740" left="105" width="688" height="16" font="3">individual Oil companies and Government templates e.g. surface rentals. This was done on a </text> <text top="763" left="105" width="151" height="16" font="3">disaggregated basis. </text> <text top="786" left="162" width="5" height="16" font="3"> </text> <text top="812" left="109" width="16" height="14" font="3">iii)</text> <text top="810" left="125" width="4" height="15" font="24"> </text> <text top="810" left="162" width="631" height="16" font="3">Providing disaggregated formats of payments and revenues by company, government </text> <text top="833" left="162" width="207" height="16" font="3">agency and revenue stream. </text> <text top="856" left="109" width="5" height="16" font="3"> </text> <text top="896" left="109" width="16" height="14" font="3">iv)</text> <text top="895" left="125" width="4" height="15" font="24"> </text> <text top="894" left="162" width="596" height="16" font="3">Comparing consolidated Oil and Gas company template with Government template. </text> <text top="917" left="105" width="5" height="16" font="3"> </text> <text top="956" left="109" width="12" height="14" font="3">v)</text> <text top="955" left="122" width="4" height="15" font="24"> </text> <text top="954" left="162" width="631" height="16" font="3">Detailing all discrepancies including those that have been resolved and any unresolved </text> <text top="978" left="162" width="104" height="16" font="3">discrepancies. </text> <text top="1001" left="105" width="5" height="16" font="3"> </text> <text top="1041" left="109" width="16" height="14" font="3">vi)</text> <text top="1039" left="125" width="4" height="15" font="24"> </text> <text top="1039" left="162" width="588" height="16" font="3">Making adequate disclosures to enable users of the information undertake their </text> <text top="1062" left="109" width="322" height="16" font="3"> own investigation of any discrepancy. </text> </page> <page number="167" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">54 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="5" height="16" font="11"> </text> <text top="218" left="105" width="414" height="16" font="11">Validation/Framework for enhancing transparency </text> <text top="255" left="105" width="322" height="16" font="3">Some of the activities in this phase included: </text> <text top="293" left="144" width="4" height="15" font="24"> </text> <text top="292" left="158" width="634" height="16" font="3">Making recommendations in the final report that are aimed at enhancing transparency in </text> <text top="331" left="158" width="352" height="16" font="3">the payments and receipts of extractive benefits. </text> <text top="370" left="144" width="4" height="15" font="24"> </text> <text top="369" left="158" width="625" height="16" font="3">At the validation seminar the comments and questions will be fed back into the process </text> <text top="408" left="158" width="379" height="16" font="3">to improve reporting and by extension, the initiative. </text> <text top="448" left="144" width="4" height="15" font="24"> </text> <text top="447" left="158" width="410" height="16" font="3">Possible changes to the templates for effective reporting. </text> <text top="486" left="144" width="4" height="15" font="24"> </text> <text top="485" left="158" width="344" height="16" font="3">Dissemination of report to the general populace </text> <text top="524" left="158" width="5" height="16" font="3"> </text> <text top="563" left="158" width="5" height="16" font="3"> </text> <text top="602" left="105" width="5" height="16" font="3"> </text> <text top="641" left="105" width="5" height="16" font="3"> </text> <text top="680" left="105" width="5" height="16" font="3"> </text> <text top="718" left="105" width="5" height="16" font="3"> </text> <text top="757" left="105" width="5" height="16" font="3"> </text> <text top="796" left="105" width="5" height="16" font="3"> </text> <text top="835" left="105" width="5" height="16" font="3"> </text> <text top="873" left="105" width="5" height="16" font="3"> </text> <text top="912" left="105" width="5" height="16" font="3"> </text> <text top="951" left="105" width="5" height="16" font="3"> </text> <text top="990" left="105" width="5" height="16" font="3"> </text> <text top="1028" left="105" width="5" height="16" font="3"> </text> <text top="1067" left="105" width="5" height="16" font="3"> </text> </page> <page number="168" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">55 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="5" height="16" font="3"> </text> <text top="234" left="105" width="402" height="15" font="27">Appendix 5: Other companies in the oil and Gas sector </text> <text top="253" left="105" width="5" height="16" font="3"> </text> <text top="272" left="105" width="42" height="16" font="3">Block </text> <text top="253" left="238" width="68" height="16" font="3">Operator </text> <text top="253" left="335" width="71" height="16" font="3">Acreage –</text> <text top="272" left="335" width="35" height="16" font="3">km2 </text> <text top="253" left="431" width="81" height="16" font="3">Acquisition </text> <text top="272" left="431" width="37" height="16" font="3">Year </text> <text top="253" left="530" width="66" height="16" font="3">Phase of </text> <text top="272" left="530" width="84" height="16" font="3">Exploration </text> <text top="292" left="530" width="58" height="16" font="3">in 2011 </text> <text top="312" left="105" width="5" height="16" font="3"> </text> <text top="331" left="105" width="87" height="16" font="3">Deep water </text> <text top="350" left="105" width="41" height="16" font="3">Tano </text> <text top="312" left="238" width="75" height="16" font="3">Tullow Oil </text> <text top="312" left="335" width="31" height="16" font="3">768 </text> <text top="312" left="431" width="40" height="16" font="3">2006 </text> <text top="312" left="530" width="75" height="16" font="3">Producing </text> <text top="370" left="105" width="81" height="16" font="3">West Cape </text> <text top="390" left="105" width="87" height="16" font="3">Three Point </text> <text top="370" left="238" width="60" height="16" font="3">Kosmos </text> <text top="390" left="238" width="54" height="16" font="3">Energy </text> <text top="370" left="335" width="31" height="16" font="3">692 </text> <text top="370" left="431" width="40" height="16" font="3">2004 </text> <text top="370" left="530" width="34" height="16" font="3">Part </text> <text top="390" left="530" width="75" height="16" font="3">Producing </text> <text top="410" left="105" width="87" height="16" font="3">Deep water </text> <text top="430" left="105" width="82" height="16" font="3">Tano/Cape </text> <text top="449" left="105" width="87" height="16" font="3">Three Point </text> <text top="410" left="238" width="39" height="16" font="3">Hess </text> <text top="410" left="335" width="45" height="16" font="3">3,000 </text> <text top="410" left="431" width="40" height="16" font="3">2008 </text> <text top="410" left="530" width="45" height="16" font="3">Initial </text> <text top="430" left="530" width="49" height="16" font="3">Period </text> <text top="469" left="105" width="87" height="16" font="3">Cape Three </text> <text top="488" left="105" width="82" height="16" font="3">Point Deep </text> <text top="508" left="105" width="45" height="16" font="3">water </text> <text top="469" left="238" width="54" height="16" font="3">LukOil </text> <text top="469" left="335" width="45" height="16" font="3">5,146 </text> <text top="469" left="431" width="40" height="16" font="3">2002 </text> <text top="469" left="530" width="9" height="16" font="3">2</text> <text top="466" left="539" width="11" height="10" font="50">nd</text> <text top="469" left="550" width="5" height="16" font="3"> </text> <text top="488" left="530" width="73" height="16" font="3">Extension </text> <text top="528" left="105" width="106" height="16" font="3">Offshore Cape </text> <text top="547" left="105" width="87" height="16" font="3">Three Point </text> <text top="528" left="238" width="31" height="16" font="3">ENI </text> <text top="528" left="335" width="31" height="16" font="3">694 </text> <text top="528" left="431" width="40" height="16" font="3">2006 </text> <text top="528" left="530" width="9" height="16" font="3">1</text> <text top="525" left="539" width="8" height="10" font="50">st</text> <text top="528" left="547" width="10" height="16" font="3"> </text> <text top="547" left="530" width="73" height="16" font="3">Extension </text> <text top="567" left="105" width="66" height="16" font="3">Offshore </text> <text top="587" left="105" width="67" height="16" font="3">Saltpond </text> <text top="567" left="238" width="54" height="16" font="3">Oranto </text> <text top="567" left="335" width="45" height="16" font="3">1,500 </text> <text top="567" left="431" width="40" height="16" font="3">2008 </text> <text top="567" left="530" width="45" height="16" font="3">Initial </text> <text top="587" left="530" width="49" height="16" font="3">Period </text> <text top="607" left="105" width="105" height="16" font="3">Saltpond Field </text> <text top="607" left="238" width="67" height="16" font="3">Saltpond </text> <text top="626" left="238" width="66" height="16" font="3">Offshore </text> <text top="646" left="238" width="75" height="16" font="3">Producing </text> <text top="665" left="238" width="28" height="16" font="3">Co. </text> <text top="607" left="335" width="14" height="16" font="3">5 </text> <text top="607" left="431" width="40" height="16" font="3">2000 </text> <text top="607" left="530" width="75" height="16" font="3">Producing </text> <text top="685" left="105" width="109" height="16" font="3">Offshore Accra </text> <text top="685" left="238" width="55" height="16" font="3">Tap Oil </text> <text top="685" left="335" width="45" height="16" font="3">2,000 </text> <text top="685" left="431" width="40" height="16" font="3">2010 </text> <text top="685" left="530" width="45" height="16" font="3">Initial </text> <text top="704" left="530" width="49" height="16" font="3">Period </text> <text top="725" left="105" width="102" height="16" font="3">Offshore Keta </text> <text top="725" left="238" width="31" height="16" font="3">ENI </text> <text top="725" left="335" width="45" height="16" font="3">5,500 </text> <text top="725" left="431" width="40" height="16" font="3">2010 </text> <text top="725" left="530" width="45" height="16" font="3">Initial </text> <text top="744" left="530" width="49" height="16" font="3">Period </text> <text top="764" left="105" width="81" height="16" font="3">East Cape </text> <text top="783" left="105" width="87" height="16" font="3">Three Point </text> <text top="764" left="238" width="54" height="16" font="3">Sahara </text> <text top="783" left="238" width="54" height="16" font="3">Energy </text> <text top="764" left="335" width="45" height="16" font="3">8,500 </text> <text top="764" left="431" width="40" height="16" font="3">2008 </text> <text top="764" left="530" width="45" height="16" font="3">Initial </text> <text top="783" left="530" width="49" height="16" font="3">Period </text> <text top="804" left="105" width="5" height="16" font="3"> </text> <text top="823" left="105" width="5" height="16" font="3"> </text> <text top="842" left="105" width="5" height="16" font="3"> </text> <text top="862" left="105" width="5" height="16" font="3"> </text> <text top="881" left="105" width="5" height="16" font="3"> </text> <text top="900" left="105" width="5" height="16" font="3"> </text> <text top="920" left="105" width="5" height="16" font="3"> </text> <text top="939" left="105" width="5" height="16" font="3"> </text> <text top="959" left="105" width="5" height="16" font="3"> </text> <text top="978" left="105" width="5" height="16" font="3"> </text> <text top="997" left="105" width="5" height="16" font="3"> </text> <text top="1017" left="105" width="5" height="16" font="3"> </text> <text top="1036" left="105" width="5" height="16" font="3"> </text> <text top="1056" left="105" width="5" height="16" font="3"> </text> <text top="1075" left="105" width="5" height="16" font="3"> </text> </page> <page number="169" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="176" size="8" family="Symbol" color="#000000"/> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">56 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="5" height="16" font="3"> </text> <text top="201" left="105" width="5" height="16" font="3"> </text> <text top="220" left="105" width="5" height="16" font="3"> </text> <text top="239" left="105" width="5" height="16" font="3"> </text> <text top="259" left="105" width="5" height="16" font="3"> </text> <text top="278" left="105" width="256" height="16" font="10">Appendix 6: Acquisition of Oil Block </text> <text top="297" left="105" width="5" height="16" font="3"> </text> <text top="328" left="140" width="2" height="9" font="73"> </text> <text top="350" left="140" width="2" height="9" font="73"> </text> <text top="350" left="276" width="2" height="9" font="73"> </text> <text top="350" left="478" width="2" height="9" font="73"> </text> <text top="350" left="555" width="2" height="9" font="73"> </text> <text top="372" left="140" width="2" height="9" font="73"> </text> <text top="372" left="383" width="2" height="9" font="73"> </text> <text top="372" left="537" width="2" height="9" font="73"> </text> <text top="372" left="622" width="2" height="9" font="73"> </text> <text top="394" left="140" width="2" height="9" font="73"> </text> <text top="417" left="171" width="2" height="9" font="73"> </text> <text top="438" left="140" width="2" height="9" font="73"> </text> <text top="461" left="140" width="2" height="9" font="73"> </text> <text top="483" left="745" width="2" height="9" font="73"> </text> <text top="505" left="140" width="2" height="9" font="73"> </text> <text top="505" left="180" width="2" height="9" font="73"> </text> <text top="527" left="140" width="2" height="9" font="73"> </text> <text top="549" left="140" width="2" height="9" font="73"> </text> <text top="571" left="140" width="2" height="9" font="73"> </text> <text top="593" left ="140" width="2" height="9" font="73"> </text> <text top="593" left="698" width="2" height="9" font="73"> </text> <text top="615" left="171" width="2" height="9" font="73"> </text> <text top="637" left="140" width="2" height="9" font="73"> </text> <text top="659" left="140" width="2" height="9" font="73"> </text> <text top="320" left="112" width="71" height="11" font="59">APPLICATION </text> <text top="337" left="112" width="68" height="11" font="59">SUBMISSION </text> <text top="354" left="112" width="78" height="11" font="59">REQUIREMENT </text> <text top="371" left="112" width="82" height="9" font="50">4 hardcopies and a </text> <text top="385" left="112" width="106" height="9" font="50">softcopy (in PDF format) </text> <text top="400" left="112" width="69" height="9" font="50">including maps, </text> <text top="414" left="112" width="109" height="9" font="50">spreadsheet or any other </text> <text top="320" left="259" width="69" height="11" font="59">MINISTRY OF </text> <text top="337" left="259" width="43" height="11" font="59">ENERGY </text> <text top="354" left="259" width="39" height="9" font="50">Receives </text> <text top="368" left="259" width="70" height="9" font="50">application with </text> <text top="383" left="259" width="62" height="9" font="50">an application </text> <text top="398" left="259" width="27" height="9" font="50">fee of </text> <text top="412" left="259" width="61" height="9" font="50">US$10,000 by </text> <text top="427" left="259" width="60" height="9" font="50">Bankers Draft </text> <text top="320" left="358" width="69" height="11" font="59">MINISTRY OF </text> <text top="337" left="358" width="43" height="11" font="59">ENERGY </text> <text top="362" left="358" width="73" height="9" font="50">1. Acknowledges </text> <text top="377" left="358" width="47" height="9" font="50">receipts of </text> <text top="392" left="358" width="49" height="9" font="50">application </text> <text top="415" left="358" width="71" height="9" font="50">2. Two copies of </text> <text top="429" left="358" width="58" height="9" font="50">application is </text> <text top="444" left="358" width="73" height="9" font="50">sent to GNPC for </text> <text top="459" left="358" width="49" height="9" font="50">review and </text> <text top="473" left="358" width="47" height="9" font="50">evaluation </text> <text top="319" left="461" width="31" height="11" font="59">GNPC </text> <text top="345" left="461" width="47" height="9" font="50">1. Reviews </text> <text top="359" left="461" width="61" height="9" font="50">and evaluates </text> <text top="374" left="461" width="52" height="9" font="50">application. </text> <text top="397" left="461" width="33" height="9" font="50">2. Send </text> <text top="412" left="461" width="47" height="9" font="50">evaluation </text> <text top="426" left="461" width="50" height="9" font="50">report with </text> <text top="441" left="461" width="51" height="9" font="50">outcome of </text> <text top="456" left="461" width="58" height="9" font="50">evaluation to </text> <text top="470" left="461" width="39" height="9" font="50">the Hon. </text> <text top="484" left="461" width="44" height="9" font="50">Minister’s </text> <text top="499" left="461" width="60" height="9" font="50">consideration </text> <text top="319" left="552" width="27" height="11" font="59">Hon. </text> <text top="336" left="552" width="45" height="11" font="59">Minister </text> <text top="353" left="552" width="2" height="9" font="50"> </text> <text top="366" left="552" width="47" height="9" font="50">Decision is </text> <text top="378" left="552" width="56" height="9" font="50">taken on the </text> <text top="391" left="552" width="49" height="9" font="50">application </text> <text top="404" left="552" width="52" height="9" font="50">and advises </text> <text top="416" left="552" width="59" height="9" font="50">the Applicant </text> <text top="429" left="552" width="51" height="9" font="50">accordingly </text> <text top="320" left="640" width="117" height="11" font="59">Minister sets up Govt. </text> <text top="337" left="640" width="106" height="11" font="59">Negotiation (MoEN, </text> <text top="354" left="640" width="91" height="11" font="59">GNPC, AG’s Dept, </text> <text top="371" left="640" width="92" height="11" font="59"> MoFEP, EPA, IRS) </text> <text top="388" left="640" width="98" height="9" font="50">Negotiate a Petroleum </text> <text top="402" left="640" width="129" height="9" font="50">Agreement with the applicant </text> <text top="417" left="640" width="115" height="9" font="50">if application is considered </text> <text top="432" left="640" width="121" height="9" font="50">successful and sign MOU on </text> <text top="446" left="640" width="85" height="9" font="50">terms agreed upon </text> <text top="447" left="112" width="54" height="11" font="59">Applicant </text> <text top="464" left="112" width="118" height="9" font="50">Identifies available block of </text> <text top="478" left="112" width="90" height="9" font="50">interest and picks up </text> <text top="493" left="112" width="104" height="9" font="50">application forms at the </text> <text top="507" left="112" width="59" height="9" font="50">(MoEn/GNPC </text> <text top="538" left="112" width="31" height="11" font="59">GNPC </text> <text top="555" left="112" width="176" height="9" font="50">Applicant schedules and inspects data on </text> <text top="569" left="112" width="173" height="9" font="50">available blocks/contract area at GNPC’s </text> <text top="584" left="112" width="180" height="9" font="50">data room (minimum of 2 weeks’ notice). </text> <text top="598" left="112" width="161" height="9" font="50">Applicant licenses data for evaluation </text> <text top="636" left="112" width="137" height="11" font="59">Ministry of Energy (MoEN) </text> <text top="659" left="127" width="5" height="14" font="176">•</text> <text top="662" left="143" width="132" height="9" font="50">(Receipt of letter of interest to </text> <text top="677" left="143" width="113" height="9" font="50">acquire exploration block) </text> <text top="689" left="127" width="5" height="14" font="176">•</text> <text top="692" left="143" width="143" height="9" font="65">Applicant is then invited to make </text> <text top="706" left="143" width="125" height="9" font="50">presentation of the company </text> <text top="718" left="127" width="5" height="14" font="176">•</text> <text top="721" left="143" width="137" height="9" font="65">Applicant is advised to formerly </text> <text top="736" left="143" width="131" height="9" font="50">request for an appointment to </text> <text top="751" left="143" width="48" height="9" font="50">visit GNPC </text> <text top="636" left="358" width="74" height="11" font="59">RATIFICATION </text> <text top="661" left="358" width="65" height="9" font="50">The Petroleum </text> <text top="676" left="358" width="90" height="9" font="50">Agreement becomes </text> <text top="691" left="358" width="85" height="9" font="50">Effective on date of </text> <text top="705" left="358" width="51" height="9" font="50">Ratification </text> <text top="636" left="538" width="58" height="11" font="59">Parliament </text> <text top="661" left="513" width="101" height="9" font="50">Cabinet approved draft </text> <text top="676" left="513" width="97" height="9" font="50">Petroleum Agreement </text> <text top="691" left="513" width="35" height="9" font="50">sent for </text> <text top="705" left="513" width="75" height="9" font="50">PARLIAMENTARY </text> <text top="720" left="513" width="51" height="9" font="50">Ratification </text> <text top="636" left="698" width="41" height="11" font="59">Cabinet </text> <text top="661" left="683" width="71" height="9" font="50">Draft Petroleum </text> <text top="676" left="676" width="85" height="9" font="50">Agreement sent for </text> <text top="691" left="672" width="92" height="9" font="50">CABINET Approval by </text> <text top="705" left="699" width="38" height="9" font="50">Minister </text> <text top="514" left="623" width="129" height="11" font="59">MoEn, GNPC & Applicant </text> <text top="531" left="638" width="97" height="11" font="61">SIGNING OF DRAFT </text> <text top="548" left="622" width="131" height="11" font="61">PETROLEUM AGREEMENT </text> <text top="565" left="631" width="111" height="11" font="61">Following a successful </text> <text top="582" left="657" width="59" height="11" font="61">negotiation </text> <text top="757" left="782" width="5" height="16" font="3"> </text> <text top="772" left="105" width="4" height="11" font="42"> </text> <text top="786" left="105" width="4" height="11" font="42"> </text> <text top="801" left="105" width="4" height="11" font="42"> </text> <text top="815" left="105" width="5" height="16" font="3"> </text> <text top="835" left="105" width="5" height="16" font="3"> </text> <text top="854" left="105" width="5" height="16" font="3"> </text> <text top="874" left="105" width="5" height="16" font="3"> </text> <text top="893" left="105" width="5" height="16" font="3"> </text> <text top="912" left="105" width="5" height="16" font="3"> </text> <text top="932" left="105" width="5" height="16" font="3"> </text> <text top="951" left="105" width="5" height="16" font="3"> </text> <text top="971" left="105" width="5" height="16" font="3"> </text> <text top="990" left="105" width="5" height="16" font="3"> </text> <text top="1009" left="105" width="5" height="16" font="3"> </text> <text top="1029" left="105" width="5" height="16" font="3"> </text> <text top="1048" left="105" width="5" height="16" font="3"> </text> <text top="1067" left="105" width="5" height="16" font="3"> </text> <text top="1087" left="105" width="5" height="16" font="3"> </text> </page> <page number="170" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="177" size="24" family="Times" color="#3232ff"/> <fontspec id="178" size="18" family="Times" color="#ffffff"/> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">57 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="5" height="16" font="3"> </text> <text top="201" left="105" width="5" height="16" font="3"> </text> <text top="220" left="105" width="5" height="16" font="3"> </text> <text top="242" left="105" width="552" height="24" font="177">APPENDIX 7: PETROLEUM SECTOR REVENUE FLOW </text> <text top="291" left="105" width="4" height="14" font="3"> </text> <text top="291" left="665" width="4" height="14" font="3"> </text> <text top="329" left="105" width="94" height="16" font="2">Surface Rent </text> <text top="329" left="665" width="80" height="16" font="2">Corporate </text> <text top="353" left="105" width="4" height="16" font="2"> </text> <text top="353" left="665" width="44" height="16" font="2"> Tax </text> <text top="392" left="105" width="32" height="16" font="2"> </text> <text top="415" left="105" width="27" height="18" font="4"> </text> <text top="417" left="133" width="195" height="16" font="2">Royalties </text> <text top="456" left="105" width="455" height="16" font="2"> Carried Interest Paid Interest </text> <text top="495" left="105" width="24" height="16" font="2"> </text> <text top="534" left="105" width="4" height="16" font="2"> </text> <text top="574" left="105" width="4" height="16" font="2"> </text> <text top="613" left="434" width="4" height="16" font="2"> </text> <text top="652" left="105" width="4" height="16" font="2"> </text> <text top="691" left="105" width="4" height="16" font="2"> </text> <text top="730" left="105" width="4" height="16" font="2"> </text> <text top="770" left="105" width="4" height="16" font="2"> </text> <text top="809" left="105" width="4" height="16" font="2"> </text> <text top="809" left="397" width="4" height="16" font="2"> </text> <text top="848" left="105" width="4" height="16" font="2"> </text> <text top="848" left="481" width="4" height="16" font="2"> </text> <text top="319" left="333" width="207" height="18" font="178">Petroleum Holding Fund </text> <text top="889" left="240" width="115" height="16" font="79">Ghana Heritage </text> <text top="913" left="278" width="40" height="16" font="79">Fund </text> <text top="545" left="663" width="52" height="18" font="178">GNPC </text> <text top="889" left="520" width="149" height="16" font="79">Ghana Stabilization </text> <text top="914" left="570" width="40" height="16" font="79">Fund </text> <text top="554" left="151" width="109" height="16" font="79">Annual Budget </text> <text top="578" left="155" width="101" height="16" font="79">Fund Amount </text> <text top="661" left="353" width="164" height="14" font="26">Remaining Amount after </text> <text top="684" left="353" width="163" height="14" font="26">GNPC Funding and ABFA </text> <text top="946" left="764" width="5" height="16" font="3"> </text> <text top="962" left="105" width="5" height="16" font="3"> </text> <text top="982" left="105" width="5" height="16" font="3"> </text> <text top="1001" left="105" width="5" height="16" font="3"> </text> <text top="1020" left="105" width="5" height="16" font="3"> </text> <text top="1040" left="105" width="5" height="16" font="3"> </text> <text top="1059" left="105" width="5" height="16" font="3"> </text> <text top="1078" left="105" width="5" height="16" font="3"> </text> </page> <page number="171" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">58 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="5" height="16" font="3"> </text> <text top="201" left="105" width="5" height="16" font="3"> </text> <text top="220" left="105" width="5" height="16" font="3"> </text> <text top="239" left="105" width="5" height="16" font="10"> </text> <text top="259" left="105" width="514" height="16" font="10">Appendix 8: GRA (Customs Division); Liftings/Exports by Oil companies. </text> <text top="278" left="105" width="5" height="16" font="3"> </text> <text top="1033" left="703" width="5" height="16" font="3"> </text> <text top="1049" left="105" width="5" height="16" font="3"> </text> <text top="1068" left="105" width="5" height="16" font="3"> </text> <text top="1087" left="105" width="5" height="16" font="3"> </text> </page> <page number="172" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">59 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="5" height="16" font="3"> </text> <text top="201" left="105" width="5" height="16" font="3"> </text> <text top="1047" left="718" width="5" height="16" font="3"> </text> <text top="1063" left="105" width="5" height="16" font="3"> </text> <text top="1082" left="105" width="5" height="16" font="3"> </text> </page> <page number="173" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">60 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> </page> <page number="174" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">61 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="5" height="16" font="3"> </text> <text top="201" left="105" width="419" height="16" font="10">APPENDIX 9B: COMPANIES TEMPLATE –KOSMOS ENERGY </text> <text top="220" left="105" width="5" height="16" font="3"> </text> <text top="1031" left="692" width="5" height="16" font="3"> </text> <text top="1047" left="105" width="5" height="16" font="10"> </text> <text top="1066" left="105" width="5" height="16" font="10"> </text> <text top="1085" left="105" width="5" height="16" font="10"> </text> </page> <page number="175" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">62 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="233" height="16" font="10">APPENDIX 9C: GNPC TEMPLATE </text> <text top="201" left="105" width="5" height="16" font="3"> </text> <text top="1064" left="105" width="5" height="16" font="3"> </text> <text top="1083" left="105" width="5" height="16" font="3"> </text> </page> <page number="176" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">63 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="5" height="16" font="3"> </text> <text top="201" left="105" width="5" height="16" font="3"> </text> <text top="220" left="105" width="5" height="16" font="3"> </text> <text top="239" left="105" width="292" height="16" font="10">APPENDIX 9D: SOPCL TEMPLATE - 2010 </text> <text top="1079" left="713" width="5" height="16" font="3"> </text> </page> <page number="177" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">64 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="295" height="16" font="10">APPENDIX 9E: SOPCL TEMPLATE - 2011 </text> <text top="201" left="105" width="5" height="16" font="3"> </text> <text top="1049" left="721" width="5" height="16" font="3"> </text> <text top="1065" left="105" width="5" height="16" font="3"> </text> <text top="1085" left="105" width="5" height="16" font="3"> </text> </page> <page number="178" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">65 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="361" height="16" font="10">APPENDIX 10: GNPC CRUDE OIL LIFTINGS - 2011 </text> <text top="201" left="105" width="5" height="16" font="3"> </text> <text top="1054" left="727" width="5" height="16" font="3"> </text> <text top="1070" left="105" width="5" height="16" font="3"> </text> </page> <page number="179" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">66 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="425" height="16" font="10">APPENDIX 11: NON TAX REVENUE RECEIPTS FROM SOPCL </text> <text top="181" left="530" width="5" height="16" font="3"> </text> <text top="201" left="105" width="5" height="16" font="3"> </text> <text top="1075" left="759" width="5" height="16" font="3"> </text> </page> <page number="180" position="absolute" top="0" left="0" height="1263" width="892"> <fontspec id="179" size="14" family="Times" color="#3749f0"/> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">67 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="584" height="16" font="179">APPENDIX 12: GOVERNMENT RECEIPTS PROCEEDS OF OIL SALE MADE BY GNPC </text> <text top="201" left="105" width="5" height="16" font="3"> </text> <text top="220" left="105" width="5" height="16" font="3"> </text> <text top="938" left="745" width="5" height="16" font="3"> </text> <text top="954" left="105" width="5" height="16" font="3"> </text> <text top="974" left="105" width="5" height="16" font="3"> </text> <text top="993" left="105" width="5" height="16" font="3"> </text> <text top="1013" left="105" width="5" height="16" font="3"> </text> <text top="1032" left="105" width="5" height="16" font="3"> </text> <text top="1051" left="105" width="5" height="16" font="3"> </text> <text top="1071" left="105" width="4" height="14" font="3"> </text> </page> <page number="181" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">68 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="214" height="14" font="3"> </text> <text top="197" left="105" width="2" height="8" font="73">i</text> <text top="201" left="107" width="648" height="13" font="37"> The Petroleum Commission is now responsible for the regulation and management of petroleum resources. </text> <text top="232" left="105" width="4" height="8" font="73">ii</text> <text top="236" left="109" width="556" height="13" font="37"> Tullow Oil Plc. : Trading Statement and operational update sourced from www.tullowoil.com </text> <text top="267" left="105" width="6" height="8" font="73">iii</text> <text top="271" left="111" width="657" height="13" font="37"> Information provided by the Ministry of Finance and Economic Planning. Bank of Ghana, the operator of the </text> <text top="291" left="105" width="435" height="13" font="37">Petroleum Holding Fund did not participate in the reconciliation process. </text> <text top="327" left="105" width="3" height="13" font="37"> </text> <text top="362" left="105" width="3" height="13" font="37"> </text> <text top="397" left="105" width="3" height="13" font="37"> </text> <text top="432" left="105" width="3" height="13" font="37"> </text> <text top="467" left="105" width="3" height="13" font="37"> </text> <text top="502" left="105" width="3" height="13" font="37"> </text> <text top="537" left="105" width="3" height="13" font="37"> </text> <text top="572" left="105" width="3" height="13" font="37"> </text> <text top="607" left="105" width="3" height="13" font="37"> </text> <text top="642" left="105" width="3" height="13" font="37"> </text> <text top="677" left="105" width="3" height="13" font="37"> </text> <text top="712" left="105" width="3" height="13" font="37"> </text> <text top="748" left="105" width="3" height="13" font="37"> </text> <text top="783" left="105" width="3" height="13" font="37"> </text> <text top="818" left="105" width="3" height="13" font="37"> </text> <text top="853" left="105" width="3" height="13" font="37"> </text> <text top="888" left="105" width="3" height="13" font="37"> </text> <text top="923" left="105" width="3" height="13" font="37"> </text> <text top="958" left="105" width="3" height="13" font="37"> </text> <text top="993" left="105" width="3" height="13" font="37"> </text> <text top="1028" left="105" width="3" height="13" font="37"> </text> <text top="1063" left="105" width="3" height="13" font="37"> </text> </page> <page number="182" position="absolute" top="0" left="0" height="1263" width="892"> <text top="110" left="105" width="628" height="13" font="117">Final Report-Aggregation and Reconciliation of Oil and Gas Sector payments and receipts for 2010 & 2011 </text> <text top="127" left="105" width="3" height="13" font="117"> </text> <text top="145" left="105" width="3" height="13" font="117"> </text> <text top="163" left="105" width="3" height="13" font="117"> </text> <text top="1125" left="774" width="18" height="13" font="37">69 </text> <text top="1143" left="105" width="3" height="13" font="37"> </text> <text top="181" left="105" width="687" height="14" font="3"> </text> <text top="201" left="105" width="3" height="13" font="37"> </text> <text top="236" left="105" width="3" height="13" font="37"> </text> </page> </pdf2xml> There are 182 pages

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City	Region	Factory name	Country	Address
City Chittagong	Region Chittagong Division	Factory name 4 H Fashion	Country Bangladesh	Address Ashkarabad, Doublemooring
City Savar	Region Dhaka Division	Factory name Aboni Knitwear	Country Bangladesh	Address 169-171, Tatulzhora Hemayetpur
City Narayanganj	Region Dhaka Division	Factory name Antim Knit	Country Bangladesh	Address Barpa, Rupshi, Rupgonj
City Dhaka	Region Dhaka Division	Factory name Armana Fashions	Country Bangladesh	Address 232-234, Tejgaon Industrial Area
City CEPZ	Region Chittagong Division	Factory name Bangladesh Spinners & Knitters	Country Bangladesh	Address Plot 6-11, Sector 4/A
City Gazipur	Region Dhaka Division	Factory name Base Fashions	Country Bangladesh	Address 62, Sataish Road, Gazipura, Tongi
City Chittagong	Region Chittagong Division	Factory name Base Textiles	Country Bangladesh	Address Plot No. 9 CDA I/A, Mohara
City Gazipur	Region Dhaka Division	Factory name Body Fashion	Country Bangladesh	Address Naojur, Kodda, Joydebpur
City Gazipur	Region Dhaka Division	Factory name Concept Knitting	Country Bangladesh	Address Tilargati, Sataish Bazar, Tongi
City Mirpur	Region Dhaka Division	Factory name Creative Woolwear	Country Bangladesh	Address 3/B Darus Salam Road

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