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

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