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Tax and Economic Growth

Mining: A Catalyst for Global Growth and Transformation

Mining is more than just resource extraction; it is a cornerstone of global economic development and the flywheel for development. From delivering the materials that power modern industries to the jobs, businesses and infrastructure it creates and supports, mining plays a critical role in the global economy and particularly the economies of the developing world.

In 2023, World Gold Council members contributed $60.4 billion to host economies, with $41.1 billion spent on local suppliers and $8.3 billion paid in taxes and royalties. In some countries, gold mining’s contribution to GDP compares to Overseas Development Assistance, reinforcing its role as a pillar of economic stability and growth. Beyond direct investment, mining helps fund healthcare, education and essential infrastructure, while also stimulating local business ecosystems and supporting community development.
 

A Responsible Approach to Tax and Economic Growth

Our publicly available Tax Policy ensures compliance with all jurisdictions and our Tax Contribution Report provides a clear breakdown of our contributions to our host countries. Our tax philosophy is simple: pay the right amount, in the right place, at the right time, with full transparency.

  • $2.5 billion in taxes and royalties paid in 2024, including $161 million in dividends to states.
  • Over 26,800 direct employees. Studies show that each mining job supports approximately 1.2 to 2.5 additional jobs in the broader economy, creating a significant contribution to host country payroll, taxes and social security.
  • We are one of the largest taxpayers in countries like the Dominican Republic, Tanzania and Mali where our fiscal contributions form a key part of national budgets.

By adhering to responsible tax practices and understanding our extensive economic ripple, we aim to foster sustainable development and prosperity in the regions where we operate. In Tanzania, this commitment has been formally recognized through multiple taxpayer awards, highlighting our role not just as a mining company, but as a trusted contributor to national progress.

Management approach: Payments to government

Governance and accountability

Our President and CEO, along with over 30 senior executives from all operations discuss the Group’s tax matters in each country of operation on a weekly basis to ensure we can respond quickly to any situation in real time.

The daily management of the Group’s tax matters rests with local tax directors and in-country tax teams and are supervised by the Senior Vice President, Tax and Treasury and the Senior Executive Vice-President, Chief Financial Officer who then communicate with the President and Chief Executive Officer. Furthermore, our President and CEO has overall responsibility for the relationships with our host governments. Our executive team reports all significant tax matters to the Audit & Risk Committee and to the Board. Our Board members have vast experience in finance, investment and law, and they provide oversight of all tax affairs and tax policy for the Group. As one of the largest gold and copper mining companies in the world, careful tax and fiscal management is critical to our business.

Policies and procedures

The financial contributions we make to our host governments are important building blocks for national  prosperity.  

We have a clear and detailed Tax Policy and our strategy is simple: we aim to pay the right amount of tax at the right time in the right place, and to transparently disclose the payments we make.

The Policy sets out our commitment to comply with the laws and practices of all the countries in which we operate, engage with the authorities openly and with integrity, and ensure our tax positions are based on reasonable interpretations of the law and aligned with the intentions of the legislators.   Where a matter is not clear, we seek the advice of qualified tax professionals and, where appropriate, seek guidance from the tax authorities. We seek open and transparent relationships with the tax authorities in our host countries. Where disputes arise in interpretation of tax law, we approach the matter in a professional and transparent manner.

Other elements of our tax policy include:

  • Tax planning - Our tax planning is based on reasonable interpretations of the law. We interpret the law, giving effect to the spirit and intention of the legislators. This means we consider social and moral obligations that the legislators intend to apply. Accordingly, our tax planning is based on reasonable interpretations of the law and is aligned with the substance of our economic and business activity.
  • Managing tax risks - Tax rules change regularly and disputes can arise from their interpretation. We monitor and manage tax risks by employing appropriately qualified professionals in all our key jurisdictions who report to local financial leaders in the operations as well as to the corporate tax group. Through this mechanism, we ensure risks are understood and managed locally and are also monitored and reported to the executive team.
  • Tax transparency and disclosure - In addition to complying with mandatory disclosure regimes such as the Canadian Extractive Sector Transparency Measures Act (ESTMA) and the OECD BEPS Action 13 Country-by-Country Reporting, we also seek to comply with voluntary transparency regimes where appropriate. We were the first Canadian mining company to be a signatory to the Extractive Industries Transparency Initiative (EITI) and we annually publish our payments to our host governments as required by ESTMA. Starting with our 2021 financial year, we also publish an annual tax transparency report
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