Ghana in Talks with Gold Miners over More Taxes

Ghana is in talks with gold miners in the country, Africa's second-biggest producer, over additional taxes so as to benefit from the soaring price of the precious metal, the government said on Tuesday.

Finance Minister Kwabena Duffuor told Reuters that the ministry was in talks with the miners with options that included the introduction of a windfall tax.

We are looking at the entire stability agreement, which is basically about the tax regime covering the mines with various options and we hope we would be able to reach some agreement soon, Duffuor said, adding no clear position had emerged yet.

He said the options, which also included the restoration of some waivers, would be applied on a case by case basis.

We want to carry along the mines with us throughout the negotiation because we see them as partners - at the end of the day it should be a win-win situation for us all, Duffuor added.

Any new taxes agreed will form part of the 2012 budget to be presented to parliament next month, Duffuor said. President John Atta Mills is expected to seek re-election in late-2012.

The Ghana Mine Workers Union have been calling for the imposition of a windfall tax in addition to raising the country's stake in the mines to enable the economy to benefit from the attractive gold prices.

Spot gold prices have more than quintupled in the last decade and are up around 17 percent this calendar year, having briefly hit a record high of $1,920.30 an ounce last month. At 0928 GMT, it traded down 1 percent at $1,659.09 an ounce.

Firms operating in Ghana include subsidiaries of Newmont Gold , the world's second-largest miner; Africa's largest gold mine, AngloGold Ashanti and South Africa-based Goldfields .