Investing in our Community
Newmont Waihi Gold's community investment principles are designed to provide local
solutions to local issues and opportunities.
There are three types of investment:
- Regulatory requirements
- Legacy project investments
- Donations and sponsorships
Regulatory Requirement
Newmont Waihi Gold is obligated, through its mining licence and resource consents, to rehabilitate and decommission the mine site when mining ends. While activities that fall into this category are regulatory requirements, it is logical that these should also address practical community aspirations. Examples include:
- pit lake
- pit surrounds and conveyor route
- tailings storage ponds and waste rock embankments
- bunds
Donations and Sponsorships
Newmont Waihi Gold will continue to provide support for a range of community groups and projects in the Waihi region through donations and sponsorships.
The community investment policy aims to assist as wide a range of groups as possible so that maximum benefit can be gained for the greatest number of people.
In order to best respond to community needs and aspirations and to fairly allocate budgeted resources there are set procedures and guidelines to follow, while we also aim to be flexible and adaptable.
Changes to the New Zealand tax laws that take effect from today (July 1) will not lessen the amount that is spent overall. However, these changes do mean that the company must tighten up procedures and more strictly apply the criteria when assessing recipients of financial and in-kind assistance.
Donations
After 1 July 2008, NWG may incur gift duty liability through the provision of donations to non-charitable community groups.
A charitable community group can increase its eligibility for financial assistance by registering with the Charities Commission as a charitable organisation. This will allow it to maintain its tax-exempt status and will also prevent its benefactors (NWG in this case) from becoming subject to gift duty on donations they provide.
Not all non-profit organisations are considered by the Charities Commission to have charitable status. Sport and recreational clubs, for instance, are unlikely to be able to register with the Charities Commission, as well as various other recipients of financial assistance from NWG. The Charities Commission can confirm the status of your organisation or club.
Schools are treated in a similar manner as charitable organisations and maintain tax-exempt status.
Sponsorships
Organisations that do not qualify for donations can still apply to NWG for assistance in the form of sponsorships. A sponsorship agreement requires the recipient to provide something to the sponsor in return for the assistance provided. For example, a recipient might display NWG signage at an event or give the company the naming rights for a tournament. Under the new laws these agreements are required to be tightened up and need to be documented internally and externally.
Examples of community investment through donations and sponsorships include:
- Waihi Gold Mining Education Trust for Waihi College
- Donations to primary schools and pre-schools
- Sponsorships for sports fixtures or tournaments
- Financial support for service organisations such as St John Ambulance, Waihi Fire Brigade
Hauraki basketball success.
Waihi A & P Show Miner's Cup
Funding Criteria
- It is our policy to support community activities that take place within this region
- Projects should demonstrate sustainable benefit in the longer term
- Enhancement of extended educational opportunities is considered
- Recipients should have demonstrated an ability to help themselves
- Provision is made to assist individuals or groups who represent, in their chosen field or endeavour, their school, community or region at recognised national or international events or competitions
- Other requests are to be considered on a case by case basis if exceptional circumstances exist
- Other requests are to be considered on a case by case basis if exceptional circumstances exist
- Appropriate public acknowledgment is required
- Project principles should be consistent with Newmont values
