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    • Gold Fields and AngloGold joint venture in Ghana faces delays
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    Gold Fields and AngloGold joint venture in Ghana faces delays

    Pabio Posted on

    This combination is considered compelling as it is expected to extend the life of the mine. Credit: Maksim Safaniuk/Shutterstock.

    Golden fields And AngloGold Ashanti have announced that their joint venture (JV) project in Ghana has yet to progress.

    The decision to create a JV was first announced in March last year.

    At that time, Gold Fields and AngloGold agreed on the main terms of the proposed joint venture and began constructive discussions.

    The joint venture aimed to merge Gold Fields’ Tarkwa gold mine with AngloGold Ashanti’s neighboring Iduapriem gold mine. Both mines are located near the town of Tarkwa in the Western Region of Ghana.

    Gold Fields holds a 90% stake in Gold Fields Ghana, owner of the Tarkwa mine. The remaining 10% belongs to the Government of Ghana.

    The companies are currently seeking necessary approvals from the Government of Ghana ahead of the October 2024 parliamentary recess, which precedes national elections scheduled for December 2024.

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    Both companies are working to obtain the required permits before the elections, with the aim of consolidating their neighboring mines into a single managed entity.

    This combination is considered compelling as it is expected to extend mine life, increase production and reduce costs, thereby creating value for all stakeholders.

    However, without the required approvals and clear timelines for signing an agreement, Gold Fields and AngloGold Ashanti will continue to discuss a possible asset consolidation.

    Simultaneously, they will continue to improve their respective assets to increase operational efficiency.


    Pabio
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