Gold Fields and AngloGold Ashanti have announced that their proposed joint venture (JV) in Ghana is yet to make any progress.
The decision to form the JV was first announced in March last year.
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At that time, Gold Fields and AngloGold agreed on the main terms of the proposed JV and began constructive discussions.
The JV aimed to merge Gold Fields’ Tarkwa gold mine with AngloGold Ashanti’s neighbouring Iduapriem gold mine. Both mines are situated near the town of Tarkwa in Ghana’s western region.
Gold Fields holds a 90% stake in Gold Fields Ghana, which owns the Tarkwa Mine. The remaining 10% is owned by the Government of Ghana.
The companies are currently seeking the necessary approvals from the Government of Ghana ahead of the October 2024 Parliamentary recess, which precedes the national elections scheduled for December 2024.
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By GlobalDataThe two companies are focused on securing the required permits before the elections, aiming to combine their neighbouring mines into a single managed entity.
This combination is believed to be compelling as it is expected to extend the life of the mine, increase production and lower costs, thereby creating value for all stakeholders.
However, without the requisite approvals and clear timelines for the execution of an agreement, Gold Fields and AngloGold Ashanti will continue to engage in discussions regarding a potential asset combination.
Simultaneously, they will pursue improvements to their respective assets to enhance operational efficiency.
