Gold Fields and AngloGold Ashanti joint venture to create Africa’s largest gold mine in Ghana hits snag
The proposed joint venture between mining giants Gold Fields and AngloGold Ashanti to combine their Tarkwa and Iduapriem gold mines in Ghana has hit a roadblock, with both companies confirming that necessary permits remain outstanding.
The collaboration, first announced in March 2023, aimed to create Africa’s largest gold mine, with Gold Fields holding a 60 percent stake, AngloGold Ashanti 30 percent, and the Ghanaian government 10 percent.
However, without a clear timeline from Ghanaian authorities, both companies will now pursue individual improvements to their respective assets while continuing discussions on a potential merger.
“Notwithstanding constructive engagement with the Government of Ghana since the announcement of the Proposed Joint Venture on 16 March 2023, the requisite approvals by the Government of Ghana for the Proposed Joint Venture have not yet been obtained,” the statement said.
“Gold Fields and AngloGold Ashanti have sought to secure the requisite approvals, which include approval of the Proposed Joint Venture by the Parliament of Ghana, ahead of the October 2024 Parliamentary recess before the Ghana national elections to be held in December 2024.
“The Parties continue to believe that a combination of the two neighbouring mines into a single managed entity is compelling, given that it is anticipated to extend life of mine, increase production and lower costs, creating value for all stakeholders.
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