Ghana: Gold Fields, AngloGold Ashanti propose to establish largest gold mine in Africa

Gold Fields, a globally diversified gold producer, has reached significant agreement terms for a proposed joint venture with AngloGold Ashanti, an independent global gold mining company.

As of now, Gold Fields holds a 90% stake in the Tarkwa Mines, while the Government of Ghana (GoG) possesses the remaining 10%. AngloGold Ashanti exclusively owns the Iduapriem Mine, which is situated near the town of Tarkwa in the Western Region of the country.

In an official statement, the proposed joint venture will take the form of an incorporated joint venture, to be established within Gold Fields Ghana and managed by Gold Fields. In exchange, AngloGold Ashanti will contribute its entire 100% interest to Gold Fields Ghana and, in turn, receive a shareholding in that company.

The Interim Chief Executive Officer of Gold Fields, Martin Preece, emphasized that the proposed joint venture plays a vital role in the mineral deposit strategy for both companies.”The Proposed Joint Venture is an exciting opportunity to combine mining operations that are essentially part of the same mineral deposit and it is something that Gold  Fields and AngloGold Ashanti have discussed many times before over the years. The ability to optimize mining and the use of shared infrastructure across the combined operation will result in significant flexibility in mine planning, materially enhancing the economics of the mine and ensuring quality and scale of operation that will be world class. That unlocked value will underpin the Proposed Joint Venture’s continued contribution to our host communities and Ghana for decades to come. For Gold Fields, it will also significantly enhance the overall quality of our portfolio” he said.

The envisioned joint venture is set to establish Africa’s largest gold mine, ranking among the world’s largest. This operation will maintain high-quality standards, benefiting from significant mineral resources, and is expected to have an initial lifespan covering nearly two decades.

The Chief Executive Officer of AngloGold Ashanti, Alberto Calderon, expressed with enthusiasm and fulfillment that the collaboration between the two entities will greatly strengthen mining operations in the country.

“This combination puts together two parts of the same world-class ore body allowing us to share skills and infrastructure to significantly enhance every aspect of this mining operation, from exploration and planning to mining and processing. By creating one of the largest open-pit fold operations, in a pre-eminent mining jurisdiction, we will create longer-term value not only to AngloGold Ashanti and Gold Fields, but for the combined stakeholders in our local host communities and for all of Ghana” he pointed out.