AngloGold Ashanti, Gold Fields Halted Plans to Merge Ghana Gold Mines

SEATTLE (Scrap Monster): Gold Fields and AngloGold Ashanti declared that they had canceled their intentions to combine their nearby Tarkwa and Iduapriem mines in Ghana to form Africa's largest gold mine. The first announcement of a joint venture to combine these mines was made in March 2023.

The businesses have decided to put the proposed joint venture on hold, according to a statement issued by AngloGold Ashanti. In order to get the required approvals, the corporations had largely spent the period in between engaging in productive discussions with the Ghanaian government. According to the statement, the Ghanaian authorities have not yet decided whether to grant the joint venture project regulatory approval.

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According to the statement, the companies have now chosen to put the joint venture talks on hold in order to concentrate on enhancing the current, independent performance at their individual locations.

Gold Fields reiterated this sentiment in an operating report. It stated that although the combination still seemed "compelling," both businesses will now concentrate on their separate businesses.

Over the first five years of the proposed joint venture, an average of 900,000 ounces would have been produced annually; over the expected 18-year mine-life, this amount would have been approximately 600,000 ounces annually.