AngloGold Ashanti and Gold Fields have paused discussions on a proposed joint venture that would have combined their neighbouring Iduapriem and Tarkwa gold mines in Ghana — a move that would have created Africa’s largest gold-producing operation, Dailypost.com.gh can exclusively reveal.
First announced in March 2023, the proposed partnership had progressed through extensive negotiations and constructive engagements with the Government of Ghana. The deal was seen as a transformational project for the country’s mining sector, promising increased production, extended mine life, and shared economic benefit between the state and two of the world’s biggest gold mining firms.
However, in a joint statement released this week, both companies revealed that the talks have been suspended to allow for a renewed focus on improving individual mine performance and refining internal strategies.
“AngloGold Ashanti has identified changes in its standalone mine plan for Iduapriem which have the potential to unlock significant additional value,” the company said, signalling that its updated projections for the western region-based operation have made the standalone route more commercially compelling — at least in the short term.
While the proposed venture is not entirely off the table, the decision reflects a more measured approach from both parties, prioritising asset optimisation over consolidation. “The companies have decided to pause discussions around the JV to allow them to focus on improving the current standalone performance at their respective sites,” the statement added.
Under the terms of the original proposal, Gold Fields was to hold a 60% stake in the joint venture, AngloGold Ashanti 30%, and the Ghanaian government 10%. The merged operations were projected to produce up to 900,000 ounces of gold per year over the first five years at a competitive cost of under $1,000/oz, extending the life-of-mine to at least 2038.
The Iduapriem mine, located just 10 kilometres from Gold Fields’ Tarkwa site, has been operational since 1992 and became part of AngloGold Ashanti in 2002 following its merger with Ashanti Goldfields. In 2024, Iduapriem delivered 237,000 ounces of gold at an average cash cost of $1,118 per ounce.
While the combination of the two mines was expected to yield immediate economic efficiencies and scale benefits, the companies now appear to be betting on the strength of their own mine-specific strategies.
For Ghana, the development comes as both a delay and a reassurance — a delay in consolidating two major mining assets under one banner, but also an indication that the individual operators remain committed to long-term value creation within the country.
Gold Fields continues to run both the Tarkwa and Damang mines in the Ashanti Gold Belt, while AngloGold Ashanti also operates the Obuasi mine in addition to Iduapriem.
Ghana remains a central hub for both companies, despite AngloGold’s recent shift in corporate structure that saw it relocate its primary listing from Johannesburg to the New York Stock Exchange and establish a secondary listing on the Ghana Stock Exchange.
That strategic shift was designed to close the valuation gap between AngloGold and its North American and Australian peers. The company, which exited South Africa in 2020 following the sale of its last domestic assets to Harmony Gold, now joins Gold Fields as one of Ghana’s key mining operators with multinational footprints spanning Australia, Chile, South Africa, and beyond.
Though the shelving of the joint venture may be viewed by some as a missed opportunity, industry observers say the potential remains for a future revisit, especially if standalone developments align with long-term regional objectives.
