AngloGold Ashanti Iduapriem and Gold Fields Gh. await gov’t approval for joint venture to create Africa’s largest gold mine
AngloGold Ashanti Iduapriem Mine and Gold Fields Ghana have reached an agreement to form a joint venture, but the process remains pending as it awaits final approval from the central government.
Stephen Adjei, Senior Manager of Sustainability at AngloGold Ashanti Iduapriem, confirmed that the necessary documents have been submitted, and the companies are awaiting the government’s review and sign-off to move forward.
He added that the submitted documents are currently under review by the government, and once approved, the JV will officially commence.
Providing update of the proposed merger to members of Journalists for Business Advocacy(JBA) under the auspices of the Chamber of Mines during a site visit by the team at Tarkwa in the Western Region,he said “the two companies have done everything that we need to do and as we speak they have submitted the necessary documents to government for further action, so government is making the necessary steps to review, go through the processes and when government is satisfied with what the two companies have submitted they sign it off and the joint venture will take effect,
So until that document is finally released we will still say the documents are being reviewed by government.”
AngloGold Ashanti’s Acting Managing Director, Ing. Abraham Osei Badu, further emphasized that until the final government approval is granted, both companies continue to operate independently.
He stated “unless it has been reviewed and the go-ahead given and the two parties has conspicuously announced their position, we still running as individual companies.”
Currently, Gold Fields owns 90% of Gold Fields Ghana, while the remaining 10% is held by the Government of Ghana. AngloGold Ashanti holds a 100% stake in the Iduapriem Mine.
Once the JV is finalized, the newly combined operation is expected to produce an annual average of 900,000 ounces of gold over the first five years, before settling at 600,000 ounces annually over the mine’s lifespan.
The Iduapriem mine, which spans a 137 km² concession, includes both Ajopa South West and the adjacent Tarkwa mine. This open-pit operation utilizes a gravity circuit and a carbon-in-leach (CIL) plant, recovering approximately 30% of its gold from gravity circuits, with the remaining processed by the CIL plant.
The companies are optimistic about the potential of this merger, citing the opportunity to create one of the world’s largest gold mines, with significant mineral resources and an operational lifespan projected at nearly two decades.
Once approved, it will create Africa’s largest gold mine. The merger will combine Gold Fields’ Tarkwa gold mine and AngloGold’s Iduapriem gold mine, located near Tarkwa in Ghana’s Western Region. This strategic move aims to maximize the efficiency and output of both sites.
By Eugene Davis
