AngloGold Ashanti strikes US$66.5 million deal for Iduapriem Mine

One of Ghana’s major gold mining operations is changing hands after South Africa-based AngloGold Ashanti reached a US$66.5 million (A$95 million) transition agreement with Australian mining services company Perenti, paving the way for the gold producer to take over mining operations at its Iduapriem Mine.

The agreement, announced by Perenti, will see its subsidiary, African Mining Services (AMS), operating through the AMAX joint venture with its Ghanaian partner, MaxMass, continue delivering surface mining and related support services at the Iduapriem open-pit mine for approximately six months before handing over operations to AngloGold Ashanti.

As part of the transition, AngloGold Ashanti will purchase the majority of the AMS-owned mining equipment currently deployed at the site. The fleet sale is expected to generate between A$30 million and A$40 million (approximately US$21 million to US$28 million) for the Australian contractor once the contract concludes.

The agreement marks the end of an eight-year mining services partnership at Iduapriem, where AMS has operated since 2018.

The mine, located near Tarkwa in Ghana’s Western Region, is one of AngloGold Ashanti’s key producing assets and contains more than 2.1 million ounces of proven and probable gold reserves, underscoring its strategic importance within the company’s African portfolio.

The transition reflects AngloGold Ashanti’s decision to bring mining operations at Iduapriem back under its direct control, a move expected to provide the company with greater operational flexibility while strengthening oversight of one of its flagship West African assets.

For Perenti, the agreement provides a structured exit from a long-running contract while unlocking capital through the sale of its mining fleet.

Perenti Managing Director and Chief Executive Officer, Vanessa Torres, said the transition reflects the company’s long-standing operational performance and strong partnerships across Africa.

“The agreed sale of equipment at the end of the contract provides certainty and the opportunity to recycle capital within Perenti. The expected proceeds will be allocated towards several value-accretive opportunities currently under consideration,” Torres said.

Perenti Contract Mining President, Gabrielle Iwanow, said the company remained committed to delivering professional mining services until the transition is completed.

“The AMS team is justifiably proud of the performance delivered at Iduapriem over the last eight years and remains committed to delivering the same professional services until the handover of operations,” Iwanow said.

The deal comes as global mining companies increasingly reassess their operating models across Africa, balancing the use of contract miners with greater in-house operational control of high-value assets.

For AngloGold Ashanti, the agreement strengthens its operational control of one of Ghana’s largest gold mines. At the same time, Perenti exits with fresh capital to pursue new contract mining opportunities across the continent.