Gold Fields, AngloGold JV in limbo as Ghana government approval not forthcoming

The government of Ghana has still not given Gold Fields and AngloGold Ashanti the needed approval for their proposed joint venture partnership involving the Tarkwa and Iduapriem mines in Ghana.

The miners announced and agreed on key terms for the proposed JV on 16 March 2023 in a press statement but almost nine months since then, the Ghanaian government has not given the required approvals.

In a statement, Anglo Gold said: “Notwithstanding constructive engagement with the Government of Ghana since the announcement of the Proposed Joint Venture on 16 March 2023, the requisite approvals by the Government of Ghana for the Proposed Joint Venture have not yet been obtained.”

It said: “Gold Fields and AngloGold Ashanti have sought to secure the requisite approvals, which include approval of the Proposed Joint Venture by the Parliament of Ghana, ahead of the October 2024 Parliamentary recess before the Ghana national elections to be held in December 2024.”

The statement noted that the “parties continue to believe that a combination of the two neighbouring mines into a single managed entity is compelling, given that it is anticipated to extend the life of the mine, increase production and lower costs, creating value for all stakeholders.”

The release said, “In the absence of the requisite approvals from the Government of Ghana and clear timelines for execution of an agreement, Gold Fields and AngloGold Ashanti will maintain engagement in relation to a potential asset combination while separately continuing to pursue improvements to their respective assets.”

It added: “The parties will keep shareholders appraised of any significant developments pertaining to the Proposed Joint Venture.”

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