AngloGold Ashanti and Gold Fields have announced a decision to pause discussions regarding a proposed joint venture (JV) to merge their respective Iduapriem and Tarkwa gold mines in Ghana.
The companies had initiated the potential combination in March 2023, aiming to integrate neighbouring assets into what would have been the continent’s largest gold mining operation.
The suspension follows ongoing engagement with the Government of Ghana, during which both parties sought regulatory approvals and explored operational alignment.
According to AngloGold Ashanti, recent changes in its standalone mine plan for Iduapriem have highlighted the potential for increased long-term value without immediate consolidation.
Both mining firms have agreed to prioritise operational performance at their individual sites.
AngloGold Ashanti indicated it will focus on advancing Iduapriem’s updated mining strategy, which currently presents its most economically favourable development path. Gold Fields has also reiterated its commitment to enhancing Tarkwa’s standalone operations.
Located approximately 70km north of Takoradi in Ghana’s Western Region, the Iduapriem mine is an open-pit operation acquired by AngloGold Ashanti in 2002 following its merger with Ashanti Goldfields.
The mine commenced gold production in September 1992 and reported output of 237,000 ounces in 2024 at a total cash cost of $1,118 per ounce.
The neighbouring Tarkwa mine, owned by Gold Fields, is situated roughly 10km north-east of Iduapriem and spans a total area of about 20,800ha. It lies near the southern edge of the Tarkwa Basin, approximately 300km west of Ghana’s capital, Accra.
Tarkwa is a large-scale, open-pit gold operation that employs selective surface mining techniques. It uses a fleet of 14 excavators, 44 dump trucks and 24 owner-operated drill rigs, with maintenance handled by MARC contractors.
In the 2023 calendar year, Tarkwa produced 551,000 ounces of gold and held Proved and Probable attributable Mineral Reserves amounting to 4.35 million ounces.
In the same period, Iduapriem produced 268,000 ounces and reported reserves of 2.06 million ounces. If merged, the proposed joint venture was expected to result in a high-quality, long-life gold mining operation with an initial mine life of approximately 18 years.
Earlier this week, Gold Fields entered into a scheme implementation deed to acquire Gold Road Resources, a mid-tier Australian gold producer in a deal valued at approximately A$3.7bn ($2.4bn).
