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South African gold giants AngloGold Ashanti and Gold Fields have agreed to pause discussions on the proposed joint venture (JV) between their neighbouring Iduapriem and Tarkwa mines in Ghana, shifting their immediate focus to optimising standalone operations.
Initially announced in March 2023, the JV aimed to combine the two large open pit operations to create Africa’s largest gold mine, capitalising on operational synergies and proximity. Since the announcement, both companies have been in dialogue with the Ghanaian government to obtain the necessary approvals.
AngloGold Ashanti said this week it had identified significant value potential in a revised standalone mine plan for Iduapriem, its wholly owned operation located approximately 70 km north of Takoradi and just 10 km from Tarkwa. The mine was acquired in 2004 following AngloGold’s merger with Ashanti Goldfields.
Gold Fields released a concurrent update, affirming that although the strategic rationale for the JV remained sound, the companies had mutually agreed to suspend discussions to prioritise improvements at their respective assets. Both miners reiterated that the proposed JV still holds long-term merit, but that current efforts would be directed at operational performance and value delivery within their existing portfolios.
Tarkwa continues to be a key asset in Gold Fields’ West African portfolio. The company confirmed the Ghanaian government’s support for its continued operation and stated it will begin preparations for the renewal of Tarkwa’s leases, which are set to expire in 2027.Separately, Gold Fields has reached a temporary resolution with the Ghanaian government regarding the future of its Damang mine.
Following the initial rejection of a renewal request for the Damang Main mining lease, the company has now secured a 12-month extension from April 2025, subject to parliamentary ratification in May.During this interim period, Gold Fields plans to process stockpiles, restart open pit mining, and complete a bankable feasibility study to assess options for extending the mine’s life.
In line with Ghana’s policy push to enhance local ownership in the mining sector, the company will work with government authorities to establish a joint asset transition team to guide the eventual transfer of Damang to Ghanaian stakeholders.
