Gold Fields and AngloGold Ashanti have agreed on the key terms of a proposed joint venture (JV) in Ghana between their neighbouring Tarkwa and Iduapriem mines.
The Tarkwa Mine is held by Gold Fields Ghana, in which Gold Fields currently owns a 90% share and the Government of Ghana holds 10%.
The Iduapriem Mine is currently 100% owned by AngloGold Ashanti.
The proposed JV would create the largest gold mine in Africa and one of the largest in the world.
It will also be a high-quality operation, supported by a considerable mineral endowment and an initial life spanning almost two decades.
The parties have commenced with preliminary, high-level and constructive engagements with senior government officials in Ghana and will continue engaging with the government of Ghana, relevant regulators and other key stakeholders, to implement the proposed JV as soon as practically possible.
It is intended that the proposed JV would be an incorporated one, constituted within Gold Fields Ghana and operated by Gold Fields.
AngloGold Ashanti will contribute its 100% interest in Iduapriem to Gold Fields Ghana in return for a shareholding in that company.
The parties do not anticipate that any material or additional capital injection will be required by either company to establish the proposed JV.
Excluding the interest to be held by the government of Ghana, Gold Fields will have an interest of 66.7% or two-thirds, and AngloGold Ashanti will have an interest of 33.3%, or one-third, in the proposed JV.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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