AngloGold Ashanti PLC and Gold Fields have agreed to pause discussions on a proposed joint venture to combine their Iduapriem and Tarkwa gold mines. Talks began in March 2023 and had progressed alongside constructive dialogue with the Ghanaian government for necessary approvals.
However, AngloGold Ashanti has identified changes in its standalone mine plan for Iduapriem that could unlock significant additional value. The company stated this updated plan now presents the highest value among its options.
“The companies have decided to pause discussions around the joint venture to focus on improving current standalone performance at their respective sites, while allowing AngloGold Ashanti to consolidate improvements to its long-term mining plan,” the company said.
Iduapriem is located about 70km north of Takoradi and 10km southwest of Gold Fields’ Tarkwa mine. The open-pit mine began production in 1992 and was acquired by AngloGold Ashanti in 2002. In 2024, it produced 237,000 ounces of gold at a total cash cost of $1,118 per ounce.
The proposed merger would have created the largest gold mine in Africa. For now, both companies will continue operating independently while exploring ways to optimize value creation.
