In a surprising turn of events, AngloGold Ashanti and Gold Fields have decided to halt discussions around their proposed joint venture in Ghana. The Iduapriem mine, located in Ghana’s Western Region, has been a key player in the country’s gold mining industry since it began operations in 1992.
AngloGold Ashanti acquired the mine in 2002 and has since been a major contributor to the country’s gold production. In 2024 alone, the mine produced 237,000 ounces of gold at a total cash cost of $1,118 per ounce.
The decision to pause talks around the joint venture comes as a surprise to many in the industry. Both companies had previously expressed interest in joining forces to create a powerhouse in the Ghanaian gold mining sector. Under the proposed joint venture plan, Gold Fields and AngloGold would have owned 60% and 30% of the merged operation, respectively, with the government holding the remaining 10%.
Despite the allure of a combined operation, both companies have decided to focus on improving their current standalone performances. In statements released by both AngloGold Ashanti and Gold Fields, the companies expressed their commitment to enhancing their respective operations before reconsidering any potential partnerships.
While the joint venture may be on hold for now, the future of the Iduapriem mine remains bright. With a forecasted average annual production of 900,000 ounces over the first five years and 600,000 ounces per year over the estimated 18-year life of the mine, there is no doubt that the mine will continue to be a key player in Ghana’s gold mining industry.
As the industry waits to see what the future holds for AngloGold Ashanti and Gold Fields, one thing is certain – the Iduapriem mine will continue to be a cornerstone of the Ghanaian gold mining
Ghanaflare.com
