JV on gold mines in faces Ghana delays
A joint venture (JV) between Gold Fields and AngloGold Ashanti has faced delays. The JV announced in March 2023, intends to merge Gold Fields’ Tarkwa gold mine with AngloGold Ashanti’s Iduapriem mine, both located near Tarkwa in Ghana’s western region. Gold Fields owns a 90% stake in Tarkwa, with the remaining 10% held by the Ghanaian government.
The delay is due to minimal progress toward formalizing the agreement. The companies are focused on securing approvals from the Ghanaian government before October 2024, prior to the national elections in December. This strategic timing is essential to advance the JV, which aims to extend mine life, boost production, and lower operational costs, creating value for all stakeholders involved. However, until these approvals are granted and a timeline established, both companies will continue to engage in discussions and work independently to improve their respective assets and operational efficiencies.
Tarkwa and Iduapriem mines
Tarkwa is located near the southern end of what is commonly referred to as The Tarkwa Basin, 300 km by road west of Accra, the capital of Ghana. The Tarkwa mine operates under mining leases covering a total area of approximately 20,800 ha. In F2009 Tarkwa produced 0.612 Moz of gold from heap leach and milling operations at a cash cost of US$521/oz. Tarkwa employed a workforce of 3,982 as of 30 June 2009, including contractors.
On the other hand, Iduapriem, a 137km2 concession which includes Ajopa South West, is located in the western region of Ghana, some 70km north of the coastal city of Takoradi and about 10km south-west of Gold Fields’ Tarkwa mine. It is an open-pit mine with two circuits each comprising two-stage milling – a gravity circuit and a carbon-in-leach (CIL) plant. The gravity circuit recovers about 30% of the gold and the remainder is recovered by the 418ktpm capacity CIL plant.
