Gold Fields and AngloGold Ashanti Provide an Update on the Proposed Joint Venture Between Gold Fields’ Tarkwa Mine and AngloGold Ashanti’s Iduapriem Mine in Ghana
Gold Fields and AngloGold Ashanti provided an update on their proposed joint venture between Gold Fields' Tarkwa Mine and AngloGold Ashanti's Iduapriem Mine in Ghana. Despite constructive engagement since March 2023, the required approvals from the Government of Ghana, including parliamentary approval, have not yet been obtained. The companies aimed to secure approvals before the October 2024 Parliamentary recess ahead of Ghana's December 2024 elections. Both parties maintain that combining the neighboring mines would be beneficial, potentially extending mine life, increasing production, and lowering costs. In the absence of approvals and clear timelines, both companies will continue separate operations while remaining open to future collaboration.
Gold Fields e AngloGold Ashanti hanno fornito un aggiornamento sulla loro proposta di joint venture tra la Miniera Tarkwa di Gold Fields e la Miniera Iduapriem di AngloGold Ashanti in Ghana. Nonostante il dialogo costruttivo iniziato a marzo 2023, le approvazioni necessarie da parte del Governo del Ghana, inclusa l'approvazione parlamentare, non sono ancora state ottenute. Le aziende miravano a ottenere tali approvazioni prima della pausa parlamentare di ottobre 2024, in vista delle elezioni di dicembre 2024 in Ghana. Entrambe le parti sostengono che combinare le miniere vicine sarebbe vantaggioso, potenzialmente estendendo la vita mineraria, aumentando la produzione e abbassando i costi. In assenza di approvazioni e tempistiche chiare, entrambe le aziende continueranno le operazioni separatamente, rimanendo aperte a future collaborazioni.
Gold Fields y AngloGold Ashanti proporcionaron una actualización sobre su propuesta de asociación entre la Mina Tarkwa de Gold Fields y la Mina Iduapriem de AngloGold Ashanti en Ghana. A pesar de un compromiso constructivo desde marzo de 2023, las aprobaciones requeridas por parte del Gobierno de Ghana, incluida la aprobación parlamentaria, aún no se han obtenido. Las empresas tenían como objetivo asegurar las aprobaciones antes del receso parlamentario de octubre de 2024, de cara a las elecciones de diciembre de 2024 en Ghana. Ambas partes mantienen que combinar las minas vecinas sería beneficioso, potencialmente extendiendo la vida de la mina, aumentando la producción y reduciendo costos. En ausencia de aprobaciones y plazos claros, ambas compañías continuarán operando por separado mientras permanecen abiertas a futuras colaboraciones.
골드 필드와 앙골 골드 아샨티는 가나의 골드 필드 타크와 광산과 앙골 골드 아샨티 이두아프리엠 광산 간의 제안된 공동 벤처에 대한 업데이트를 제공했습니다. 2023년 3월 이후 건설적인 협상이 있었음에도 불구하고, 가나 정부의 승인을 포함해 의회 승인과 같은 필수 승인은 아직 얻지 못했습니다. 두 회사는 2024년 12월 가나 총선 전에 2024년 10월 의회 휴회 전에 승인받기를 목표로 했습니다. 양측은 인접한 광산의 통합이 유익할 것이라고 주장하며, 이는 광산 수명을 연장하고 생산을 증가시키며 비용을 절감할 수 있습니다. 승인과 명확한 시간표가 없는 한, 두 회사는 별도로 운영을 계속하며 향후 협력에 열려 있습니다.
Gold Fields et AngloGold Ashanti ont fourni une mise à jour sur leur projet de coentreprise entre la mine Tarkwa de Gold Fields et la mine Iduapriem d'AngloGold Ashanti au Ghana. Malgré un dialogue constructif depuis mars 2023, les approbations requises de la part du gouvernement ghanéen, y compris l'approbation parlementaire, n'ont pas encore été obtenues. Les entreprises visaient à obtenir ces approbations avant la pause parlementaire d'octobre 2024, en vue des élections de décembre 2024 au Ghana. Les deux parties soutiennent que la combinaison des mines voisines serait bénéfique, pouvant prolonger la durée de vie de la mine, augmenter la production et réduire les coûts. En l'absence d'approbations et de délais clairs, les deux entreprises continueront leurs opérations séparément tout en restant ouvertes à de futures collaborations.
Gold Fields und AngloGold Ashanti haben ein Update zu ihrem vorgeschlagenen Joint Venture zwischen der Gold Fields Mine Tarkwa und der AngloGold Ashanti Mine Iduapriem in Ghana gegeben. Trotz konstruktiver Gespräche seit März 2023 wurden die notwendigen Genehmigungen von der Regierung von Ghana, einschließlich der Genehmigung durch das Parlament, noch nicht erteilt. Die Unternehmen strebten an, die Genehmigungen vor der parlamentarischen Pause im Oktober 2024 zu sichern, im Hinblick auf die bevorstehenden Wahlen in Ghana im Dezember 2024. Beide Parteien sind der Meinung, dass die Kombination der benachbarten Minen vorteilhaft wäre, da sie potenziell die Lebensdauer der Mine verlängern, die Produktion steigern und die Kosten senken könnte. In Abwesenheit von Genehmigungen und klaren Zeitplänen werden beide Unternehmen weiterhin getrennt operieren, bleiben jedoch für zukünftige Kooperationen offen.
- Potential merger could extend mine life
- Combined operations expected to increase production
- Integration projected to lower operational costs
- Failure to obtain government approvals for joint venture
- Uncertainty in timeline for regulatory clearance
- Project delays due to pending parliamentary approval
Insights
The stalled joint venture between Gold Fields' Tarkwa and AngloGold's Iduapriem mines represents a significant setback for both companies' operational optimization plans in Ghana. The proposed merger would have created substantial operational synergies through shared infrastructure, unified management and streamlined operations, potentially yielding lower production costs and extended mine life.
The delay in obtaining government approvals, particularly with Ghana's upcoming elections in December 2024, introduces considerable uncertainty. The political timeline suggests that any progress is unlikely until after the elections, which could push potential implementation into late 2025 or beyond. This timing uncertainty affects both companies' near-term strategic planning and potential value creation from the combined operations.
Both mines will continue operating independently, but this means foregoing estimated operational efficiencies and cost savings that could have enhanced profitability in a challenging gold mining environment. Shareholders should monitor both companies' individual operational metrics more closely, as the anticipated synergistic benefits are now delayed indefinitely.
Notwithstanding constructive engagement with the Government of
Gold Fields and AngloGold Ashanti have sought to secure the requisite approvals, which include approval of the Proposed Joint Venture by the Parliament of
The Parties continue to believe that a combination of the two neighbouring mines into a single managed entity is compelling, given that it is anticipated to extend life of mine, increase production and lower costs, creating value for all stakeholders.
In the absence of the requisite approvals from the Government of
The Parties will keep shareholders appraised of any significant developments pertaining to the Proposed Joint Venture.
AngloGold Ashanti JSE Sponsor: The Standard Bank of South Africa Limited
Gold Fields Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd
About Gold Fields
Gold Fields is a globally diversified gold producer with nine operating mines in
About Tarkwa Mine
Tarkwa is
About AngloGold Ashanti plc1
AngloGold Ashanti is an independent, global gold mining company with a diverse, high-quality portfolio of operations, projects and exploration activities across nine countries on four continents. AngloGold Ashanti produced 2.69 Moz of gold in 2023 and as at 31 December 2023, had gold Proven and Probable Mineral Reserves of 28.07 Moz, gold Measured and Indicated Mineral Resource of 59.91 Moz (exclusive of Mineral Reserve) and gold Inferred Mineral Resource of 46.42 Moz (exclusive of Mineral Reserve). AngloGold Ashanti is listed on the New York Stock Exchange (NYSE), the Johannesburg Stock Exchange (JSE), the A2X Market (A2X) and
(1) - Gold production from managed operations is reported on a consolidated basis. Gold production from non-managed joint ventures is reported on an attributable basis. Gold production for the financial year ended 31 December 2023 has been adjusted to exclude the Córrego do Sítio (“CdS”) operation that was placed on care and maintenance in August 2023. Gold production includes gold concentrate from the Cuiabá mine sold to third parties.
About Iduapriem Mine
Iduapriem Mine is wholly-owned by AngloGold Ashanti plc. As at 31 December 2023, Iduapriem had gold Proven and Probable Mineral Reserve of 2.06 Moz, gold Measured and Indicated Mineral Resource of 2.49 Moz (exclusive of Mineral Reserve) and gold Inferred Mineral Resource of 1.14 Moz (exclusive of Mineral Reserve). For more information on Iduapriem Mine please visit https://www.anglogoldashanti.com/portfolio/africa/iduapriem/
Forward-looking statements
AngloGold Ashanti plc
Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, total cash costs, all-in sustaining costs, all-in costs, cost savings and other operating results, return on equity, productivity improvements, growth prospects and outlook of AngloGold Ashanti’s operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain of AngloGold Ashanti’s exploration and production projects and the completion of acquisitions, dispositions or joint venture transactions, AngloGold Ashanti’s liquidity and capital resources and capital expenditures, the consequences of the COVID-19 pandemic and the outcome and consequences of any potential or pending litigation or regulatory proceedings or environmental, health and safety issues, are forward-looking statements regarding AngloGold Ashanti’s financial reports, operations, economic performance and financial condition. These forward-looking statements or forecasts are not based on historical facts, but rather reflect our current beliefs and expectations concerning future events and generally may be identified by the use of forward-looking words, phrases and expressions such as “believe”, “expect”, “aim”, “anticipate”, “intend”, “foresee”, “forecast”, “predict”, “project”, “estimate”, “likely”, “may”, “might”, “could”, “should”, “would”, “seek”, “plan”, “scheduled”, “possible”, “continue”, “potential”, “outlook”, “target” or other similar words, phrases, and expressions; provided that the absence thereof does not mean that a statement is not forward-looking. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause AngloGold Ashanti’s actual results, performance, actions or achievements to differ materially from the anticipated results, performance, actions or achievements expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements and forecasts are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results, performance, actions or achievements could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic, social, political and market conditions, including related to inflation or international conflicts, the success of business and operating initiatives, changes in the regulatory environment and other government actions, including environmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, any supply chain disruptions, any public health crises, pandemics or epidemics (including the COVID-19 pandemic), the failure to maintain effective internal control over financial reporting or effective disclosure controls and procedures, the inability to remediate one or more material weaknesses, or the discovery of additional material weaknesses, in AngloGold Ashanti’s internal control over financial reporting, and other business and operational risks and challenges and other factors, including mining accidents. For a discussion of such risk factors, refer to AngloGold Ashanti’s annual report on Form 20-F for the year ended 31 December 2023 filed with the United States Securities and Exchange Commission (SEC). These factors are not necessarily all of the important factors that could cause AngloGold Ashanti’s actual results, performance, actions or achievements to differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on AngloGold Ashanti’s future results, performance, actions or achievements. Consequently, readers are cautioned not to place undue reliance on forward-looking statements. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein.
Gold Fields Limited
This announcement contains forward-looking statements. All statements other than statements of historical fact included in this announcement may be forward-looking statements. Forward-looking statements may be identified by the use of words such as “aim”, “anticipate”, “will”, “would”, “expect”, “may”, “could”, “believe”, “target”, “estimate”, “project” and words of similar meaning.
These forward-looking statements, including among others, those relating to the Proposed Joint Venture (including the expected terms, timing and satisfaction of conditions), Gold Fields’ future business strategy, development activities and other initiatives, business prospects, financial positions, production and operational guidance are necessary estimates reflecting the best judgement of the senior management of Gold Fields and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and should be considered in light of various important factors, including those set forth in Gold Fields’ Integrated Annual Report 2023 filed with the Johannesburg Stock Exchange and annual report on Form 20-F filed with the United States Securities and Exchange Commission (SEC) on 28 March 2024 (SEC File no. 001-31318). Readers are cautioned not to place undue reliance on such statements. These forward-looking statements speak only as of the date they are made. Gold Fields undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this announcement or to reflect the occurrence of unanticipated events. These forward-looking statements have not been reviewed or reported on by Gold Fields’ external auditors.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107128794/en/
For AngloGold Ashanti investor and media enquiries contact:
Stewart Bailey
Telephone: +27 11 637 6031
Mobile: +27 81 032 2563
Email: sbailey@anglogoldashanti.com
Andrea Maxey
Telephone: +61 8 9425 4603
Mobile: +61 400 072 199
Email: amaxey@anglogoldashanti.com
For Gold Fields investor enquiries contact:
Jongisa Magagula
Tel: +27 11 562 9775
Mobile: +27 67 419 9503
Email: Jongisa.Magagula@goldfields.com
Thomas Mengel
Tel: +27 11 562 9849
Mobile: +27 72 493 5170
Email: Thomas.Mengel@goldfields.com
For Gold Fields media enquiries contact:
Sven Lunsche
Tel: +27 11 562 9763
Mobile: +27 83 260 9279
Email: Sven.Lunsche@goldfields.com
Source: AngloGold Ashanti
FAQ
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