Gold Fields Ltd. says it is open to reviving discussions with AngloGold Ashanti over a planned joint venture to combine their Tarkwa and Iduapriem gold mines in Ghana, a deal that was paused after regulatory delays.
The proposed merger, first unveiled in March 2023, aimed to create Africa’s largest gold mine. Under the terms, Gold Fields would have held a 60% stake, AngloGold Ashanti 30%, and the government of Ghana 10%. The combined operation was projected to deliver an average of 900,000 ounces of gold annually in its first five years, before tapering to about 600,000 ounces across an 18-year mine life.
However, the plan stalled as Ghanaian regulators withheld approval, prompting both companies to announce in mid-2024 that they would suspend discussions. At the time, AngloGold said the decision was intended to “allow them to focus on improving the current, standalone performance at their respective sites,” while Gold Fields maintained the case for a combination remained “compelling.”
Speaking at a media engagement on Friday August 22, Gold Fields CEO Mike Fraser reiterated the company’s confidence in the strategic logic of the joint venture and signaled optimism about restarting talks with AngloGold over Iduapriem. “Actually, I do believe that in the coming years we should revisit that joint venture,” he told journalists. Fraser noted that when the memorandum of understanding was signed two years ago, both companies were operating under very different asset conditions. For now, he said, the priority is to optimize operations at Tarkwa and drive greater efficiency, a move he believes will ultimately enhance the value of the planned collaboration at Iduapriem.
The potential revival comes as both miners increasingly diversify outside South Africa, where geological constraints and aging infrastructure continue to weigh on output. Gold Fields, founded in 1887 by Cecil John Rhodes, has in recent years leaned on Ghana, Australia, and the Americas for growth. In October, it completed its $1.39 billion acquisition of Osisko Mining, gaining full control of the Windfall project in Québec, which is expected to begin production in 2027 at a projected 300,000 ounces annually and costs below $800/oz.
