Gold Mining News Hubb
Advertisement
  • Home
  • Gold News
  • Mining News
  • Contact us
No Result
View All Result
  • Home
  • Gold News
  • Mining News
  • Contact us
No Result
View All Result
Gold Mining News Hubb
No Result
View All Result
Home Mining News

Gold Fields, AngloGold to form JV to create Africa’s largest gold mine

admin by admin
March 18, 2023
in Mining News


AngloGold Ashanti’s Iduapriem gold mine in Ghana. Credit: AngloGold Ashanti.

Gold Fields has agreed to form a joint venture (JV) with AngloGold Ashanti to create what they claim to be Africa’s biggest gold mine.

The JV will combine Gold Fields’ Tarkwa gold mine and AngloGold Ashanti’s adjacent Iduapriem gold mine. The two mines are located near the town of Tarkwa in Ghana’s Western Region.

Gold Fields currently owns a 90% stake in Gold Fields Ghana, which owns the Tarkwa Mine. The balance stake in Gold Fields Ghana is held by the Government of Ghana (GoG).

AngloGold Ashanti holds a 100% stake in the Iduapriem Mine.

Gold Fields and AngloGold have agreed on the key terms of the proposed JV and started constructive engagements.

AngloGold said that the proposed JV would create one of the world’s largest gold mines, which is supported by a substantial mineral grant. It will have an initial operational life of almost two decades.

Gold Fields interim CEO Martin Preece said: “The proposed joint venture is an exciting opportunity to combine mining operations that are essentially part of the same mineral deposit and is something that Gold Fields and AngloGold Ashanti have discussed many times before over the years.”

The JV is expected to produce an annual average of 900,000oz in gold production over the first five years. It will then stand at 600,000oz over the estimated life of the operation.

Gold Fields will hold a two-thirds interest and AngloGold a one-third interest in the JV. The remaining stake will be held by the GoG.

The JV finalisation is subject to approval by the GoG, as well as other precedent conditions.



Source link

Previous Post

Centamin targets up to 9% increase in Sukari’s 2023 gold production

Next Post

Visualizing California’s GDP Compared to Countries

Next Post

Visualizing California’s GDP Compared to Countries

Recommended

Bristow says the failure to merge AngloGold Ashanti and Gold Fields was “a tragedy”

November 4, 2022

Wike says Omehia’s recognition as ex-governor ‘extrajudicial’

October 8, 2022

Don't miss it

Gold News

Gov Ikpeazu sacks several aides

March 31, 2023
Mining News

Visualizing the Flow of Energy-Related CO2 Emissions in the U.S.

March 30, 2023
Mining News

India to start exporting coal by 2026

March 30, 2023
Gold News

Gemfields warns recessionary pressures may dampen sales after record 2022

March 30, 2023
Gold News

Time to Break the Deadlock on TotalEnergies’ Offshore Gas Deal

March 30, 2023
Gold News

FEC approves N41bn for construction of centre of excellence, hospital in Rivers

March 30, 2023
gold mining-66

© Gold Mining News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Gold News
  • Mining News
  • Contact us

Newsletter Sign Up

No Result
View All Result
  • Home
  • Gold News
  • Mining News
  • Contact us

© 2022 Gold Mining News Hubb All rights reserved.