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GOLD Fields and AngloGold Ashanti said on Thursday they were yet to make a breakthrough on a proposed joint venture in Ghana.
An agreement to jointly operate Gold Fields's Tarkwa mine and Iduapriem, a neighbouring mine owned by AngloGold, was announced in March 2023. The proposal envisaged that Ghana would take a 10% stake in the joint venture with Gold Fields and AngloGold holding 60% and 30% respectively.
Said Gold Fields today: "Notwithstanding constructive engagement with the Government of Ghana since the announcement of the proposed joint venture on 16 March 2023, the requisite approvals by the Government of Ghana for the proposed Joint Venture have not yet been obtained".
It's understood the sticking points with Ghana's finance ministry, which has to give its final approval of the arrangement, relate to the size of the allotted equity and taxes. "It's not something I can comment on," said Sven Lunsche, spokesman for Gold Fields.
Ghana goes to the polls in December, but the political environment is strained. In October, Ghana's parliament was adjourned after the defection of lawmakers from the ruling New Patriotic Party (NPP) handed the opposition, the National Democratic Congress (NDC), a slim majority, according to a report by AFP republished in News24.
In the meantime, the gold producers said they would continue to operate their mines as separate entities. "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," said Gold Fields.
"This should always have been one asset," said Alberto Calderon, CEO of AngloGold at the time the joint venture proposal was announced. "It's just separated by fences. The two operations produce 700,000 to 800,000 ounces a year and the joint venture will produce 900,000 oz," he said.
If Ghana is seeking a larger free carry in the joint venture, it will be in keeping with a resurgence in so-called 'resource nationalism' globally. In Africa alone, Mali last year replaced its 2018 Mining Code while Zambia has embarked on an audit of its mining licences which could see the state take a greater slice of its mineral wealth.
