Proposed Tarkwa/Iduapriem JV: creating Africa's biggest gold mine

In March 2023, we announced a proposed JV between our Tarkwa mine in Ghana and AngloGold Ashanti’s neighbouring Iduapriem mines. The companies have agreed on the key terms, and soon after the announcement, started negotiations with the Ghanaian government and other stakeholders to formalise the JV. These negotiations are continuing.

If suitable terms for all parties can be reached, the JV will create the largest gold mine in Africa, a high-quality operation supported by a substantial mineral endowment with an initial life spanning 18 years.

Negotiations with the government of Ghana for the approval of the proposed JV are ongoing. By end of March 2024, no agreements had been reached.

Excluding the free-carry interest that could be held by the government of Ghana, of the remaining portion, Gold Fields will have an effective interest of 66.7%, which will be integrated into Gold Fields Ghana.

Open pit at the Tarkwa mine

AngloGold Ashanti will hold the remaining 33.3% interest of that share. Gold Fields currently owns a 90% share in Tarkwa and the Ghana government 10%. Iduapriem is currently 100%-owned by AngloGold Ashanti.

Gold Fields and AngloGold Ashanti have agreed on the governance principles of the proposed JV, including their respective representation in management committees and the Board of Gold Fields Ghana. As operator, Gold Fields will receive a management and technical fee determined on an arms-length basis.

Operational synergies will be achieved by optimising mining of the combined ore bodies and utilising existing infrastructure across both sites for the long-term benefit of all shareholders and stakeholders.

In 2023, Tarkwa produced 551koz gold and had Proved and Probable attributable gold Mineral Reserves of 4.35Moz. Iduapriem produced 268koz and had Proved and Probable gold Mineral Reserves of 2.06Moz.