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Gold Fields (JSE, NYSE: GFI) and AngloGold Ashanti (JSE: ANG) (NYSE: AU) have paused their plan to merge the Iduapriem and Tarkwa gold mines in Ghana under a joint venture, first announced in March 2023.

The companies’ plan to combine the two mines sought to create Africa’s largest gold mine. Under the agreement, Gold Fields would hold a 60% stake, AngloGold Ashanti 30%, and the government of Ghana 10%.

Negotiations with regulators have since stalled, with no decision yet from Ghanaian authorities on whether to approve the joint venture. 

“The companies have decided to pause discussions around the joint venture to allow them to focus on improving the current, standalone performance at their respective sites,” AngloGold .

Gold Fields describing the combination as still “compelling” but confirming both companies will now concentrate on independent operations.

The gold JV was projected to produce an average of 900,000 ounces annually in its  first five years, dropping to 600,000 ounces over an 18-year mine life. 

Expanding abroad

The shift comes as both miners increasingly look beyond South Africa, where geological challenges and ageing infrastructure have made gold extraction more difficult.

hough Gold Fields was founded by Cecil John Rhodes in 1887 and has deep roots in South Africa, its growth strategy now leans heavily on Ghana, Australia, and the Americas.

Gold Fields closed in October a C$1.93 billion ($1.39 billion) acquisition of Osisko Mining, securing full ownership of the Windfall project in Québec. Set to begin production in early 2027, the mine is projected to yield 300,000 ounces annually at an all-in sustaining cost below $800 per ounce.

The gold miner is also advancing a proposed A$3.7 billion ($2.4 billion) acquisition of Australia’s Gold Road Resources (ASX: GOR), aiming to take full control of the Gruyere gold joint venture in Western Australia.

AngloGold has been equally active. In November, it bought Egypt-focused miner Centamin, adding the world-class Sukari mine to its portfolio. Last week, it in Côte d’Ivoire to Resolute Mining (ASX: RSG) in exchange for cash and the Mansala project in Guinea, which neighbours AngloGold’s existing Siguiri mine.