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聽announced in March 2023.
The companies鈥� plan to combine the two mines to create Africa鈥檚 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.聽
鈥淭he 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,鈥� AngloGold .
Gold Fields describing the combination as still 鈥渃ompelling鈥� 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聽first five years, dropping to 600,000 ounces over an 18-year mine life.聽
Expanding abroad
The shift comes as both miners increasingly look beyond South Africa, where geological challenges and aging infrastructure have made gold extraction more difficult.
Though 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聽Osisko Mining, securing full ownership of the Windfall project in Qu茅bec. 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鈥檚 Gold Road Resources (ASX: GOR), aiming to take full control of the Gruyere聽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 C么te d鈥橧voire to Resolute Mining (ASX: RSG) in exchange for cash and the Mansala project in Guinea, which neighbours AngloGold鈥檚 existing Siguiri mine.