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IOL News
06-05-2025
- Business
- IOL News
"AngloGold Ashanti and Gold Fields pause joint venture discussions in Ghana
AngloGold Ashanti and Gold Fields have agreed to pause discussions about a proposed joint venture which would have combined their Iduapriem and Tarkwa gold mines in Ghana. AngloGold's share price increased 3.65% to R789.09 on the JSE Tuesday afternoon, driving its price even higher from the R431.38 that it traded at a year ago. Gold Fields' share price was up 1.09% to R422.60. The gold price was up 5.29% to $3 389.75 per ounce. AngloGold Ashanti and Gold Fields have agreed to suspend discussions about a proposal to combine their Iduapriem and Tarkwa gold mines in Ghana. AngloGold Ashanti's share price surged 3.65% on the JSE Tuesday after it and Gold Fields announced they would pause their proposed Ghana joint venture plans. The companies proposed the combination of the neighboring mines in March 2023 and had spent much of the time since then in talks with the Ghana government to obtain the necessary approvals. 'Over that time, AngloGold Ashanti has identified changes in its standalone mine plan for Iduapriem, which have the potential to unlock significant additional value,' AngloGold said in a statement. The companies have paused discussions to allow them to focus on improving the standalone performance at their respective sites, while also allowing AngloGold Ashanti to consolidate the improvements to its long-term mining plan, which currently shows the highest value of its options. Iduapriem is in the western region of Ghana, some 70km north of the coastal city Takoradi and about 10km south-west of Gold Fields' Tarkwa mine. The open-pit mine began gold production in September 1992 and was acquired by AngloGold Ashanti in 2002 when it merged with Ashanti Goldfields. In 2024, Iduapriem produced 237,000 ounces of gold at a total cash cost of $1,118/oz. In March 2024, Gold Fields finalised the divestment of a 45% stake in Asanko Gold Mine in Ghana. Gold Fields has two other operations in Ghana, Africa's largest open-pit gold mine, Tarkwa, and Damang, which is currently processing stockpiles. Gold Fields had based its rationale for the joint venture proposal to combine Tarkwa and Iduapriem on the basis that it would extend the life-of-mine operations, lead to increased production and lower costs, and thereby create additional value for all stakeholders. Meanwhile, in an operational update Tuesday, Gold Fields CEO Mike Fraser said they had reached an agreement with the Ghana government for a way forward for the Damang mine following a rejection of its application to renew the mining lease in March 2024. As part of this agreement, the government would extend the lease for 12 months from April 2025, subject to Parliamentary ratification in May 2025. He said the Ghana government had expressed support for Gold Fields' continued operations at Tarkwa. Gold Fields would start preparing the application to extend the Tarkwa mine leases, which were due for renewal in 2027. On the AshantiGold joint venture, Fraser said: 'Whilst the shared value created by a combination of the two mines remains compelling, Gold Fields and AngloGold Ashanti have agreed to pause discussions related to the joint venture to allow focus on our respective operations on a standalone basis.' He said Gold Fields was on track to meet production and cost guidance provided in February. Attributable gold equivalent production for 2025 was expected to be between 2.250Moz - 2.450Moz. AISC (all-in-sustaining-cost) was expected to be between US$1,500/oz - US$1,650/oz. 'Gold Fields has had a solid start to 2025 with the operational momentum reported for the second half of 2024 continuing into the first quarter of 2025,' Fraser said. Group attributable production for the quarter returned to normalised first quarter levels and was 19% higher than the first quarter of 2024, which was impacted by weather-related challenges, but 14% lower compared to the 2024 fourth quarter, which was a particularly strong quarter,' he said. Business Report
Yahoo
06-05-2025
- Business
- Yahoo
AngloGold Ashanti and Gold Fields Agree to Pause Proposed Ghana JV Discussions
LONDON & DENVER & JOHANNESBURG, May 06, 2025--(BUSINESS WIRE)--AngloGold Ashanti plc ("AngloGold Ashanti" or the "Company") and Gold Fields have agreed to pause discussions about a proposed joint venture to combine their Iduapriem and Tarkwa gold mines in Ghana. The companies proposed the combination of the neighbouring mines in March 2023 and have spent much of the intervening time in a constructive dialogue with the Government of Ghana to obtain the necessary approvals. Over that time, AngloGold Ashanti has identified changes in its standalone mine plan for Iduapriem which have the potential to unlock significant additional value. 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, while also allowing AngloGold Ashanti to consolidate the improvements to its long-term mining plan, which currently shows the highest value of its options. ABOUT IDUAPRIEM Iduapriem is located in the western region of Ghana, approximately 70km north of the coastal city of Takoradi and about 10km south-west of Gold Fields' Tarkwa mine. The open pit mine began gold production in September 1992 and was acquired by AngloGold Ashanti in 2002 when it merged with Ashanti Goldfields. In 2024 Iduapriem produced 237,000 ounces of gold at a total cash cost of $1,118/oz. Forward-looking statements Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, total cash costs, all-in sustaining costs, all-in costs, cost savings and other operating results, return on equity, productivity improvements, growth prospects and outlook of AngloGold Ashanti's operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain of AngloGold Ashanti's exploration and production projects and the completion of acquisitions, dispositions or joint venture transactions, AngloGold Ashanti's liquidity and capital resources and capital expenditures, the consequences of the COVID-19 pandemic and the outcome and consequences of any potential or pending litigation or regulatory proceedings or environmental, health and safety issues, are forward-looking statements regarding AngloGold Ashanti's financial reports, operations, economic performance and financial condition. These forward-looking statements or forecasts are not based on historical facts, but rather reflect our current beliefs and expectations concerning future events and generally may be identified by the use of forward-looking words, phrases and expressions such as "believe", "expect", "aim", "anticipate", "intend", "foresee", "forecast", "predict", "project", "estimate", "likely", "may", "might", "could", "should", "would", "seek", "plan", "scheduled", "possible", "continue", "potential", "outlook", "target" or other similar words, phrases, and expressions; provided that the absence thereof does not mean that a statement is not forward-looking. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause AngloGold Ashanti's actual results, performance, actions or achievements to differ materially from the anticipated results, performance, actions or achievements expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements and forecasts are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results, performance, actions or achievements could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic, social, political and market conditions, including related to inflation or international conflicts, the success of business and operating initiatives, changes in the regulatory environment and other government actions, including environmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, any supply chain disruptions, any public health crises, pandemics or epidemics (including the COVID-19 pandemic), the failure to maintain effective internal control over financial reporting or effective disclosure controls and procedures, the inability to remediate one or more material weaknesses, or the discovery of additional material weaknesses, in the Company's internal control over financial reporting, and other business and operational risks and challenges and other factors, including mining accidents. For a discussion of such risk factors, refer to AngloGold Ashanti's annual report on Form 20-F for the financial year ended 31 December 2024 filed with the United States Securities and Exchange Commission (SEC). These factors are not necessarily all of the important factors that could cause AngloGold Ashanti's actual results, performance, actions or achievements to differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on AngloGold Ashanti's future results, performance, actions or achievements. Consequently, readers are cautioned not to place undue reliance on forward-looking statements. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein. View source version on Contacts Media Andrea Maxey+61 08 9425 4603 / +61 400 072 199amaxey@ General inquiriesmedia@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
National Post
06-05-2025
- Business
- National Post
AngloGold Ashanti and Gold Fields Agree to Pause Proposed Ghana JV Discussions
Article content LONDON & DENVER & JOHANNESBURG — AngloGold Ashanti plc ('AngloGold Ashanti' or the 'Company') and Gold Fields have agreed to pause discussions about a proposed joint venture to combine their Iduapriem and Tarkwa gold mines in Ghana. Article content Article content The companies proposed the combination of the neighbouring mines in March 2023 and have spent much of the intervening time in a constructive dialogue with the Government of Ghana to obtain the necessary approvals. Article content Over that time, AngloGold Ashanti has identified changes in its standalone mine plan for Iduapriem which have the potential to unlock significant additional value. Article content 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, while also allowing AngloGold Ashanti to consolidate the improvements to its long-term mining plan, which currently shows the highest value of its options. Article content ABOUT IDUAPRIEM Article content Iduapriem is located in the western region of Ghana, approximately 70km north of the coastal city of Takoradi and about 10km south-west of Gold Fields' Tarkwa mine. Article content The open pit mine began gold production in September 1992 and was acquired by AngloGold Ashanti in 2002 when it merged with Ashanti Goldfields. Article content In 2024 Iduapriem produced 237,000 ounces of gold at a total cash cost of $1,118/oz. Article content Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, total cash costs, all-in sustaining costs, all-in costs, cost savings and other operating results, return on equity, productivity improvements, growth prospects and outlook of AngloGold Ashanti's operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain of AngloGold Ashanti's exploration and production projects and the completion of acquisitions, dispositions or joint venture transactions, AngloGold Ashanti's liquidity and capital resources and capital expenditures, the consequences of the COVID-19 pandemic and the outcome and consequences of any potential or pending litigation or regulatory proceedings or environmental, health and safety issues, are forward-looking statements regarding AngloGold Ashanti's financial reports, operations, economic performance and financial condition. These forward-looking statements or forecasts are not based on historical facts, but rather reflect our current beliefs and expectations concerning future events and generally may be identified by the use of forward-looking words, phrases and expressions such as 'believe', 'expect', 'aim', 'anticipate', 'intend', 'foresee', 'forecast', 'predict', 'project', 'estimate', 'likely', 'may', 'might', 'could', 'should', 'would', 'seek', 'plan', 'scheduled', 'possible', 'continue', 'potential', 'outlook', 'target' or other similar words, phrases, and expressions; provided that the absence thereof does not mean that a statement is not forward-looking. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause AngloGold Ashanti's actual results, performance, actions or achievements to differ materially from the anticipated results, performance, actions or achievements expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements and forecasts are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results, performance, actions or achievements could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic, social, political and market conditions, including related to inflation or international conflicts, the success of business and operating initiatives, changes in the regulatory environment and other government actions, including environmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, any supply chain disruptions, any public health crises, pandemics or epidemics (including the COVID-19 pandemic), the failure to maintain effective internal control over financial reporting or effective disclosure controls and procedures, the inability to remediate one or more material weaknesses, or the discovery of additional material weaknesses, in the Company's internal control over financial reporting, and other business and operational risks and challenges and other factors, including mining accidents. For a discussion of such risk factors, refer to AngloGold Ashanti's annual report on Form 20-F for the financial year ended 31 December 2024 filed with the United States Securities and Exchange Commission (SEC). These factors are not necessarily all of the important factors that could cause AngloGold Ashanti's actual results, performance, actions or achievements to differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on AngloGold Ashanti's future results, performance, actions or achievements. Consequently, readers are cautioned not to place undue reliance on forward-looking statements. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein. Article content Article content Article content Article content Media Article content Article content Article content
Business Wire
06-05-2025
- Business
- Business Wire
AngloGold Ashanti and Gold Fields Agree to Pause Proposed Ghana JV Discussions
LONDON & DENVER & JOHANNESBURG--(BUSINESS WIRE)--AngloGold Ashanti plc ('AngloGold Ashanti' or the 'Company') and Gold Fields have agreed to pause discussions about a proposed joint venture to combine their Iduapriem and Tarkwa gold mines in Ghana. The companies proposed the combination of the neighbouring mines in March 2023 and have spent much of the intervening time in a constructive dialogue with the Government of Ghana to obtain the necessary approvals. Over that time, AngloGold Ashanti has identified changes in its standalone mine plan for Iduapriem which have the potential to unlock significant additional value. 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, while also allowing AngloGold Ashanti to consolidate the improvements to its long-term mining plan, which currently shows the highest value of its options. ABOUT IDUAPRIEM Iduapriem is located in the western region of Ghana, approximately 70km north of the coastal city of Takoradi and about 10km south-west of Gold Fields' Tarkwa mine. The open pit mine began gold production in September 1992 and was acquired by AngloGold Ashanti in 2002 when it merged with Ashanti Goldfields. In 2024 Iduapriem produced 237,000 ounces of gold at a total cash cost of $1,118/oz. Forward-looking statements Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, total cash costs, all-in sustaining costs, all-in costs, cost savings and other operating results, return on equity, productivity improvements, growth prospects and outlook of AngloGold Ashanti's operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain of AngloGold Ashanti's exploration and production projects and the completion of acquisitions, dispositions or joint venture transactions, AngloGold Ashanti's liquidity and capital resources and capital expenditures, the consequences of the COVID-19 pandemic and the outcome and consequences of any potential or pending litigation or regulatory proceedings or environmental, health and safety issues, are forward-looking statements regarding AngloGold Ashanti's financial reports, operations, economic performance and financial condition. These forward-looking statements or forecasts are not based on historical facts, but rather reflect our current beliefs and expectations concerning future events and generally may be identified by the use of forward-looking words, phrases and expressions such as 'believe', 'expect', 'aim', 'anticipate', 'intend', 'foresee', 'forecast', 'predict', 'project', 'estimate', 'likely', 'may', 'might', 'could', 'should', 'would', 'seek', 'plan', 'scheduled', 'possible', 'continue', 'potential', 'outlook', 'target' or other similar words, phrases, and expressions; provided that the absence thereof does not mean that a statement is not forward-looking. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause AngloGold Ashanti's actual results, performance, actions or achievements to differ materially from the anticipated results, performance, actions or achievements expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements and forecasts are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results, performance, actions or achievements could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic, social, political and market conditions, including related to inflation or international conflicts, the success of business and operating initiatives, changes in the regulatory environment and other government actions, including environmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, any supply chain disruptions, any public health crises, pandemics or epidemics (including the COVID-19 pandemic), the failure to maintain effective internal control over financial reporting or effective disclosure controls and procedures, the inability to remediate one or more material weaknesses, or the discovery of additional material weaknesses, in the Company's internal control over financial reporting, and other business and operational risks and challenges and other factors, including mining accidents. For a discussion of such risk factors, refer to AngloGold Ashanti's annual report on Form 20-F for the financial year ended 31 December 2024 filed with the United States Securities and Exchange Commission (SEC). These factors are not necessarily all of the important factors that could cause AngloGold Ashanti's actual results, performance, actions or achievements to differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on AngloGold Ashanti's future results, performance, actions or achievements. Consequently, readers are cautioned not to place undue reliance on forward-looking statements. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein.
News24
24-04-2025
- Business
- News24
Gold Fields gets one-year extension at Damang Mine in Ghana
Gold Fields said it will be given a 12-month lease to continue operating the Damang mine in Ghana, after the government initially rejected its application to extend the rights. The Johannesburg-listed firm will "take all reasonable steps" to restart open pit mining at Damang, which it halted in 2023, Gold Fields said in a statement on Thursday. The subsidiary that owns the asset will be allowed to resume the processing of surface stockpiles, it said. Ghana's government, led by President John Mahama since January, took the unusual step of refusing to renew the lease, saying Gold Fields' application had failed to declare mineral reserves, outline future plans, or allocate any exploration budget for Damang. That reflected the new administration's "shift away from the neo-colonial posturing of automatic renewals of licenses," the land and natural resources ministry said 15 April, three days before the permit lapsed. The resolution, first announced by the presidency on Wednesday, will see Gold Fields complete studies on extending Damang's life by the end of the year. The miner and government will also establish a joint team "to ensure the successful transition of the asset to ownership by the people of Ghana," the company said. African governments, from Mali to Zambia, are pushing for a larger share of the revenues generated by their natural resources. Bullion's record-breaking rally this year has put a particular spotlight on the gold industry. At the same time, soaring prices have encouraged some large producers to sell smaller mines that, without fresh investment, are approaching the end of their lives. China'' Zijin Mining Group acquired the Akyem project in Ghana from Newmont Corp. for $1 billion (R18.5 billion), while Barrick Gold is seeking a buyer for its Tongon asset in the Ivory Coast. Gold Fields has previously said it's weighing up whether to offload Damang. Damang is a mature asset that contributed about 6% of Gold Fields' total output last year. The one-year extension requires ratification by Ghana's parliament, which will reconvene next month. The company also operates the much larger Tarkwa mine in Ghana, which it wants to combine with AngloGold Ashanti's Iduapriem asset. The two companies were unable to secure authorization for the merger under the previous administration, which was voted out of power in December. Gold Fields and the government have agreed to start discussions on the renewal of Tarkwa's lease, which expires in 2027, according to the presidency's statement. Ghana isn't the only West African gold producer acting more assertively over its resource assets. Mali's military leaders have been renegotiating mining deals with investors and have threatened to take over Barrick's vast Loulo-Gounkoto complex, which has been shuttered for three months amid a dispute over revenues and alleged back taxes. Burkina Faso nationalized a pair of small gold operations last year, while Ivory Coast is updating mining legislation, and Senegal is reviewing existing contracts.
