AngloGold Ashanti and Gold Fields have suspended negotiations to merge their neighbouring Tarkwa and Iduapriem gold mines in Ghana, the companies announced Tuesday, halting progress on what was set to become Africa’s largest gold mining operation.
The two mining giants first unveiled the joint venture proposal in 2022, but talks have stalled amid pending regulatory approval from the Ghanaian government. In a statement, AngloGold said the decision to pause discussions would allow both companies to concentrate on boosting performance at their individual sites.
Gold Fields echoed that sentiment, calling the merger “compelling” but confirming that both firms will now continue to operate independently for the foreseeable future.
Under the initial plan, Gold Fields would have taken a 60% stake in the combined venture, with AngloGold holding 30% and the Ghanaian government owning the remaining 10%. The proposed mine was projected to produce around 900,000 ounces of gold annually during its first five years, and approximately 600,000 ounces per year over its expected 18-year lifespan.
Ghana, one of Africa’s leading gold producers, is currently facing a severe economic crisis, and issues related to gold mining — including illegal operations — have become politically sensitive. The delay in decision-making on the merger reflects the broader regulatory and economic uncertainties affecting the country’s mining sector.