Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
The executive vice president and head of Gold Fields West Africa, Joshua Mortoti, said on Friday he saw the conclusion of a proposed joint venture agreement with AngloGold on their Ghanaian mines by the end of 2023 or early next year.
Gold Fields and AngloGold Ashanti agreed to combine their neighbouring Tarkwa and Iduapriem mines in Ghana to create Africa’s biggest gold mine, the two companies said last week.
“We’re giving ourselves sufficient time at least to the end of the year to be able to get the necessary agreements that we have to get to make this transaction come to fruition,” he said at a briefing on the proposed plan.
He added there were also plans to earnestly engage the government by the middle of April on the proposed joint venture.
Gold Fields and AngloGold would own 60% and 30% of the joint operation, respectively, with the Ghanaian government holding 10%, AngloGold CEO Alberto Calderon said last week.
(By Christian Akorlie and Anait Miridzhanian; Editing by James Macharia Chege)
Related Article: Gold Fields, AngloGold rule out merger after Ghana joint venture deal
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