Gold Fields and AngloGold Ashanti propose Ghana JV to create Africa’s largest gold mine - Adomonline.com

Gold Fields and AngloGold Ashanti (‘The Parties’) have agreed the key terms of a proposed joint venture in Ghana between Gold Fields’ Tarkwa and AngloGold Ashanti’s neighbouring Iduapriem mines (the ‘Proposed Joint Venture’).

It is intended that the Proposed Joint Venture will be an incorporated joint venture, constituted within Gold Fields Ghana and operated by Gold Fields.

The Proposed Joint Venture is an exciting opportunity to combine mining operations that are essentially part of the same mineral deposit and is something that Gold Fields and AngloGold Ashanti have discussed many times before over the years.

Additional, detailed work will now be undertaken to develop the optimised initial operating plan which will apply from commencement of the Proposed Joint Venture. Gold Fields and AngloGold Ashanti have agreed the governance principles of the Proposed Joint Venture, including their respective representation in management committees for the Proposed Joint Venture and the board of Gold Fields Ghana

As operator of Gold Fields Ghana, Gold Fields will receive a management and technical fee determined on an arms-length basis.Implementation is subject to reaching agreement with the GoG regarding the Proposed Joint Venture, conclusion of confirmatory due diligence and definitive transaction agreements, and securing all requisite regulatory approvals

Subject to satisfaction of these conditions, the Parties intend to implement the Proposed Joint Venture as soon as practically possible.About Gold Fields

Certain statements contained in this announcement, other than statements of historical fact, including, without limitation, those concerning expectations of operational synergies, long-term benefits, life of operation, extension plans, average annual production and all in sustaining cost relating to the Proposed Joint Venture are forward-looking statements regarding the operations, economic performance and financial condition of AngloGold Ashanti and Gold Fields