{"id":823198,"date":"2025-05-06T11:24:11","date_gmt":"2025-05-06T09:24:11","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=823198"},"modified":"2025-05-06T11:24:16","modified_gmt":"2025-05-06T09:24:16","slug":"south-african-mining-giants-put-merger-on-hold","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/823198\/south-african-mining-giants-put-merger-on-hold\/","title":{"rendered":"South African mining giants put merger on hold"},"content":{"rendered":"\n

AngloGold Ashanti and Gold Fields have agreed to pause discussions over combining their assets in Ghana.<\/p>\n\n\n\n

The two JSE-listed companies previously proposed a joint venture to combine their Iduapriem and Tarkwa gold mines in Ghana.<\/p>\n\n\n\n

Iduapriem is in Ghana’s western region, roughly 70km north of Takoradi and about 10km southwest of Gold Fields’ Tarkwa mine.<\/p>\n\n\n\n

The open pit mine started gold production in 1992 and was acquired by AngloGold Ashanti in 2002, when it merged with Ashanti Goldfields.<\/p>\n\n\n\n

In March 2023, the companies proposed combining the neighbouring mines and have since held constructive dialogues with the Government of Ghana to obtain the necessary approvals.<\/p>\n\n\n\n

Since the start of the discussions, AngloGold Ashanti identified changes in its standalone mine plan for Iduapriem, which it believes have the potential to unlock significant additional value.<\/p>\n\n\n\n

Thus, the companies have decided to pause discussions about their joint venture so that they can focus on improving the standalone performance of the respective sites.<\/p>\n\n\n\n

This will allow AngloGold Ashanti to consolidate improvements to its long-term mining plan, which currently shows the highest value of its options.<\/p>\n\n\n\n

Gold Fields expansion <\/strong><\/h2>\n\n\n
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\"\"<\/a><\/figure><\/div>\n\n\n

Despite the deal with AngloGold Ashanti going on pause, Gold Fields announced yesterday, 05 May, that it will acquire Australia\u2019s Gold Road Resources for AUD$3.7 billion (roughly R45 billion).<\/p>\n\n\n\n

Gold Fields entered into a binding Scheme Implementation Deed to purchase 100% of Gold Road’s issued and outstanding share capital.<\/p>\n\n\n\n

The board of Gold Road recommended that shareholders vote in favour of the purchase, without a superior proposal and subject to an independent expert\u2019s report.<\/p>\n\n\n\n

The two companies already collaborate at the Gruyere gold mine in Western Australia, with each holding a 50% share.<\/p>\n\n\n\n

In addition to its 50% stake in the Gruyere gold mine, the group holds 100%-owned exploration projects across the broader Yamarna Greenstone Belt.<\/p>\n\n\n\n

Gold Fields said that the consolidation forms part of its strategy of improving its portfolio quality with the purchase of high-quality, long-life assets.<\/p>\n\n\n\n

The transaction comes after Gold Fields produced incredibly strong results amidst a record-high gold price due to heightened uncertainty. The group’s net income rose by 248.68% to USD428 million (R7.8 billion).<\/p>\n","protected":false},"excerpt":{"rendered":"

After agreeing to a major acquisition in Australia, Gold Fields has put its talks with AngloGold Ashanti in Ghana on hold. <\/p>\n","protected":false},"author":95,"featured_media":823211,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[5862,6698],"class_list":["post-823198","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-anglogold-ashanti","tag-gold-fields"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/823198","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=823198"}],"version-history":[{"count":6,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/823198\/revisions"}],"predecessor-version":[{"id":823216,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/823198\/revisions\/823216"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/823211"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=823198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=823198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=823198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}