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Gold Fields and AngloGold Ashanti provide an update on the proposed Joint Venture in Ghana
AngloGold Ashanti plc
(Incorporated in England and Wales)
Registration No. 14654651
LEI No. 2138005YDSA7A82RNU96
ISIN: GB00BRXH2664
CUSIP: G0378L100
NYSE Share code: AU
JSE Share code: ANG
("AngloGold Ashanti", "AGA" or the "Company")
NEWS RELEASE
GOLD FIELDS AND ANGLOGOLD ASHANTI PROVIDE AN UPDATE ON THE PROPOSED
JOINT VENTURE BETWEEN GOLD FIELDS' TARKWA MINE AND ANGLOGOLD ASHANTI'S
IDUAPRIEM MINE IN GHANA
Gold Fields and AngloGold Ashanti (the "Parties") refer shareholders to their joint media release of
16 March 2023 in which the Parties announced that they had agreed key terms for a proposed joint
venture between Gold Fields' Tarkwa Mine and AngloGold Ashanti's Iduapriem Mine in Ghana (the
"Proposed Joint Venture"). Shareholders are also referred to subsequent updates provided by both
companies on the Proposed Joint venture progress in their respective financial results publications
since.
Notwithstanding constructive engagement with the Government of Ghana since the announcement
of the Proposed Joint Venture on 16 March 2023, the requisite approvals by the Government of
Ghana for the Proposed Joint Venture have not yet been obtained.
Gold Fields and AngloGold Ashanti have sought to secure the requisite approvals, which include
approval of the Proposed Joint Venture by the Parliament of Ghana, ahead of the October 2024
Parliamentary recess before the Ghana national elections to be held in December 2024.
The Parties continue to believe that a combination of the two neighbouring mines into a single
managed entity is compelling, given that it is anticipated to extend life of mine, increase production
and lower costs, creating value for all stakeholders.
In the absence of the requisite approvals from the Government of Ghana and clear timelines for
execution of an agreement, Gold Fields and AngloGold Ashanti will maintain engagement in
relation to a potential asset combination while separately continuing to pursue improvements to
their respective assets.
The Parties will keep shareholders appraised of any significant developments pertaining to the
Proposed Joint Venture.
ENDS
7 November 2024
London, Denver, Johannesburg
AngloGold Ashanti JSE Sponsor: The Standard Bank of South Africa Limited
Gold Fields Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd
For AngloGold Ashanti investor and media enquiries contact:
Stewart Bailey
Telephone: +27 11 637 6031
Mobile: +27 81 032 2563
Email: sbailey@anglogoldashanti.com
Andrea Maxey
Telephone: +61 8 9425 4603
Mobile: +61 400 072 199
Email: amaxey@anglogoldashanti.com
For Gold Fields investor enquiries contact:
Jongisa Magagula
Tel: +27 11 562 9775
Mobile: +27 67 419 9503
Email: Jongisa.Magagula@goldfields.com
Thomas Mengel
Tel: +27 11 562 9849
Mobile: +27 72 493 5170
Email: Thomas.Mengel@goldfields.com
For Gold Fields media enquiries contact:
Sven Lunsche
Tel: +27 11 562 9763
Mobile: +27 83 260 9279
Email: Sven.Lunsche@goldfields.com
About Gold Fields
Gold Fields is a globally diversified gold producer with nine operating mines in Australia, South
Africa, Ghana, Chile and Peru and one project in Canada. Gold Fields has total attributable annual
gold-equivalent production of 2.30 Moz, proved and probable gold Mineral Reserves of 46.1 Moz,
measured and indicated gold Mineral Resources of 31.1 Moz (excluding Mineral Reserves) and
inferred gold Mineral Resources of 11.2 Moz (excluding Mineral Reserves). Our shares are listed
on the Johannesburg Stock Exchange (JSE) and our American depositary shares trade on the
New York Exchange (NYSE).
About Tarkwa Mine
Tarkwa is 90%-owned by Gold Fields, with the Government of Ghana holding the remaining 10%.
As at 31 December 2023, Tarkwa had proved and probable gold Mineral Reserves of 4.35 Moz
and measured, indicated and inferred gold Mineral Resources of 3.40 Moz. For more information
on Tarkwa Mine please visit https://www.goldfields.com/west-africa-region.php
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About AngloGold Ashanti plc1
AngloGold Ashanti is an independent, global gold mining company with a diverse, high-quality
portfolio of operations, projects and exploration activities across nine countries on four continents.
AngloGold Ashanti produced 2.69 Moz of gold in 2023 and as at 31 December 2023, had gold
Proven and Probable Mineral Reserves of 28.07 Moz, gold Measured and Indicated Mineral
Resource of 59.91 Moz (exclusive of Mineral Reserve) and gold Inferred Mineral Resource of
46.42 Moz (exclusive of Mineral Reserve). AngloGold Ashanti is listed on the New York Stock
Exchange (NYSE), the Johannesburg Stock Exchange (JSE), the A2X Market (A2X) and Ghana
stock exchange (GSE).
(1)
- Gold production from managed operations is reported on a consolidated basis. Gold production from non-managed joint ventures is reported on an
attributable basis. Gold production for the financial year ended 31 December 2023 has been adjusted to exclude the Córrego do Sítio ("CdS") operation that
was placed on care and maintenance in August 2023. Gold production includes gold concentrate from the Cuiabá mine sold to third parties.
About Iduapriem Mine
Iduapriem Mine is wholly-owned by AngloGold Ashanti plc. As at 31 December 2023, Iduapriem
had gold Proven and Probable Mineral Reserve of 2.06 Moz, gold Measured and Indicated Mineral
Resource of 2.49 Moz (exclusive of Mineral Reserve) and gold Inferred Mineral Resource of 1.14
Moz (exclusive of Mineral Reserve). For more information on Iduapriem Mine please visit https://
www.anglogoldashanti.com/portfolio/africa/iduapriem/
Forward-looking statements
AngloGold Ashanti plc
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
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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
AngloGold Ashanti'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 year ended 31 December
2023 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.
Gold Fields Limited
This announcement contains forward-looking statements. All statements other than statements of
historical fact included in this announcement may be forward-looking statements. Forward-looking
statements may be identified by the use of words such as "aim", "anticipate", "will", "would",
"expect", "may", "could", "believe", "target", "estimate", "project" and words of similar meaning.
These forward-looking statements, including among others, those relating to the Proposed Joint
Venture (including the expected terms, timing and satisfaction of conditions), Gold Fields' future
business strategy, development activities and other initiatives, business prospects, financial
positions, production and operational guidance are necessary estimates reflecting the best
judgement of the senior management of Gold Fields and involve a number of risks and
uncertainties that could cause actual results to differ materially from those suggested by the
forward-looking statements. By their nature, forward-looking statements involve risk and
uncertainty because they relate to future events and circumstances and should be considered in
light of various important factors, including those set forth in Gold Fields' Integrated Annual Report
2023 filed with the Johannesburg Stock Exchange and annual report on Form 20-F filed with the
United States Securities and Exchange Commission (SEC) on 28 March 2024 (SEC File no.
001-31318). Readers are cautioned not to place undue reliance on such statements. These
forward-looking statements speak only as of the date they are made. Gold Fields undertakes no
obligation to update publicly or release any revisions to these forward-looking statements to reflect
events or circumstances after the date of this announcement or to reflect the occurrence of
unanticipated events. These forward-looking statements have not been reviewed or reported on by
Gold Fields' external auditors.
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Date: 07-11-2024 01:30:00
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