Gold Fields to decide fate of Ghana’s Asanko Gold Mine within four months
Gold Fields Ltd., a Johannesburg-listed mining company, is set to make a pivotal decision regarding its ownership stake in the Asanko gold mine located in Ghana within the next four months, as disclosed by interim Chief Executive Officer Martin Preece.
The company is actively exploring various options for the Asanko gold mine, including the possibility of a complete divestiture or a strategic move to increase its ownership stake in the operation, according to Preece in a statement to Bloomberg.
Gold Fields entered into a joint venture agreement with Vancouver-based Galiano Gold Inc. to operate the Asanko gold mine in 2018. Last year, the mine produced approximately 170,342 bullion ounces. However, due to the aging of the asset, the company anticipates a decline in production to a range of 120,000 to 130,000 ounces in 2023.
Preece expressed confidence in reaching a resolution regarding the Asanko gold mine partnership with Galiano within the next three to four months, providing clarity on the path forward.
In addition to this development, Preece announced that Gold Fields intends to unveil a new CEO in the coming two weeks. This follows the successful conclusion of the final rounds of interviews with potential candidates. The company is also initiating a search for a new Chief Financial Officer following the retirement of Paul Schmidt in August, Preece added.
