Gold Fields Explores Joint Venture Projects to Boost Gold Output

The proposed joint venture will lift output from Tarkwa mine and extend its life.

SEATTLE (Scrap Monster): Johannesburg, South Africa-based leading gold mining firm Gold Fields Limited announced that it plans to enter into key joint venture projects with other leading miners, aimed at boosting the output to fresh peaks over the next three years. The company had earlier guided for 2.7 million to 2.8 million ounces of annual gold output from its mines by 2024.

In Ghana, the company plans a joint venture project with its rival AngloGold Ashanti Ltd, which it believes, will not only boost productivity, but also lead to significant reduction in operating costs. The company’s Tarkwa mine is only a few kilometres away from AngloGold’s Iduapriem operation.

The proposed joint venture will lift output from Tarkwa mine and extend its life. The optimization of plant capacities of both the operations will benefit both Gold Fields and AngloGold. The two mines had recorded a combined output of around 800,000 ounces of gold in 2020, thus making it one of the world’s largest gold operations.

The recent trading statement for H1 2021 noted that attributable gold equivalent production for the six-month period of the current year ended 30^th June, 2021 increased marginally to 1,104koz, compared with 1,087koz in H1 2020.

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