Gold Fields and AngloGold’s Ghana joint venture a rare win-win
It’s not a prelude to a bigger merger but should markedly improve their operations in the country — as long as the Ghanaian government plays nice
A new joint venture in Ghana between Gold Fields and AngloGold Ashanti proved irresistible to fellow scribes, who asked at a press conference this month if it was a prelude to a merger. In the context of about $30bn in first-quarter mining industry merger & acquisition activity, it’s a fair question.
AngloGold CEO Alberto Calderon wafted it away, however: “It’s the last thing we talk about,” he said. In truth, the joint venture partners have good reasons to demur. Gold Fields’s board is frozen until it appoints a new permanent CEO to replace Chris Griffith, who left in December. His failed takeover of Canadian firm Yamana Gold has put Gold Fields in search of credibility and off blockbuster deal-making...
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