May 6 (Reuters) - AngloGold Ashanti ( AU ) and
Gold Fields have agreed to pause talks to merge their
neighbouring Tarkwa and Iduapriem mines in Ghana, the companies
said on Tuesday, two years after announcing the plan.
The plan to combine the two mines, which would have created
Africa's biggest gold mine, had not been advanced, with the
Ghanaian government still to make a decision on whether to grant
regulatory approval.
"The companies have decided to pause discussions around the
joint venture to allow them to focus on improving the current,
standalone performance at their respective sites," AngloGold
said in a statement.
Gold Fields said in a separate statement that while a
combination of the two mines remained "compelling", the two
miners would continue focusing on their respective operations
"on a standalone basis".
Under the joint venture plan, Gold Fields and AngloGold
would have owned 60% and 30% of the merged operation,
respectively, with the government holding 10%.
The joint operation had been forecast to produce an average
900,000 ounces annually over the first five years and 600,000
ounces a year over the estimated 18-year life of the mine.