Within four months, Gold Fields will decide the future of the Ghana mine.
According to interim CEO Martin Preece, Gold Fields Ltd. will decide within the next four months whether to keep or sell its ownership in its smallest gold asset.
According to Preece, the Johannesburg-listed company is “exploring all the options” for the Asanko gold mine in Ghana, including a complete sale or a move to increase its shareholding.
2018 saw the company form a joint venture with Vancouver-based Galiano Gold Inc. to run the mine. As the asset ages, it estimates production to decline to 120,000 to 130,000 ounces in 2023 from 170,342 bullion ounces last year.
Preece stated at the Denver Gold Forum on Tuesday, “I hope in the next three or four months we’ll have a conclusion on the way forward with Galiano.
After recently finishing the final rounds of interviews with candidates, Preece stated that the company also aims to introduce a new CEO within the following two weeks. Paul Schmidt retired in August, and Gold Fields has only started looking for a replacement, he added.
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