Gold Fields Ltd  has completed the joint venture transaction with Asanko Gold, with Gold Fields acquiring a 50% stake in Asanko’s 90% interest in the Asanko gold mine in Ghana.

Gold Fields is expected to equity account its share in the JV, with attributable production and costs incorporated into the group numbers from completion. Asanko’s published guidance for 2019-2023 is average annual production of 253,000 oz (100% basis).

Gold Fields and Asanko have established various working groups to ensure that the Asanko mine continues to operate in an efficient manner.

Nick Holland, CEO, said: “The closing of the transaction with Asanko gives us exposure to a great camp, with long-life, low-cost production, with significant exploration potential in a country we know well and have operated in for 25 years.”

“The Joint Venture bolsters the Ghana region, with Tarkwa providing the base load production and Damang providing growth through the reinvestment plan currently underway. We look forward to working closely with our new partners,” he added.