27 years of EXCELLENCE
Mining Feature
Gold Fields Ghana
27 years of EXCELLENCE 2
Issue 101 · Business Enquirer Magazine
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PROJECT DIRECTED BY
WRITTEN BY
Malvern Kandemwa
Jay Benmehidi
Mining Feature
T
he story of Gold Fields, a global leader in the gold mining space with a prestigious mining heritage, is a story of success that stretches back over 125-years. Gold Fields has come a long way since it was first formed in Johannesburg in 1897, as is reflected by its industry standing today, but whilst its success is impressive, the manner in which the company has achieved it is more impressive still. Time bestows a wisdom that can only be earned through experience, and this is as true in business as in any other area of life. Many businesses aspire to be the biggest, prioritising revenue and growth through the implementation of strategies that bring short-term financial reward, and yet are ultimately unsustainable in the longterm – this is where Gold Fields differs from its peers. Whilst the company is a true industry heavyweight with a global footprint spanning three continents, employing over 17,000 staff across five countries, Gold Fields’ success is a product of its vision and values – rather than be the biggest, it instead strives to be the best. The best by measure of the sustainability of its operations, the best by measure of ethical good practice, the best by being an innovative thought leader that sets trends, not follows them. Naturally, this ethos of doing things better, not bigger, extends to the company’s regional subsidiaries, such as Gold Fields Ghana (GFG). Gold Fields Ghana has been active in West Africa for nearly three decades, and today operates the Tarkwa and Damang mines, in addition to the impressive Asanko mine – a project it jointly oversees in partnership with Galiano Gold as part of a JV agreement. Gold Fields’ presence in Ghana has proven to be a partnership that has benefitted both company and country on many levels. Thanks to the astute governance of Ghana’s political leadership, which has succeeded in driving down rates
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Issue 101 · Business Enquirer Magazine
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Mining Feature of poverty in the country from 53% in 1991 to below 12% as of 2020, today, Ghana is an industrialised, business friendly mining jurisdiction, to the extent the country has taken South Africa’s crown as the leading nation for gold mining on the continent: “Through our experience in the country, we have come to understand the culture, the business environment, and the people too, and it is worthwhile to mention that Ghana’s democracy is mature and very politically stable. West Africa represents 34% to 37% of the overall production of Gold Fields, so it is a very important region for the Group.” The lion’s share of GFG’s gold mining output comes from the company’s world-class Tarkwa project, its first and largest mine. Located in the western region of Ghana, approximately 300km by road from the capital, Accra, the substantial open pit gold mine, which is very much a high-volume, low-grade operation, uses
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Issue 101 · Business Enquirer Magazine
Gold Fields Ghana well-defined selective surface mining methods to optimise the extraction of resource from its four open pits – Pepe-Mantraim, Teberebie, Akontansi, and Kottraverchy. Once extracted, ore is processed by a conventional CIL plant, which utilises two gyratory crushers that feed coarse ore and auxiliary stockpiles. Apron feeders supply the feed from both stockpiles via conveyors to the SAG mill, which then feeds the ball mill. Gold is recovered from solution by electro-winning before being smelted in an induction furnace. Presently, the plant’s capacity is 13.7Mtpa, which facilitates annual gold production of up to 500koz: “Tarkwa continues to be the Group’s flagship mine, and it has maintained a steady production at more than 500,000 oz/year. Because it is a lowgrade resource, we need to mine large volumes and our experience has helped us maximise mining recovery.
Over the years, I believe we did not give Tarkwa a fair chance for exploration, and so we have now changed our strategy and launched an aggressive exploration program. Through this exploration agenda, we were able last year to replace the annual depletion of mineral reserves for the first time in 15 years. The mine has another 15 years of life left – at the present level of reserves – and a processing capacity of about 14 million tons/ year.”
as we have already increased our reserves through exploration. Gold Fields started the reinvestment plan in 2017, and we are ahead of our production targets and we have also reduced our cost base. Currently, Gold Fields is planning another round of studies to further push towards the eastern side of the existing pits, which will extend the life of mine beyond five years.”
Not that all of Gold Fields Ghana’s energies have been focused on Tarkwa, of course – far from it. At the company’s Damang mine, a hugely promising and large open pit mine, the successful completion of works intended to increase Damang’s mine life have breathed new life into the site:
Tarkwa continues to be the Group’s flagship mine, and it has maintained a steady production at more than 500,000 oz/year.
“Damang is a high-grade mine compared to Tarkwa and has a current life of mine of about five years, but we believe this can be further extended,
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Engineering Environmental Geosciences
Mining Feature
adding value. delivering results
Geotechnical
Materials Testing
Environmental
Knight Piésold Ghana Limited was Incorporated in 1996 and since that time has provided specialist Engineering, Environmental and Materials Testing services to the Mining sector within Ghana and neighboring West Africa countries. The Knight Piésold group, of which Knight Piésold Ghana is part, is an international company of consulting Engineers and Environmental scientists providing services to public and private sector clients in the Water, Power, Mining and Environmental fields. We work closely with our clients, understanding unique project characteristics within the context of today’s global business environment. With a commitment to quality, safety and technical excellence, Knight Piésold specializes in creating customized solutions at every stage of a project life cycle, while delivering sustainable, bottom-line results. We have led numerous award-winning projects to completion and have fostered many long-term client relationships that hold strong today. OUR EXPERTISE Engineering: Civil Engineering; Geotechnical Engineering; Water Resources Engineering; Structural Engineering.
The heavy investment that has been committed into expanding the life span of both projects is not only a sound strategic move on the part of GFG but a statement of intent on the part of a company which clearly isn’t resting on its laurels. Gold Fields’ future in Ghana would be secure through ownership of these two mines alone, but the acquisition of a stake in the Asanko mine has shown the mining world that the company is serious about realising its goal to grow its current portfolio further by considering opportunities in the M&A space, exploration, productivity improvements and cost optimisation.
“What informed our decision to enter into a JV agreement with Asanko is the huge upside potential for exploration, which Gold Fields can tap into thanks to our depth of expertise. This mine is operated by Galiano Gold, but we work closely with them in joint management committees.”
Environmental: Baseline Studies; Water Quality Studies; Environmental Management Plans and Monitoring; Environmental and Social Impact Studies; Closure and Reclamation; Environmental Auditing; Water Quality Studies; Social Studies and Community Engagement. Geosciences: Hydrology; Hydrogeology; Geochemistry Management and Testing: Construction Supervision and QA/QC; Soils and Materials Testing; Geographic Information System; Data Management; Project Management.
CONTACT DETAILS Knight Piésold Ghana Ltd. House No.20 2nd Close Airport Residential Area P.O Box C4122 Cantonments Accra
Tel: +233 30 702 1155 +233 244 343 116 Email: accra@knightpiesold.com anketiah@knightpiesold.com
www.knightpiesold.com
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Mining Feature
Gold Fields Ghana
Going forward to the final third of 2021, Gold Fields Ghana – fresh after completing what has been a gruelling period of seemingly continual mine upgrades in recent times, and the recent investment in Asanko – currently has no further significant projects planned in the near-future. Should an excellent opportunity arise, it is a virtually a given that GFG will seize it, but in the meantime the company will continue to do what it does best: operate a world-class mining operation that creates value for stakeholders, supports its hardworking and dedicated workforce, and continue being a force for good in Ghana by supporting and investing in the communities in which it operates: “A big focus for Gold Fields in Ghana is to develop the region. We manage and fund the Gold Fields Ghana Foundation, which supports local communities in education, health, water and sanitation, infrastructure, and agriculture. Through the Foundation, we run legacy projects, such as building the road between Tarkwa and Damang, and modernising the Tarkwa soccer stadium. In the future, we plan to upgrade government hospitals within our communities and, with the help of our mining peers, we hope to build the first airport in Tarkwa.”
The company will continue to do what it does best: operate a world-class mining operation that creates value for stakeholders, supports its hardworking and dedicated workforce, and continue being a force for good in Ghana by supporting and investing in the communities in which it operates.
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Issue 101 · Business Enquirer Magazine
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Gold Fields Ghana +233 302 770 189 /90 /91 info@goldfields.com www.goldfields.com
info@busenq.com www.busenq.com