Asanko Gold and Gold Fields, two gold mining companies, formed a 50:50 joint venture company which will own Asanko’s 90% interest in the Asanko Gold Mine, together with all associated properties in Ghana. Upon closing of the transaction, Asanko received $165m in cash from Gold Fields, with the remaining $20m receivable in cash upon achievement of an agreed Esaase development milestone. Peter Breese, President and CEO of Asanko, said “Today marks an important milestone for Asanko as we conclude our JV Transaction with Gold Fields and emerge completely debt-free, with a strong partner, a solid long life production base, competitive cost profile, fully funded organic growth and significant exploration potential."