ACCRA, Nov 6 – AngloGold Ashanti plans to invest approximately $900 million in mine expansion projects to increase annual gold production by at least 400,000 ounces by the end of the decade, with much of the additional output expected to come from existing operations in Africa and Brazil.
The company, the world’s fourth-largest gold producer by output, said on Thursday that its growth strategy will focus on expanding operations at Geita in Tanzania, Siguiri in Guinea and Cuiabá in Brazil, alongside the ongoing production ramp-up at its Obuasi mine in Ghana.
The planned investments are designed to leverage existing infrastructure and increase production capacity while improving returns from the company’s operating assets.
AngloGold reported a 12% increase in third-quarter earnings before interest, taxes, depreciation and amortisation (EBITDA) to $1.57 billion, supported by higher gold prices.
The miner produced 2.164 million ounces of gold in the nine months to September 30. It is targeting total production of between 2.8 million and 3.17 million ounces in 2026.
Tanzania’s Geita mine accounts for the largest share of the planned expansion expenditure. AngloGold expects to invest between $480 million and $580 million to increase annual production to 600,000 ounces by 2030, from 492,000 ounces in 2025.
In Brazil, the Cuiabá expansion is expected to require between $200 million and $250 million in investment. The project is projected to add 75,000 ounces to the mine’s annual output, which stood at 194,000 ounces in 2025.
At the Siguiri mine in Guinea, AngloGold plans to spend an additional $70 million to increase annual production by 100,000 ounces. The operation produced 289,000 ounces last year.
The company is also continuing the ramp-up of its Obuasi mine in Ghana, which forms part of its broader strategy to expand production through existing assets rather than relying solely on new mine development.
AngloGold expects the growth projects to generate a real internal rate of return of more than 35%, based on a long-term gold price assumption of $3,000 per ounce. The projected returns reflect the company’s focus on expanding established operations and using existing infrastructure to support additional output.
The investment programme comes as gold miners seek to increase production capacity amid elevated bullion prices and growing interest in the long-term supply outlook. For AngloGold, the planned expansions are expected to strengthen its production base across Africa and Brazil while adding scale to operations in established mining jurisdictions.
