AngloGold Ashanti Plans $900 Million Expansion to Add Up to 450,000 Ounces of Gold by 2030

AngloGold Ashanti plans to invest up to $900 million in expanding several existing mines across Africa and Latin America, targeting an additional 300,000 to 450,000 ounces of annual gold production by 2030.

The expansion programme will focus on its Geita mine in Tanzania, Siguiri in Guinea and Cuiabá in Brazil, alongside the continued ramp-up of operations at Obuasi in Ghana.

According to Reuters, the projects are expected to deliver internal rates of return above 35%, reflecting the company’s strategy of prioritising high-return investments at established operations.

“These are high-return, capital-efficient projects at our operating mines that are expected to provide high-margin ounces and unlock further value from our portfolio,” AngloGold Ashanti CEO Alberto Calderon said.

Geita to receive largest investment

Tanzania’s Geita gold mine is expected to receive the largest share of the planned investment, with up to $580 million earmarked to increase annual production to 600,000 ounces by 2030.

The company also plans to invest between $200 million and $250 million in expanding its Cuiabá operation in Brazil, with the project expected to add approximately 75,000 ounces to production.

At the Siguiri mine in Guinea, AngloGold intends to invest around $70 million to increase output by a further 100,000 ounces.

The investments will leverage existing infrastructure and operational facilities to limit development risks, improve capital efficiency and increase production from established mining assets.

Higher gold prices lift quarterly earnings

AngloGold’s expansion plans come amid stronger financial performance, supported by higher gold prices.

The company reported third-quarter 2026 EBITDA of $1.568 billion, representing a 12% increase from the $1.4 billion recorded in the corresponding period of 2025.

The improvement was driven partly by an increase in the average realised gold price, which rose to $4,239 per ounce from $3,490 per ounce a year earlier.

AngloGold reaffirmed its full-year 2026 gold production guidance of between 2.8 million and 3.17 million ounces.

However, the company reported a 3.65% quarter-on-quarter increase in its gold production cost to $1,534 per ounce, citing higher gold royalties and fuel costs.

Safety incident at Sukari mine

The company also disclosed that a worker died following a rockfall at the Sukari underground mine in August 2026.

Operations were suspended while investigations were conducted but have since resumed.

The incident highlights the continuing importance of underground safety and effective risk management as mining companies seek to increase production across their operations.

With the planned investment programme, AngloGold Ashanti is positioning its existing mines to deliver additional production and stronger returns by 2030, while capitalising on favourable gold prices.