AngloGold Ashanti is investing about $900m in gold mining expansion projects across Africa and Brazil, targeting an additional 400,000 ounces of annual production by the end of the decade, with Tanzania and Guinea expected to contribute 208,000 ounces.
The expansion programme will focus on increasing output from existing mining operations, with Tanzania receiving the largest share of the investment through the expansion of its Geita mine.
AngloGold plans to invest between $480m and $580m in Geita to raise annual production from 492,000 ounces in 2025 to 600,000 ounces by 2030.
In Guinea, the company will spend about $70m on its Siguiri mine, targeting an additional 100,000 ounces of annual production. The mine produced 289,000 ounces in 2025.
Combined, the two African projects are expected to deliver 208,000 additional ounces annually, accounting for more than half of the company’s targeted production growth.
Ghana is also central to the expansion strategy, with continued production growth expected from the Obuasi mine as the company advances its operational ramp-up, although no specific additional output target was disclosed.
The investment drive also includes between $200m and $250m for the expansion of the Cuiabá mine in Brazil, which is expected to add 75,000 ounces to annual production.
The Brazilian operation produced 194,000 ounces in 2025.
Moniepoint releases USSD code for FG’s N50,000 relief fund
AngloGold produced 2.164 million ounces of gold in the first nine months of 2026 and is targeting total annual production of between 2.8 million and 3.17 million ounces.
The expansion plans come amid stronger financial performance, with the company’s third-quarter earnings before interest, taxes, depreciation and amortisation rising by 12 per cent to $1.57bn, supported by higher gold prices.
AngloGold expects the planned growth projects to deliver real internal rates of return exceeding 35 per cent, based on a long-term gold price assumption of $3,000 per ounce.
The projected returns are underpinning the company’s strategy of expanding established mining operations across Africa and Brazil to increase production and strengthen its position in the global gold market before the end of the decade.
- FG blames gas crunch for worsening power outages - November 6, 2026
- Oil thieves steal 3.3m barrels as NUPRC revenue drops N2.1trn - November 6, 2026
- NDLEA uncovers foreign drug cartels using Nigeria as transit hub - November 6, 2026
