AngloGold Ashanti plans $900 million mine expansion to lift gold output

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AngloGold Ashanti mine expansion

Highlights

AngloGold Ashanti will invest $900 million to expand its mines at Geita, Siguiri, and Cuiabá, raising annual output targets through 2030.
Geita expansion costs $480–580 million to lift output to 600,000 ounces by 2030; Cuiabá gets $200–250 million for 75,000 ounces, Siguiri $70 million for 100,000 ounces.
Third-quarter EBITDA rises 12% to $1.57 billion, with AngloGold targeting 2.8–3.17 million ounces output in 2026 and projecting over 35% real IRR at $3,000/oz gold.

Expansion plan across African and Brazilian mines

As reported by Reuters, AngloGold says the investment will be focused on expansion projects at Geita in Tanzania, Siguiri in Guinea and Cuiabá in Brazil, alongside the ongoing ramp-up at Obuasi in Ghana. The company says the strategy is designed to use existing infrastructure to maximize returns rather than rely mainly on new standalone developments.

The Geita expansion is expected to cost between $480 million and $580 million and raise output to 600,000 ounces a year by 2030, from 492,000 ounces in 2025. At Cuiabá, AngloGold plans to spend between $200 million and $250 million to add 75,000 ounces to the mine's 194,000-ounce output from 2025, while another $70 million is earmarked to add 100,000 ounces at Siguiri, which produced 289,000 ounces last year.

Earnings support growth outlook

The expansion drive comes as the world's fourth-largest gold miner by output reports a 12% rise in third-quarter EBITDA to $1.57 billion, helped by stronger bullion prices. AngloGold produces 2.164 million ounces of gold in the nine months to September 30 and targets total output of between 2.8 million and 3.17 million ounces in 2026.

Using a long-term gold price assumption of $3,000 an ounce, the company expects its growth projects to generate a real internal rate of return of more than 35%. That return profile suggests AngloGold is seeking to pair volume growth with capital discipline as major producers weigh expansion opportunities in a supportive gold market.

Our earlier article on the IMF’s updated outlook for sub-Saharan Africa highlighted that 2026 growth expectations improved, even as the inflation trajectory worsened and policymakers faced pressure to keep monetary policy tight. We also noted rising debt-service burdens and higher global borrowing costs, with added risks from El Niño and declining aid flows—factors that can affect operating and funding conditions for companies expanding across the region.

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