Key facts
- AngloGold targets 2026 output of between 2.8 million and 3.17 million ounces.
- The Geita expansion in Tanzania will cost $480 million to $580 million to reach 600,000 ounces a year by 2030, from 492,000 ounces in 2025.
- The Cuiabá expansion in Brazil will cost $200 million to $250 million, adding 75,000 ounces to its 194,000 ounce output from 2025.
- AngloGold said $70 million will be spent to add 100,000 ounces at the Siguiri mine in Guinea, which produced 289,000 ounces last year.
- Based on a long-term gold price of $3,000 an ounce, AngloGold expects its growth projects to deliver a real internal rate of return of more than 35%.
AngloGold Ashanti plans to invest about $900 million to lift annual gold production by at least 400,000 ounces by the end of the decade, largely through expansion at existing mines, the company said on November 5. The world's fourth-largest gold miner by output reported a 12% increase in third-quarter EBITDA to $1.57 billion, supported by higher bullion prices.
AngloGold produced 2.164 million ounces of gold in the nine months to September 30 and targets output between 2.8 million and 3.17 million ounces in 2026. It said expansion projects at Geita in Tanzania, Siguiri in Guinea and Cuiabá in Brazil, alongside the ongoing ramp-up at Obuasi in Ghana, will leverage existing infrastructure to maximize returns.
The Geita expansion will cost between $480 million and $580 million to raise output to 600,000 ounces per year by 2030, from 492,000 ounces in 2025. The Cuiabá expansion will cost between $200 million and $250 million, adding 75,000 ounces to its 194,000 ounce output from 2025. Another $70 million will be spent to add 100,000 ounces at the Siguiri mine in Guinea, which produced 289,000 ounces last year.
Based on a long-term gold price of $3,000 an ounce, AngloGold expects its growth projects to deliver a real internal rate of return of more than 35%.