AngloGold Ashanti, one of the world’s largest gold producers, has announced plans to invest approximately $900 million in expanding its mining operations across Tanzania, Guinea and Brazil as it seeks to increase annual production by at least 400,000 ounces before the end of the decade.
The investment programme is expected to strengthen the company’s production capacity by upgrading and expanding existing mining facilities rather than relying entirely on new projects.
The announcement comes as the gold mining industry benefits from elevated bullion prices, which have helped improve the financial performance of major producers.
AngloGold Ashanti, ranked as the world’s fourth-largest gold producer by output, reported a 12 per cent increase in third-quarter earnings before interest, taxes, depreciation and amortisation (EBITDA), reaching $1.57 billion.
The company said its expansion strategy would concentrate on three major operations: the Geita mine in Tanzania, the Siguiri mine in Guinea and the Cuiabá mine in Brazil. Its ongoing production ramp-up at the Obuasi mine in Ghana will also contribute to its broader growth ambitions.
Tanzania’s Geita Mine to Receive the Largest Investment
Tanzania is expected to benefit from the biggest portion of AngloGold Ashanti’s planned spending.
The company has earmarked between $480 million and $580 million for the expansion of its Geita gold mine, one of the country’s major mineral-producing operations.
The investment is intended to increase annual gold production at the mine from 492,000 ounces recorded in 2025 to approximately 600,000 ounces by 2030.
The expansion will build on infrastructure already available at the site, allowing the company to increase production capacity while making use of existing facilities.
The planned development is significant for Tanzania’s mining industry, where gold remains one of the country’s important mineral exports and sources of foreign exchange.
Increased output at Geita could also strengthen the mine’s contribution to AngloGold’s overall production as the company seeks to meet its long-term growth targets.
Guinea’s Siguiri Mine Targets 100,000 Additional Ounces
Guinea is another major beneficiary of the investment programme, with AngloGold planning to spend approximately $70 million on expanding its Siguiri gold mine.
The project is expected to add around 100,000 ounces to annual production capacity.
Siguiri produced 289,000 ounces of gold in 2025, making it an important part of the company’s African mining portfolio.
The planned investment will help the company increase output at the site and strengthen its presence in Guinea’s gold industry.
The expansion also comes at a time when mining remains an important component of Guinea’s economy, with the country seeking to maximise the value of its mineral resources.
For AngloGold, additional production from Siguiri will contribute to its target of raising annual output by at least 400,000 ounces by the end of the decade.
Brazil’s Cuiabá Mine Set for $250 Million Expansion
In South America, AngloGold Ashanti plans to invest between $200 million and $250 million in expanding its Cuiabá gold mine in Brazil.
The project is expected to increase annual production by approximately 75,000 ounces.
Cuiabá produced 194,000 ounces in 2025, and the proposed expansion is designed to build on its existing production base.
The Brazilian investment forms part of the company’s strategy to spread production growth across several established mining operations.
By developing assets in different geographical markets, AngloGold is seeking to increase its global output while making better use of existing infrastructure and mining facilities.
Obuasi Operations Remain Part of the Growth Strategy
Although Ghana is not among the three locations receiving the newly announced expansion allocations, the country’s Obuasi mine remains important to AngloGold Ashanti’s production plans.
The company is continuing its production ramp-up at Obuasi, which is expected to support its wider output ambitions.
The Ghanaian operation is particularly significant because AngloGold has maintained a major presence in the country’s mining industry for decades.
However, the company’s operations in Ghana are also taking place against the backdrop of changes to the country’s mining regulations.
The government has directed AngloGold Ashanti, Newmont and China’s Zijin Mining to transition to locally owned mining contractors by December 2026, with possible sanctions for companies that fail to comply.
The directive forms part of Ghana’s efforts to increase local participation in the mining sector and create more opportunities for domestic businesses.
AngloGold Reports Strong Financial Performance
The $900 million expansion announcement follows a strong financial performance during the third quarter of 2026.
AngloGold Ashanti reported EBITDA of $1.57 billion, representing a 12 per cent increase compared with the corresponding performance reported in the previous period.
Higher gold prices and increased production supported the improvement.
The company produced 2.164 million ounces of gold during the first nine months of 2026.
For the full year, it is targeting production of between 2.8 million and 3.17 million ounces.
The company believes its expansion projects can generate attractive financial returns. Based on a long-term gold price assumption of $3,000 per ounce, AngloGold expects the projects to deliver real internal rates of return above 35 per cent.
These projections remain dependent on factors such as gold prices, construction and operating costs, production performance and the successful delivery of the planned developments.
What the Investment Means for Africa’s Gold Industry
AngloGold Ashanti’s investment programme highlights the continuing importance of Africa’s gold resources to the global mining industry.
Tanzania and Guinea are expected to receive substantial investment as the company seeks to expand established mines and increase production.
The planned spending could support mining-related employment, create opportunities for local suppliers and strengthen economic activity in the areas surrounding the operations. The scale of those benefits will depend on how the projects are implemented and the extent of local participation.
The investment also demonstrates how major mining companies are responding to strong gold market conditions by increasing output from existing assets.
With at least 400,000 additional ounces targeted by the end of the decade, AngloGold Ashanti is positioning its operations in Africa and Brazil for another phase of production growth.
For Tanzania and Guinea, the planned developments could further reinforce their positions as important gold-producing countries, while Ghana’s Obuasi operation remains part of the company’s broader strategy to expand its global production base.
