AngloGold plans $900 million mine expansion amid stronger profit
The investment comes as the gold miner aims to incrementally increase production by the end of the decade.
AngloGold Ashanti (NYSE: AU) has announced plans to invest up to $900 million in expanding its existing gold mines across Tanzania, Guinea, Brazil, and Ghana. The aim is to boost production from 300,000 ounces to 450,000 ounces by 2030, which would result in a significant increase in profitability for the mining giant. The company's CEO, Alberto Calderon, stated that these projects are expected to generate real internal rates of return exceeding 35%, making them highly efficient in terms of capital use.
AngloGold Ashanti plans to utilize existing infrastructure and operational footprints to reduce risk and optimize capital intensity. The largest share of funding will go towards the Geita gold mine in Tanzania, with an investment of up to $580 million to increase its output to 600,000 ounces by 2030. Other expansions include Cuiabá in Brazil, costing between $200 million and $250 million, which will add about 75,000 ounces to its production, and Siguiri in Guinea, with a $70 million investment aimed at adding another 100,000 ounces.
AngloGold Ashanti reported a 12% increase in its EBITDA for Q3 2026, reaching $1,568 million from $1,400 million in the same period last year. This growth was driven by the rise in the average gold price received per ounce to $4,239/oz, up from $3,490/oz in Q3 2025. The company reaffirmed its full-year gold production guidance of 2,800,000 ounces to 3,170,000 ounces.
However, AngloGold Ashanti also reported a worker's death in August 2026 at the Sukari underground mine due to a rockfall, suspending operations for investigations before resuming them.
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