AngloGold Ashanti Plans $900M Output Expansion
The world's fourth-largest gold miner intends to lift annual production through expansions at existing mines in Tanzania, Brazil and Guinea.
Updated on Nov. 5, 2026 in Corporate Finance
AngloGold Ashanti plans to invest $900 million to lift annual gold production by at least 400,000 ounces by the end of the decade. The plan follows a 12% rise in third-quarter EBITDA to $1.57 billion, supported by higher bullion prices.
Why it matters
Gold miners are seeking to grow output as bullion prices remain elevated, and AngloGold's plan relies on expanding existing mines rather than developing new ones. The company states the aim is to maximise returns from current infrastructure.
AngloGold Ashanti reported third-quarter EBITDA of $1.57 billion, up 12% year-over-year, and produced 2.164 million ounces in the nine months to September 30. Its growth projects target a real internal rate of return above 35%, but returns depend on the $3,000-per-ounce gold price assumption.
The players
AngloGold Ashanti
AngloGold Ashanti is the world's fourth-largest gold miner by output, with operations across Africa and South America.
The details
The expansions include Geita in Tanzania at $480 million to $580 million, lifting output to 600,000 ounces a year by 2030, and Cuiabá in Brazil at $200 million to $250 million, adding 75,000 ounces to its 2025 output of 194,000 ounces. A further $70 million will add 100,000 ounces at the Siguiri mine in Guinea, which produced 289,000 ounces last year, and Obuasi in Ghana is also ramping up.
Timeline
Nine-month production figures run through September 30, 2026.
AngloGold's 2026 output target range is 2.8 to 3.17 million ounces.
The Geita expansion is targeted to reach 600,000 ounces a year by 2030.
The company aims to add at least 400,000 ounces of annual output by the end of the decade.
Market Landscape
AngloGold's strategy of expanding existing mines rather than opening new ones reflects a broader pattern among large gold producers seeking output growth without the cost and timeline risk of greenfield projects. The plan positions the company to compete on production volume as it competes with other top-tier miners for share of global output.
Investors holding gold-mining equities may see returns tied to whether AngloGold delivers the projected output growth and the 35% internal rate of return on its expansion projects. Changes in bullion prices relative to the $3,000-per-ounce planning assumption would directly affect those outcomes.
The takeaway
Companies with strong cash flow from high gold prices are reinvesting in existing mines to grow output. Investors should watch whether expansions deliver the targeted ounces on schedule.
Further reading
Explore more in Corporate Finance coverage of mining company investment decisions.
