AngloGold Ashanti plans to spend between $550 million and $650 million expanding its Geita gold mine in Tanzania and Siguiri operation in Guinea. The investment programme, outlined on Thursday, 5 November 2026 alongside third-quarter earnings, is designed to lift output by expanding facilities at existing sites.

At Geita, AngloGold is considering spending $480 million to $580 million to bring annual production to 600,000 ounces by 2030, up from 492,000 ounces in 2025. Another $70 million is planned for Siguiri, where the company expects an additional 100,000 ounces annually against a 2025 production base of 289,000 ounces. The projected spending period is three years.

A global expansion programme with a major African component

The two African mines account for most of a wider $750 million–$900 million expansion programme that also includes Cuiabá in Brazil. The Brazilian project is expected to cost $200 million–$250 million and add 75,000 ounces of annual output. In Ghana, AngloGold is separately continuing to ramp up Obuasi after operational disruptions earlier this year.

Across the three expansion projects, the company is targeting an additional 300,000 to 450,000 ounces of annual production by the end of the decade compared with its 2025 base. It is using a long-term gold price assumption of $3,000 an ounce and expects a real internal rate of return above 35%, according to details provided with the results.

Stronger finances meet rising operating costs

Group adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose 12% to $1.568 billion in the third quarter from $1.4 billion a year earlier. The average price AngloGold received for gold increased to $4,239 an ounce from $3,490, supporting earnings as the miner stepped up investment across its operations.

Free cash flow nevertheless declined to $722 million from $920 million in the third quarter of 2025. Quarterly capital expenditure increased to $563 million from $388 million, while the company held $1.256 billion in net cash at 30 September 2026.

Third-quarter group gold production fell 9% to 696,000 ounces. Siguiri produced 58,000 ounces, up 49% year on year, while Geita recorded a 4% decline and Obuasi a 26% fall. Group cash costs rose to $1,534 an ounce from $1,225 a year earlier. AngloGold maintained its full-year 2026 production forecast of between 2.8 million and 3.17 million ounces.