Nedbank Corporate and Investment Banking (CIB) has arranged and underwritten a $500 million credit facility for AngloGold Ashanti’s Geita Gold Mine in Tanzania, strengthening funding for one of Africa’s most important gold assets.

The transaction ranks among the largest mining facilities ever underwritten by Nedbank CIB and highlights growing financial appetite for Africa’s mining sector as global demand for precious metals continues to rise.

The South African lender provided a fully underwritten financing solution, giving AngloGold Ashanti certainty of funding before launching a broader debt syndication process.

Financing supports Geita’s long-term expansion plans

The facility forms part of AngloGold Ashanti’s wider investment programme aimed at extending the operating life of Geita Gold Mine and maintaining long-term production capacity.

Located in Tanzania’s north-western Lake Victoria goldfields, Geita Gold Mine is the country’s largest gold-producing operation and a key contributor to Tanzania’s mining economy.

The mine combines open-pit operations at the Nyankanga and Geita Hill pits with underground mining activities at Star and Comet and Nyankanga. The operation employs more than 7,500 people and remains one of AngloGold Ashanti’s flagship assets globally.

Nedbank said the financing demonstrates its ability to deliver complex mining finance solutions by combining underwriting expertise, local banking participation and sustainable capital structures.

Boost for Tanzania’s banking sector

Following the initial underwriting, Nedbank CIB launched a local-currency syndication process that allowed Tanzanian financial institutions to participate in the facility. The move supports local content objectives while increasing the role of domestic banks in financing major mining developments.

“Acting as the sole underwriter on this transaction meant AngloGold Ashanti could secure funding certainty from a single source, while the subsequent syndication enabled Tanzanian bank participation,” said Tshepo Pitse, Nedbank CIB mining and critical minerals finance principal.

Africa’s mining finance market attracts global attention

The deal comes as African mining projects attract increased attention from international investors seeking exposure to gold, critical minerals and natural resources.

AngloGold Ashanti, one of the world’s largest gold producers, operates a diversified portfolio of mines across several countries. The company’s Geita operation remains central to Tanzania’s position as one of Africa’s leading gold producers.

Nedbank CIB, headquartered in Johannesburg, provides corporate and investment banking solutions across Africa, including debt financing, mergers and acquisitions, market trading and sustainable finance.

The $500 million Geita financing underscores the growing importance of African mining assets and the role of regional financial institutions in funding the continent’s next phase of resource development.