Tanzania and Guinea are expected to deliver 208,000 additional ounces of annual gold production as AngloGold Ashanti turns to its African mining operations to support a wider expansion target of at least 400,000 ounces by the end of the decade.

The two countries account for a substantial share of the company’s planned production additions, with Tanzania’s Geita mine receiving the largest investment allocation. Ghana is also part of the growth strategy through continued expansion at Obuasi.

AngloGold is committing approximately $900 million to its growth programme, which prioritises increasing output from established mines rather than relying entirely on new developments.

Tanzania takes the largest investment

Geita will receive between $480 million and $580 million to increase annual production from 492,000 ounces in 2025 to 600,000 ounces by 2030. In Guinea, AngloGold plans to spend $70 million at Siguiri to add 100,000 ounces to annual production. The mine produced 289,000 ounces last year.

Together, the two projects are expected to contribute 208,000 additional ounces annually, representing more than half of the company’s targeted production increase. Ghana’s Obuasi mine will provide another source of growth as AngloGold continues its production ramp-up, although no separate output addition was specified.

Brazil adds to global expansion

The investment programme also includes between $200 million and $250 million for the Cuiabá mine in Brazil. The expansion is expected to add 75,000 ounces to annual production, building on its 194,000-ounce output in 2025.

AngloGold produced 2.164 million ounces during the first nine months of the year and is targeting production of between 2.8 million and 3.17 million ounces in 2026.

Higher earnings strengthen investment case

The expansion plans follow a 12% increase in third-quarter earnings before interest, taxes, depreciation and amortisation to $1.57 billion, supported by higher gold prices.

AngloGold expects its growth projects to generate real internal rates of return exceeding 35%, based on a long-term gold price assumption of $3,000 an ounce.

The projected returns underpin its decision to expand existing operations across Africa and Brazil while pursuing higher production before the end of the decade.