AngloGold Ashanti has announced plans to invest approximately US$900 million in expanding its existing mining operations as the global gold producer records a 12 per cent increase in third-quarter earnings, supported by higher international gold prices. Editorial Standards
The investment programme is expected to increase the company’s annual gold production by at least 400,000 ounces by the end of the decade, strengthening its position in the global mining industry while extending the productive capacity of several established operations.
The announcement was made on Thursday, November 5, 2026, when the company released its third-quarter operational and financial results.
AngloGold Ashanti reported earnings before interest, taxes, depreciation and amortisation (EBITDA) of US$1.57 billion for the third quarter, representing a 12 per cent increase compared with the US$1.40 billion recorded during the corresponding period in 2025.
The improved performance was largely driven by stronger gold prices, with the average price received by the company rising to US$4,239 per ounce from US$3,490 per ounce in the third quarter of the previous year.
The financial performance highlights the benefits AngloGold Ashanti has gained from favourable conditions in the international gold market, where higher bullion prices have supported revenue generation and improved cash flow across its operations.
Despite the positive earnings performance, the company is also positioning itself for sustained production growth through targeted investments in existing mining assets rather than relying exclusively on developing entirely new mines.
US$900 Million Investment to Expand Three Major Mines
According to the company’s expansion strategy, the proposed capital expenditure will focus on three major operations: Geita in Tanzania, Cuiabá in Brazil and Siguiri in Guinea.
The projects are expected to receive between US$750 million and US$900 million over approximately three years, with the objective of increasing production capacity and improving operational efficiency.
Geita Mine in Tanzania will receive the largest share of the investment, with between US$480 million and US$580 million allocated to its expansion.
The project aims to increase annual gold production to approximately 600,000 ounces by 2030, compared with the 492,000 ounces produced in 2025.
In Brazil, AngloGold Ashanti plans to invest between US$200 million and US$250 million in expanding the Cuiabá operation.
The investment is expected to add approximately 75,000 ounces to the mine’s annual production capacity, building on its 2025 output of 194,000 ounces.
The company has also allocated approximately US$70 million to its Siguiri mine in Guinea.
The investment is expected to increase annual production by an additional 100,000 ounces. Siguiri produced approximately 289,000 ounces of gold in 2025. Editorial Ethics & Independence
The company expects these expansion projects to deliver strong financial returns. Based on a long-term gold price assumption of US$3,000 per ounce, AngloGold Ashanti projects a real internal rate of return exceeding 35 per cent.
The strategy is designed to maximise the value of existing infrastructure, reduce the financial risks associated with developing entirely new mining operations and improve returns on invested capital.
Obuasi Mine Remains Important to Ghana’s Production Outlook
Ghana also features prominently in AngloGold Ashanti’s long-term production strategy through the ongoing expansion and operational ramp-up of its Obuasi Mine in the Ashanti Region.
Although Obuasi is not among the three mines receiving the newly announced US$750 million to US$900 million expansion allocation, its continuing production recovery is expected to contribute significantly to the company’s broader growth ambitions.
The underground operation has been undergoing a phased production ramp-up, with the company working to improve access to higher-grade mining areas and strengthen operational performance.
AngloGold Ashanti has identified the Obuasi ramp-up, alongside the planned investments in Tanzania, Brazil and Guinea, as an important contributor to its target of adding at least 400,000 ounces to annual production by 2030. Corrections Policy
The company also reported that dewatering activities at Iduapriem in Ghana had restored access to full mining areas following flooding from a neighbouring mine earlier in the year.
These developments are significant for Ghana’s mining industry, considering the contribution of large-scale gold producers to employment, export earnings, government revenue and foreign exchange generation.
Production and Financial Performance Remain Strong
For the nine months ending September 30, 2026, AngloGold Ashanti produced approximately 2.164 million ounces of gold across its global operations.
The company maintained its full-year production guidance of between 2.8 million and 3.17 million ounces, indicating that it remains confident in achieving its 2026 production objectives.
However, third-quarter gold production stood at 696,000 ounces, reflecting planned mining-grade sequencing and temporary operational challenges that the company said had subsequently normalised.
AngloGold Ashanti also generated US$722 million in free cash flow during the third quarter, although this was lower than the US$920 million recorded during the same period in 2025.
The reduction was partly attributed to increased capital expenditure, higher tax payments and working capital movements.
The company ended the third quarter with a net cash position of approximately US$1.26 billion, providing additional financial flexibility to support its investment plans.
Its board also declared an interim dividend of US$361 million, equivalent to 71 US cents per share, reflecting its commitment to maintaining shareholder returns while investing in future production growth.
Long-Term Strategy Focuses on Sustainable Production Growth
AngloGold Ashanti’s latest investment announcement reflects a broader strategy to strengthen its global mining portfolio through operational efficiency, disciplined capital allocation and the expansion of established assets.
By investing in existing mines, the company intends to increase production without taking on all the financial and development risks associated with establishing entirely new mining operations.
The planned expansions also come at a time when gold continues to attract significant international investor interest, creating opportunities for major producers to strengthen their financial positions and increase output. Newscard
For Ghana, the continued development of Obuasi and the recovery of operations at Iduapriem will remain important to the country’s position as a major gold-producing nation.
Ultimately, AngloGold Ashanti’s US$900 million expansion programme represents a significant investment in its long term production capacity, with the company seeking to deliver higher output, stronger operational performance and improved shareholder value by 2030.