AngloGold Ashanti plans to spend up to $900 million expanding existing mines in Tanzania, Brazil and Guinea, to lift output by 2030. Third-quarter EBITDA rose 12% from a year earlier to $1.57 billion on higher gold prices.
At a glance
- Geita in Tanzania gets the largest share, up to $580 million, to reach 600,000 ounces a year by 2030.
- AngloGold expects real returns above 35% at a long-term gold price of $3,000 an ounce.
- It kept its 2026 production guidance of 2.8-3.17 million ounces.
Background
AngloGold Ashanti is the world's fourth-largest gold producer, according to Business Insider Africa. A brownfield expansion enlarges an existing mine, using its infrastructure, rather than building a new one. EBITDA means earnings before interest, taxes, depreciation and amortisation. A real internal rate of return measures a project's yearly return after inflation.
What happened
AngloGold Ashanti said it plans to invest up to $900 million in brownfield expansions, with the spending focused on Geita in Tanzania, Cuiabá in Brazil and Siguiri in Guinea, MINING.COM reported.
Geita will receive $480-580 million to raise output from 492,000 ounces in 2025 to 600,000 ounces a year by 2030. Cuiabá will take $200-250 million to add 75,000 ounces to its 194,000 ounces, and Siguiri $70 million to add 100,000 ounces to its 289,000 ounces.
Why AngloGold is expanding
Chief executive Alberto Calderon called them high-return, capital-efficient projects at operating mines. AngloGold expects real internal rates of return above 35%, based on a long-term gold price of $3,000 an ounce.
Reports differ on the total gain alongside the ramp-up at Obuasi in Ghana. MINING.COM put it at 300,000-450,000 ounces by 2030, while reports citing Reuters said at least 400,000 ounces.
What it means
Higher gold prices are funding the plan. Third-quarter EBITDA rose 12% to $1.57 billion from $1.4 billion a year earlier, as the average price received rose to $4,239 an ounce from $3,490.
AngloGold produced 2.164 million ounces in the first nine months and kept its full-year guidance of 2.8-3.17 million ounces.
Our read
Outlook: neutral. The extra ounces are due by 2030, so the plan does not change near-term gold supply.
What to watch
- Project approvals and timing at Geita, Cuiabá and Siguiri.
- The ramp-up at Obuasi in Ghana.
- Fourth-quarter output against full-year guidance.
For information only, not investment advice.
Gold price in India
metalscost.com India reference price as of 2026-11-07.
Detailed analysis
Supply Drivers
AngloGold is using existing infrastructure to add ounces at lower capital cost.
Mining Production
Expansions at three mines aim to lift output by 2030, with Geita reaching 600,000 ounces a year.
What could lift prices
- The extra ounces are not due until 2030.
- Miners are spending more to replace and add supply.
What could weigh on prices
- AngloGold plans to add several hundred thousand ounces a year by 2030.
- The projects work at a gold price of $3,000 an ounce, well below current prices.
Country impact
| Country | Impact | Reason |
|---|---|---|
| Tanzania | High | Geita receives the largest share of the spending. |
| Brazil | Medium | Cuiabá is to get $200-250 million. |
| Guinea | Medium | Siguiri is to get $70 million to add 100,000 ounces. |
Industry impact
| Industry | Effect | Reason |
|---|---|---|
| Gold Mining | Positive | Higher prices are funding expansions at existing mines. |
Who gains, who loses
- Tanzania's economy: Geita is to receive up to $580 million of new investment.
- AngloGold shareholders in the short term: Up to $900 million of spending reduces cash that could be returned.
Other ways this could play out
- If gold stays well above $3,000, the projects should earn more than planned.
- If costs rise, the expected returns could fall.
Price risks
- Rising fuel costs and royalties are lifting production costs.
- New supply by 2030 could weigh on prices.
Technical view
Price is trading below both its 20-period and 50-period moving averages, a bearish alignment.
Computed from metalscost.com's own stored price history.
Brazil