AngloGold to invest $900 million in mine expansions
AU•AU•AU•AU•AngloGold Ashanti plans to invest about $900 million to increase annual gold production by at least 400,000 ounces by the end of the decade, mainly through existing mine expansions. It reported third-quarter EBITDA of $1.57 billion, up 12%.
AngloGold Ashanti plans expansions at Geita in Tanzania, Siguiri in Guinea and Cuiabá in Brazil, alongside the ramp-up at Obuasi in Ghana. The company said the projects will use existing infrastructure.
The Geita expansion is expected to cost $480 million to $580 million and raise annual production to 600,000 ounces by 2030, from 492,000 ounces in 2025. Cuiabá is expected to cost $200 million to $250 million and add 75,000 ounces to its 194,000-ounce output from 2025; another $70 million will add 100,000 ounces at Siguiri.
AngloGold produced 2.164 million ounces in the first nine months of the year and targets output of 2.8 million to 3.17 million ounces in 2026. Based on a long-term gold price of $3,000 an ounce, it expects the growth projects to deliver a real internal rate of return above 35%.
