AngloGold Ashanti plans to spend US$750 million to US$900 million over three years expanding three existing mines, two of them in Africa, as it looks for growth from assets it already runs.

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The JSE- and NYSE-listed gold miner said in its third-quarter results on 5 November that projects at Geita in Tanzania, Siguiri in Guinea and Cuiabá in Brazil should add 300,000 to 450,000 oz a year to output by the end of the decade, measured against 2025.

Geita carries most of the spend

"These are high-return, capital efficient projects at our operating mines." – Alberto Calderon, CEO, AngloGold Ashanti

Geita takes the largest share, up to US$580 million, to lift output to 600,000 oz a year by 2030 from 492,000 oz in 2025, Reuters reported. Siguiri needs about US$70 million for roughly 100,000 oz a year more, while Cuiabá would take US$200 million to US$250 million for about 75,000 oz.

According to the company, the projects show real internal rates of return above 35% at a long-term gold price of US$3,000/oz. The ramp-up at Obuasi in Ghana continues alongside them.

"These are high-return, capital efficient projects at our operating mines," chief executive Alberto Calderon said.

A softer quarter

The plan came with weaker operating numbers. Production fell 9% to 696,000 oz in the quarter to September, and all-in sustaining costs rose to US$2,170/oz from US$1,720/oz. BusinessLIVE reported that Obuasi's output fell 26% and Iduapriem's 43%, while Siguiri was the best performer, up 49%. The company put most of the cost increase down to gold-price-linked royalties and higher fuel prices.

A realised gold price of US$4,239/oz, up 21%, still lifted profit to US$927 million. AngloGold declared an interim dividend of 71 US cents a share, or US$361 million, and kept full-year guidance of 2.8 million to 3.17 million oz.

"We are well positioned to deliver a strong final quarter to achieve our full-year gold production targets," Calderon said.

Why it matters

Most of the new ounces would come from Tanzania and Guinea, so the plan brings fresh capital and work to Geita and Siguiri at a time when gold miners are weighing growth against rising costs.

Sources: AngloGold Ashanti Q3 2026 results, 5 November 2026; BusinessLIVE, 5 November 2026; Reuters via MINING.COM, 5 November 2026; 3News, 6 November 2026.