AngloGold Ashanti (NYSE: AU) plans to invest up to $900 million in expanding brownfield operations across its portfolio, targeting a production increase of 300,000 ounces to 450,000 ounces by 2030.
The investments will focus on the Geita gold mine in Tanzania, Siguiri in Guinea and Cuiabá in Brazil, as well as the ongoing ramp-up at Obuasi in Ghana. The company expects the projects to generate real internal rates of return exceeding 35%, Reuters reported.
“These are high-return, capital efficient projects at our operating mines that are expected to provide high-margin ounces and unlock further value from our portfolio,” AngloGold Ashanti CEO Alberto Calderon said in a statement.
The plan is to use existing infrastructure and operational footprints to reduce risk and optimize capital intensity.
Geita will receive the larger portion of the funding, up to $580 million to raise output to 600,000 ounces by 2030. Cuiabá’s expansion will cost between $200 million and $250 million, adding about 75,000 ounces to its output.
Another $70 million will be put towards the Suguiri mine, looking to add another 100,000 ounces to its production.
Shares in AngloGold Ashanti were up 0.35% to $88.22 apiece by mid-day Thursday in New York, valuing the company at $44.6 billion.
Profit on the rise
AngloGold reported a 12% increase for its EBITDA for Q3 2026 to $1,568 million, from $1,400 million for Q3 2025.
The company said on its Q3 earnings release that the growth is supported by the increase in the average gold price received per ounce to $4,239/oz, from $3,490/oz in the same period in 2025.
AngloGold Ashanti said its full year gold production guidance of 2,800,000 ounces to 3,170,000 ounces is reaffirmed.
Its gold production was about 3.65% more costly than the previous quarter, at $1,534 per ounce due gold royalties and higher fuel costs.
The company also reported that a worker died due to a rockfall at the Sukari underground mine in August 2026. Operations were suspended while investigations took place, but have since resumed.
(With files from Reuters)