By Amara Osei

AngloGold Ashanti will commit up to $900 million to three mine expansions, targeting higher annual output and returns from the world’s fourth-largest gold miner by production. Third-quarter EBITDA (earnings before interest, taxes, depreciation and amortisation) rose 12% to $1.57 billion, supported by higher bullion prices.

What does the $900 million fund?

The three disclosed projects carry combined budgets ranging from $750 million at their lower limits to $900 million at their upper limits.

• Geita, Tanzania: AngloGold will spend $480 million to $580 million, lifting output to 600,000 ounces a year by 2030 from 492,000 ounces in 2025.
• Cuiabá, Brazil: A $200 million to $250 million expansion will add 75,000 ounces to the mine’s 2025 output of 194,000 ounces.
• Siguiri, Guinea: $70 million of spending will add 100,000 ounces at a mine that produced 289,000 ounces last year.

The capital programme also includes the continuing ramp-up of Obuasi in Ghana, although no separate cost or production figure accompanied that development. AngloGold Ashanti said the projects would “leverage existing infrastructure to maximise returns,” linking the three expansions with the Obuasi ramp.

Using infrastructure already in place forms the operating logic of the programme: more output from existing assets, rather than a separate build-out at each mine. The programme spans four countries: Tanzania and Brazil carry the two largest expansion budgets, while Guinea receives the smallest allocation and Ghana contributes through Obuasi.

What return does AngloGold expect?

At a long-term gold price of $3,000 per ounce, AngloGold expects its growth projects to deliver a “real internal rate of return above 35%.” Real internal rate of return (IRR) is an inflation-adjusted measure of the return generated by an investment over its life.

Geita carries the largest disclosed budget and the only dated production milestone, reaching 600,000 ounces annually by 2030. Its stated increase of 108,000 ounces exceeds the 75,000-ounce addition planned at Cuiabá and the 100,000-ounce addition planned at Siguiri.

The production schedules differ: Geita’s increase extends beyond 2026, while the announcement provides no completion dates for the Cuiabá and Siguiri additions. The 35% return threshold therefore rests on the company’s $3,000 long-term price assumption, rather than the higher bullion prices that supported third-quarter EBITDA.

That distinction links current earnings strength with the multi-year capital case: near-term performance benefits from prevailing prices, while the stated project economics depend on the assumed long-term price. Execution now rests on delivering the disclosed capacity gains; the 35% return threshold remains tied to the $3,000 per ounce assumption.

What production target anchors 2026?

AngloGold produced 2.164 million ounces in the nine months to 30 September and targets 2.8 million to 3.17 million ounces for 2026. The annual target sets the scale of the planned step-up, while the 2.164 million-ounce result provides the latest reported production base.

The three expansion budgets represent the principal quantified capacity commitments disclosed alongside that target. Obuasi supplies a fourth operational lever through its continuing ramp-up, but the announcement offers no separate output or spending figure for the Ghanaian mine.

Geita’s 2030 goal sits outside the 2026 target period, so the nearer production ambition cannot be attributed solely to that project. Cuiabá and Siguiri offer quantified additions of 75,000 ounces and 100,000 ounces, respectively, without accompanying deadlines in the disclosure.

AngloGold has therefore paired a near-term 2026 output target with longer-duration project economics, using existing assets and a $3,000-per-ounce price assumption to support the strategy. The disclosed capital commitments range from $750 million at their lower limits to $900 million at their upper limits.