South Africa-based Anglogold Ashanti will increase its gold production in Brazil by investing $250m a year until 2016.

Anglogold Ashanti’s CEO Mark Cutifani said that the firm expects to increase its gold production from 420,000 to 700,000oz in the five-year period.

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As part of increasing its production, the firm will expand the existing mines at Cuiaba in the Mato Grosso state and Corrego do Sitio in Minas Gerais state, and the Serra Grande mine in Goias.

The firm will invest between $1.6bn and $2.2bn in the 2012-2013 period and increase its production by one quarter from 4.4 to 5.5Moz by 2015, reports Reuters.

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