AngloGold Ashanti has announced plans to invest around $900m to increase its annual gold production by a minimum of 400,000 ounces (oz) by the end of the decade.
The investment will focus mainly on expanding existing mines.
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The group reported a 12% rise in third-quarter earnings before interest, taxes, depreciation, and amortisation (EBITDA) to $1.57bn, supported by higher gold prices.
For the nine months ending 30 September, AngloGold Ashanti produced 2.16 million ounces (moz) of gold.
The company has set a production target of between 2.8 and 3.17moz for 2026.
Key expansion projects include work at Geita in Tanzania, Siguiri in Guinea, and Cuiabá in Brazil, with further ramp-up at the Obuasi mine in Ghana, reported Reuters.
AngloGold Ashanti plans to use existing infrastructure at these sites in an effort to maximise returns.
The largest portion of planned expenditure will go towards the Geita mine, where between $480m and $580m will be spent to increase output to 600,000oz per year by 2030, from 492,000oz reported in 2025.
At Cuiabá, the company intends to allocate between $200m and $250m to boost production by 75,000oz, adding to an expected 194,000oz from 2025.
The Siguiri mine in Guinea will see an investment of $70m to raise output by 100,000oz, after producing 289,000oz last year.
AngloGold Ashanti said it expects a real internal rate of return of over 35% for these projects, based on a long-term gold price of $3,000 per ounce.
In July 2026, Perenti subsidiary African Mining Services (AMS), operating through the AMAX joint venture (JV), announced to sell its mining fleet to AngloGold Ashanti.
