AngloGold Ashanti is planning to expand some of its gold and uranium mines in South Africa to boost production.
The company will maintain a minimum gold output of 1.75 million ounces a year over the next five years with the big projects producing additional ounces in ten to 12 years.
AngloGold’s Mponeng mine will undergo a $162m expansion in order to raise output, reports Business Day.
Other expansion projects are yet to be approved by the company’s board.
The company’s annual uranium output is expected to rise to two million pounds in the short term from 1.3 million pounds and could generate 1.4 million pounds of uranium this year, which accounts for nearly all of South Africa’s uranium production.