Gold miner AngloGold Ashanti is to invest an estimated US$650 million in its African mines to boost annual production.
According to a CNBC Africa report, the miner is intent on upping gold production by at least 400 000 ounces annually by 2030.
The company reportedly produced 2.164 million ounces of gold in the nine months to September 30 and is targeting a total of up to 3.17 million ounces in 2026. The 12% increase in earnings is linked to the higher gold price, which in January hit a record high of US$5 600 an ounce. The price has settled to about US$4 100 an ounce.
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In addition to spending up to US$250 million to expand its operations at Cuiabá, in Brazil, it intends expanding its mines at Geita in Tanzania and Siguiri in Guinea, while continuing to ramp up operations at Obuasi in Ghana.
The Geita expansion will cost between $480 million and $580 million to raise annual output by more than 100 000 oz to 600 000 oz by 2030.
With an investment of US$70 million, Siguiri, the miner’s only operation in Guinea, is expected to boost production to almost 400 000 oz from 289 000 oz in 2025.
AngloGold Ashanti has invested upwards of US$600 million to bring the 120-year-old Obausi mine back to life since 2018.
