Nov 5 (Reuters) – AngloGold Ashanti plans to invest about $900 million to lift annual gold production by at least 400,000 ounces by the end of the decade, largely through expansion at existing mines, it said on Thursday.
• The world’s fourth-largest gold miner by output reported a 12% increase in third-quarter EBITDA to $1.57 billion, supported by higher bullion prices
• AngloGold produced 2.164 million ounces of gold in the nine months to September 30 and targets output between 2.8 million and 3.17 million ounces in 2026
• AngloGold said expansion projects at Geita in Tanzania, Siguiri in Guinea and Cuiabá in Brazil, alongside the ongoing ramp-up at Obuasi in Ghana, will leverage existing infrastructure to maximise returns
• The Geita expansion will cost between $480 million and $580 million to raise output to 600,000 ounces per year by 2030, from 492,000 ounces in 2025
• The Cuiabá expansion will cost between $200 million and $250 million, adding 75,000 ounces to its 194,000 ounce output from 2025
• Another $70 million will be spent to add 100,000 ounces at the Siguiri mine in Guinea, which produced 289,000 ounces last year
• Based on a long-term gold price of $3,000 an ounce, AngloGold expects its growth projects to deliver a real internal rate of return of more than 35%
(Reporting by Nelson BanyaEditing by David Goodman)
