AngloGold Ashanti has charted an organic growth plan built entirely on mines it already operates. The company said total forecast capital expenditure for brownfield expansions at Geita in Tanzania, Siguiri in Guinea and Cuiaba in Brazil is estimated at $750 million to $900 million over a three year period, projected to add incremental production of 300,000 to 450,000 ounces a year from a 2025 base by the end of the decade. The ongoing ramp up at Obuasi in Ghana sits alongside the three funded projects. The company expects the projects to generate real internal rates of return exceeding 35 percent, using existing infrastructure and operational footprints to reduce execution risk and capital intensity.
Geita, the group’s largest single operation, takes the biggest share. Reuters reported the Geita expansion will cost between $480 million and $580 million to raise output to 600,000 ounces a year by 2030, from 492,000 ounces in 2025. Cuiaba’s expansion will cost between $200 million and $250 million, adding about 75,000 ounces to its 194,000 ounce output in 2025. Another $70 million at Siguiri is intended to add 100,000 ounces, against production of 289,000 ounces last year.
The spending is funded from current cash generation. AngloGold reported third quarter EBITDA up 12 percent to $1.57 billion, free cash flow of $722 million in the quarter and $2.6 billion year to date, net cash of $1.26 billion, and an interim dividend of $361 million, or 71 cents a share. The average gold price received rose to $4,239 an ounce, from $3,490 an ounce a year earlier. Shares rose 0.35 percent to $88.22 by midday Thursday in New York, valuing the company at $44.6 billion.
Production in the quarter itself was softer. Group output was 696,000 ounces in the third quarter, reflecting grade sequencing at key open pits and short term operating challenges the company says have since normalised. Siguiri output rose 49 percent year on year and Cuiaba 4 percent, while Obuasi fell 26 percent, Sukari 21 percent and Geita 4 percent. Full year gold production guidance of 2.8 million to 3.17 million ounces is reaffirmed, after 2.164 million ounces in the nine months to September 30. Mining.com reported production costs rose 3.65 percent from the previous quarter to $1,534 an ounce on higher gold royalties and fuel costs.
The release also recorded a worker death from a rockfall at the Sukari underground mine in Egypt in August 2026. Operations were suspended during the investigation and have since resumed. The expansion case therefore rests on two separate tests: whether the brownfield projects deliver the modelled returns, and whether operating performance at the mature underground assets stabilises after a quarter marked by grade sequencing and a fatal incident.