The world’s fourth-largest gold miner by output reported a 12% increase in third-quarter EBITDA to $1.57bn, supported by higher bullion prices.
AngloGold produced 2.164 million ounces of gold in the nine months to 30 September and targets 2.8 million to 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 $480m and $580m to raise output to 600,000 ounces per year by 2030, from 492,000 ounces in 2025.
The Cuiabá expansion will cost between $200m and $250m and add 75,000 ounces to its 2025 output of 194,000 ounces.
Another $70m 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 per ounce, AngloGold expects its growth projects to deliver a real internal rate of return above 35%.
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