AngloGold $900m mine expansion: project IRR and safety notes for engineers
Reviewed by Joe Ashwell

First reported on MINING.com
30 Second Briefing
AngloGold Ashanti will invest up to $900 million in brownfield expansions at Geita in Tanzania, Siguiri in Guinea, Cuiabá in Brazil and the ramp-up at Obuasi in Ghana, targeting an extra 300,000–450,000 oz/y of gold by 2030 and real IRRs above 35% by leveraging existing shafts, plants and infrastructure. Geita will take as much as $580 million to lift output to 600,000 oz/y, with Cuiabá receiving $200–250 million for roughly 75,000 oz/y more and Siguiri $70 million for about 100,000 oz/y. Q3 2026 EBITDA rose 12% year-on-year to $1.568 billion on an average realised gold price of $4,239/oz, while all-in costs climbed to $1,534/oz and a fatal rockfall occurred at the Sukari underground mine in August.
Technical Brief
- AngloGold suspended operations at the Sukari underground mine in August 2026 following a fatal rockfall.
- Work at Sukari only resumed after internal investigations into the rockfall incident were completed.
- EBITDA rose to $1,568 million in Q3 2026 from $1,400 million in Q3 2025, providing headroom for additional safety and ground support capital.
- Average realised gold price increased to $4,239/oz from $3,490/oz year-on-year, improving the economics of conservative geotechnical designs.
- Full-year production guidance of 2.8–3.17 Moz implies sustained underground and open-pit activity, maintaining exposure to geotechnical and seismic hazards.
Our Take
AngloGold Ashanti’s push to expand Geita, Siguiri and Cuiabá comes only weeks after our coverage of Obuasi’s fourth Gekko ILR installation, signalling a broader capital cycle where the company is sweating existing gold assets rather than chasing greenfields in higher-risk jurisdictions.
With project IRRs above 35% and EBITDA up 12% year-on-year, AngloGold Ashanti is positioned in our database as one of the more cash-generative gold names, which helps explain its parallel ability to fund both brownfield expansions and equity stakes such as the recent Thesis Gold & Silver placement.
The presence of a recent fatality at one of AngloGold Ashanti’s operations, combined with ASM-related conflict risks highlighted in our August piece on majors in Africa and Latin America, suggests that the $900m programme will likely face heightened internal scrutiny on geotechnical design, underground access control and community interface, particularly at Siguiri and Geita.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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