As the world's third-largest gold producer, AngloGold Ashanti boasts a diversified portfolio of assets, featuring numerous African mines. One key operation is Siguiri in Guinea, a site with a rich history that AngloGold Ashanti has been successfully operating for almost 27 years.

In 1996, Ashanti Goldfields, now AngloGold Ashanti, made a strategic move, paying approximately $290 million to acquire Australian firm Golden Shamrock. This transaction secured several major assets for the group, notably the Siguiri gold mine in Guinea, which was then in its development phase.

The Siguiri Gold Mining Site,  Guinea

Nearly three decades later, that decision continues to yield significant returns, with Siguiri remaining a consistent producer. Gold extraction on the site is believed to date back to the 11th century and the era of the Soninke kingdom.

From Early Exploitation to Industrial Scale

While historical records for Siguiri's ancient past are sparse, its modern history began in the first half of the 20th century. Between 1931 and 1951, French colonial authorities documented the earliest gold exploitation, with reported annual production fluctuating between 1 and 3.8 tons of gold.

Russian teams conducted exploration work from 1960 to 1963. Société minière internationale du Québec (SOMIQ) followed in the late 1980s, completing the first feasibility studies for a large-scale mine. Société Aurifère de Guinée (SAG) briefly took over some operations in the early 1990s before shutting down in 1992.

The industrial project truly took shape under Golden Shamrock, which had targeted an average annual production of 300,000 ounces (about 9 tons) starting in 1998. Following the 1996 takeover, Ashanti Goldfields realized the plan and inaugurated the mine as scheduled in 1998.

Though its status as Guinea's oldest industrial mine may be debated—the Léro mine, for instance, opened in 1996—Siguiri's earlier phases of operation establish it as the country's most historically continuous gold site in the modern era. However, the large-scale industrial mining initiated by Ashanti Goldfields marked its true golden age. Following its 2004 merger with AngloGold Limited to form AngloGold Ashanti, the company invested heavily to boost Siguiri's plant ore capacity to 12 million tons per annum (Mtpa) of ore. Operating as a multi-deposit, open-pit mine, Siguiri subsequently achieved an average annual production of 420,000 ounces of gold between 2006 and 2015.

$400 Million Investment to Extend Mine Life

In 2015, nearly 20 years after Siguiri began operations, AngloGold Ashanti launched a feasibility study aimed at extending the mine's life. The plan centered on converting the processing facility into a modern unit capable of simultaneously treating both oxidized and fresh, hard-rock ores. The new facility was commissioned in 2019 to manage Siguiri's transition to deeper, fresher ore deposits.

While the total cost of the upgrade is undisclosed, AngloGold announced its intention in 2016 to invest $400 million over eight years to support its operations in Guinea. Alongside the new plant, other initiatives included bringing new deposit blocks into production and undertaking exploration programs to increase mineral reserves.

Several years on, Siguiri maintains its rank among Guinea's largest operating industrial gold mines. Its most recent annual peak was 329,000 ounces in 2022. Production has otherwise remained relatively stable, consistently exceeding 250,000 ounces per year. Siguiri reported a solid first half of 2025, delivering 194,000 ounces of gold, which represents 71% of the 273,000 ounces produced across the entire 2024 fiscal year.

Outlook for the Next Decade

Few details have emerged regarding Siguiri's precise remaining life. However, with attributable mineral reserves declared by AngloGold Ashanti totaling 2.13 million ounces as of December 31, 2024, the mine is expected to remain operational at least through the next decade. This output will provide long-term support for Guinea's industrial gold production, a sector still overshadowed by artisanal and small-scale mining (ASM).

The Siguiri mining concession is valid until 2041, secured by a 2016 agreement with the Guinean government. Under the terms, the state holds a 15% stake against AngloGold Ashanti's 85% interest. Continued operations will also benefit the site's approximately 4,271 employees and surrounding communities through the company's social investment programs.

Aurel Sèdjro Houenou