AngloGold Ashanti reported lower gold production at Siguiri mine, Guinea’s largest gold mine, during the first quarter of 2026, although higher global bullion prices sharply boosted revenue from the operation.
The company said attributable gold production from the mine fell 6 percent year-on-year to 75,000 ounces during the January-to-March period.
The decline compared with approximately 80,000 attributable ounces produced during the same quarter last year.
On a full 100 percent basis, including the Guinea government’s 15 percent stake in the project, total production reached about 88,235 ounces, down from 94,118 ounces a year earlier.
AngloGold Ashanti attributed the weaker performance mainly to lower ore-processing volumes, despite improvements in ore grades at the site.
The company did not provide further operational details or indicate whether the first-quarter slowdown could affect the mine’s full-year outlook.
Siguiri remains one of the largest gold-producing assets in West Africa and a major contributor to Guinea’s mining sector, which is dominated by gold and bauxite exports.
Although production declined, soaring international gold prices significantly increased earnings from the operation.
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Revenue generated by the mine rose to $377 million during the quarter, compared with $221 million during the same period in 2025.
Gold prices have climbed strongly over the past year amid geopolitical tensions, global economic uncertainty and continued central bank demand for bullion.
The higher prices have helped cushion mining companies from operational challenges and rising production costs across the sector.
AngloGold Ashanti, which operates mines across Africa, Australia and the Americas, has forecast group-wide gold production of up to 3.1 million ounces in 2026.
The company’s African portfolio includes operations in Ghana, Tanzania, the Democratic Republic of the Congo and Egypt.
Guinea benefits financially from the Siguiri operation through royalties, taxes and dividends linked to its minority ownership stake in the mine.
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Mining remains a cornerstone of Guinea’s economy, with authorities seeking to increase state revenues and local value creation from the country’s natural resources.
The government has in recent years pushed for stricter enforcement of mining regulations and greater national participation in extractive industries as commodity prices remain elevated.
Analysts said the sharp rise in revenue at Siguiri despite lower production highlighted the continued importance of gold prices in supporting profitability across the mining industry.
However, investors are expected to closely monitor operational performance at the mine in coming quarters to assess whether the production decline was temporary or signals broader processing constraints.
