Nedbank Corporate and Investment Banking has underwritten a $500 million credit facility for AngloGold Ashanti’s Geita gold mine in Tanzania, marking one of the largest mining finance deals ever arranged by a South African bank.
South Africa has reinforced its position as one of Africa’s leading financiers of large-scale mining projects after one of its biggest banks underwrote a $500 million credit facility for AngloGold Ashanti’s Geita gold mine in Tanzania .
The financing, arranged by Nedbank Corporate and Investment Banking, ranks among the largest mining credit facilities the bank has ever fully underwritten, highlighting South Africa’s growing influence in financing strategic resource projects across the continent .
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The facility provides AngloGold Ashanti with funding certainty ahead of a planned debt syndication process, allowing the gold producer to secure capital immediately before portions of the loan are distributed among other lenders . The transaction also highlights the increasingly important role South African financial institutions play in supporting Africa’s mining industry beyond the country’s borders, leveraging decades of expertise in financing gold, platinum and critical minerals projects.
Nedbank CIB has been a long-standing financing partner to AngloGold Ashanti, having supported many of their African operations over the years, including those in Guinea, Ghana, Tanzania and Egypt . The bank strives to be the mining financier of choice for African gold producers, having arranged debt facilities of over $2 billion for African gold companies over the past 12 months .
Geita is one of Africa’s largest and longest-producing gold mines and serves as AngloGold Ashanti’s flagship operation in Tanzania. The mine has consistently ranked among the company’s top-performing assets, supported by more than four million ounces of proven and probable gold reserves. The mine employs approximately 7,000 people, with 97.5 percent being Tanzanian, and has contributed more than $2.5 billion to the Tanzanian fiscus since its inception in 2000 .
AngloGold Ashanti is moving forward with its investment strategy, with additional capital expenditure approved for this year at Geita and $100 million investments planned over the next three years for the mine’s expansion . The ongoing investment aims to increase Geita’s mineral reserves by about 60 percent, extending the mine life from seven years to at least a decade by 2028 .
Nedbank CIB syndicated this exposure to Tanzanian banks in local currency and coordinated the successful closing of the facility, further embedding its operations within the Tanzanian financial sector. This approach gives AngloGold Ashanti certainty of funds and access to local currency funding, helping the mine deliver on its local content obligations .
According to a report by Accra Street Journal, the financing reflects continued investor confidence in Tanzania’s mining sector, which has become one of East Africa’s most important sources of gold production and foreign investment . For South Africa, the transaction extends its influence beyond mining operations into the financing that underpins the continent’s extractive industries.
While South Africa remains home to some of Africa’s largest mining companies, its banks have increasingly become key providers of capital for projects across the continent, helping fund developments in gold, energy, infrastructure and industrial sectors. The Geita financing further strengthens that position, showcasing South African financial expertise in facilitating large cross-border transactions that support the expansion of Africa’s mining industry while deepening regional economic integration.
Source: Accra Street Journal
Last Updated on July 15, 2026 by Samuel Kwame Boadu
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Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.
