For mining companies pursuing long-term growth, the ability to secure funding quickly and confidently can determine how effectively they develop assets, execute expansion programmes, and create value for stakeholders.

For lenders, it is a test of conviction, expertise and execution capability.

That is why Nedbank Corporate and Investment Banking's (CIB) role in delivering a USD500 million fully underwritten debt facility for AngloGold Ashanti's Geita Gold Mine represents far more than another successful transaction.

It is one of the largest mining financings solely underwritten by an African bank and a powerful demonstration of Nedbank CIB's position as the mining financier of choice for African gold producers.

Acting as sole underwriter and mandated lead arranger, Nedbank CIB provided AngloGold Ashanti with a one-stop financing solution, delivering certainty of funding upfront before efficiently syndicating a portion of the facility to local Tanzanian banks.

The transaction reflects the depth of Nedbank CIB's balance sheet, its mining finance expertise and its growing leadership in supporting strategic resource assets across the African continent.

A vote of confidence in African mining

The financing comes at a pivotal moment for both African mining and the global gold industry.

Gold continues to play a critical role in investment portfolios, central bank reserves and global economic stability. Against a backdrop of geopolitical uncertainty, inflation concerns and heightened market volatility, demand for high-quality gold assets remains robust.

For investors and lenders alike, world-class producing assets with long reserve lives, strong operational performance and clear growth potential have become increasingly attractive.

Geita is one such asset.

As Tanzania's largest gold mine and one of AngloGold Ashanti's most important operations globally, Geita occupies a strategic position within both the company's portfolio and Tanzania's economy.

The operation supports approximately 7 ,000 employees, of whom around 98% are Tanzanian nationals. Since 2000, the mine has contributed more than USD2.5  billion to the Tanzanian fiscus and supports more than 600  locally owned businesses through procurement and enterprise development programmes. Geita has been lauded by the Tanzanian Revenue Authority as the country’s leading tax contributor in 2025.

AngloGold Ashanti's significant capital investment programme at Geita is expected to extend the life of the mine beyond 10 years whilest simultaneously pushing output towards 600 ,000 ounces per annum.

The financing therefore supports more than mine development.

It supports employment, local business participation, future investment and long-term economic growth.

Delivering certainty when it matters most

Large-scale mining projects require financing partners capable of doing more than arranging capital. They require partners capable of underwriting risk, offering flexible solutions and executing efficiently. For AngloGold Ashanti, Nedbank CIB delivered exactly that.

By underwriting the full USD500 million facility, the bank provided immediate certainty of funds while allowing the client to focus on executing its growth strategy.

"Providing certainty of funding was central to this transaction," says Tshepo Pitse, Principal:  in Mining and Critical Minerals,  at Nedbank CIB.

"Mining companies are competing for capital in an increasingly selective global environment. The ability to provide a fully underwritten solution at scale enables clients to move forward with confidence and execute strategic growth plans without funding uncertainty.

"Our ability to commit the full facility upfront demonstrates both our conviction in the quality of the asset and our commitment to supporting leading mining companies across Africa."

One bank. One solution.

While the underwriting itself was significant, the transaction's true strength lay in its structure.

Nedbank CIB provided a complete financing solution, from underwriting and arranging the facility to syndicating a portion of the exposure into the Tanzanian banking market.

This approach enabled AngloGold Ashanti to access funding efficiently while simultaneously supporting local participation.

The syndication process also created opportunities for Tanzanian banks to participate in a landmark mining financing while providing access to local-currency funding solutions.

"One of the defining features of this transaction was our ability to provide a true one-stop solution," says Matthew Stretch, Principal:  in Mining and Critical Minerals,  at Nedbank CIB.

"We combined underwriting certainty with syndication expertise and deep local market knowledge. Our understanding of the Tanzanian operating environment, regulatory landscape and banking ecosystem enabled us to structure a solution that met the client's objectives while creating broader value within the market."

Building on East Africa expertise

The transaction further highlights Nedbank CIB's growing presence and expertise across East Africa.

Executing transactions of this nature requires more than financial capacity. It requires deep relationships, local market knowledge and a nuanced understanding of how capital moves across jurisdictions.

Nedbank's established presence in East Africa, combined with its experience across mining, infrastructure and structured finance, played a critical role in the successful execution of the facility.

The transaction also aligns closely with Nedbank’s broader growth ambitions across the region and demonstrates its ability to support increasingly large and complex transactions in key African markets.

The power of whole-bank delivery

The success of the Geita financing was underpinned by collaboration across Nedbank's financing, syndication and markets teams.

By leveraging expertise from across the franchise, the bank was able to optimise its balance sheet while continuing to meet the client's total funding requirements.

The result was a solution that combined underwriting strength, execution certainty, and efficient distribution into the market.

"Transactions of this nature showcase the value of bringing together the full capabilities of the bank," says Tshepo Pitse, Principal:  in Mining and Critical Minerals,  at Nedbank CIB.

"Mining finance today requires far more than lending. It requires structuring expertise, risk management, syndication capability, regional market insight and the ability to execute seamlessly across multiple stakeholders.

'Geita demonstrates our ability to originate, underwrite, structure and distribute large-scale mining financings while supporting both client objectives and broader economic outcomes,' adds Pitse."

Supporting long-term growth in Tanzania

For AngloGold Ashanti, the financing provides a strong platform for future investment and continued growth.

"This financing strengthens our ability to continue investing in the operation, extend the life of mine and support long-term production growth.

Nedbank CIB's ability to provide certainty of funding while structuring a solution that incorporated local banking participation was instrumental in helping us achieve our objectives."

Financing Africa's future

The Geita transaction represents more than a successful financing.

It demonstrates the growing sophistication of African capital markets, the increasing capability of African financial institutions and the continued attractiveness of world-class mining assets.

Most importantly, it reinforces Nedbank CIB's position as a trusted partner to Africa's leading mining companies.

As demand for capital continues to grow across the continent's mining sector, the ability to provide underwriting certainty, innovative structuring and flawless execution will become increasingly important.

For Nedbank CIB, that capability is already proven.

Because financing Africa's future requires more than capital. It requires conviction, expertise and the confidence to lead.