The miner intends to increase its output from 420,000 to 700,000 ounces in that five-year period, which is an increase by two thirds.

Anglogold also said it will expand existing mines at Cuiaba in Mato Grosso and Corrego do Sitio in Minas Gerais, as well as the Serra Grande mine in Goias.

In addition, the company will invest between $1.6bn and $2.2bn in its operations across the globe, over the next two years.

It also planned to raise production by one quarter to 5.5 million ounces by 2015, up from 4.4 million currently, reports Reuters.