(Xinhua) — South African gold mining company AngloGold Ashanti will invest 1.75 billion U.S. dollars in Brazil over the next five years, its chief executive said Wednesday.

CEO Mark Cutifani made the announcement during the 14th Brazilian Mining Congress in Belo Horizonte, capital of the southeastern Brazilian state of Minas Gerais.

According to Cutifani, the company, the third largest gold producer in the world, aims at increasing its yearly production in Brazil to 700,000 troy ounces by 2016.

Last year, AngloGold Ashanti’s gold production in Brazil totaled 400,000 troy ounces. The company expects an output of 420,000 troy ounces in 2011 and 500,000 troy ounces in 2012.

The company is currently launching a 220-million-dollar new gold project in Minas Gerais, whose mineral reserves have been explored for the past three centuries.

AngloGold Ashanti’s global production is expected to reach 4.4 million troy ounces this year and 5.5 million ounces by the end of 2014. The amount of global investment to be made in 2012 and 2013 is estimated at 1.6 billion to 2.2 billion dollars.