Perseus Mining Commits $523M to Tanzanian Gold Project

Australian gold producer Perseus Mining has announced a final investment decision of $523 million to develop the Nyanzaga Gold Project in Tanzania – marketing the country’s most significant gold mine development in over a decade.

The project will be funded entirely through Perseus’ existing cash and bullion reserves, which total $801 million. The investment will support the construction of a processing plant, associated infrastructure and overall mine development, with first gold production expected in Q1 2027. To date, Perseus has invested $27.5 million in building local capacity, establishing site accommodations and initiating community resettlement activities.

“… the Nyanzaga Gold Project will be the first major gold mine development in Tanzania in 17 years and represents a major step forward in terms of enhancing Tanzania’s reputation as a favorable destination for foreign investment,” said Jeff Quartermaine, CEO, Perseus Mining.

The open-pit operation is expected to produce approximately 200,000 ounces of gold per year from 2028 to 2035, with peak output forecast to reach 246,000 ounces. A second phase of resource definition drilling is currently underway to convert Inferred Mineral Resources to Indicated status.

Power will be supplied via a newly constructed 53-kilometer, 220-kV transmission line from the Tanzania Electric Supply Company.

Perseus will draw on its operational experience from other African projects – including Yaouré, Sissingué, Edikan and the forthcoming Meyas Sand Gold Project – to accelerate delivery and operational readiness at Nyanzaga.