Perseus Commits $523 Million to Tanzania’s Largest Gold Project in Over a Decade
Australian gold producer Perseus Mining has approved a final investment of $523 million to develop the Nyanzaga Gold Project in Tanzania, marking the country’s most significant gold mine development in more than 17 years.
The project will be fully financed from Perseus’ existing cash and gold reserves, which currently total $801 million.
The investment will support the construction of a processing plant, related infrastructure, and the overall development of the mine. First gold production is expected in the first quarter of 2027.
So far, Perseus has invested $27.5 million to build local capacity, establish site accommodations, and begin community resettlement activities.
“This will be the first major gold mine development in Tanzania in 17 years and represents a major step forward in enhancing Tanzania’s reputation as a favourable destination for foreign investment,” said Jeff Quartermaine, CEO of Perseus Mining.
The open-pit operation is projected to produce approximately 200,000 ounces of gold annually from 2028 to 2035, with peak production estimated at 246,000 ounces.
A second phase of drilling is currently underway to upgrade Inferred Mineral Resources to Indicated status.
Power for the project will be delivered via a newly constructed 53-kilometre, 220-kV transmission line from the Tanzania Electric Supply Company (TANESCO).
Perseus will leverage its experience from other African operations—including Yaouré, Sissingué, Edikan, and the upcoming Meyas Sand Gold Project—to ensure timely delivery and operational readiness at Nyanzaga.
