Tanzania Secures $523 Million Gold Mine Investment from Perseus Mining Limited

Posted on : Tuesday , 1st July 2025

Perseus Mining officially began work on its Nyanzaga gold project in Tanzania in June. The announcement was made via the company's official Twitter account. The launch follows the final investment decision (FID) taken in April and represents a new chapter in the development of this $523 million project, which was acquired through OreCorp's 2024 purchase. According to Perseus, early-stage construction activities are now ongoing. These include the construction of a new residential camp with logistical facilities for future employees, earthworks, and a new access road to the mining site.

The business intends to finish construction by 2027, when commercial production will commence. Over an estimated 11-year lifespan, the mine is expected to produce 2 million ounces of gold, with an average annual output of 200,000 ounces.

Once operational, Nyanzaga will add to Perseus's West African portfolio, which already comprises the Yaoure and Sissingue mines in Cote d'Ivoire and the Edikan mine in Ghana. Between 2026 and 2030, Perseus intends to maintain an average yearly production of 515,000 to 535,000 ounces—a goal that is significantly centred on delivering Nyanzaga on time. The corporation affirmed that it will fully fund the project's $523 million construction budget with internal resources, avoiding external debt or share dilution.