Perseus Mining has committed US$523 million of its own funds to develop the Nyanzaga Gold Mine, marking a historic milestone as the first major gold mine to be constructed in Tanzania in 17 years.

The investment reflects Perseus’s growing ambition in Africa and follows a similar decision earlier this year to advance the CMA underground project at its Yaouré Gold Mine in Côte d’Ivoire, which is still awaiting final government approvals.

Managing Director and CEO Jeff Quartermaine described Nyanzaga as a high-quality, long-life operation that will significantly enhance the company’s portfolio, which already includes the Yaouré, Sissingué, and Edikan mines, as well as the undeveloped Meyas Sand Gold Project.

“Our strategy is to build a geographically diversified, Africa-focused gold business comprising three to four mines, producing between 500,000 and 600,000 oz of gold annually, with a cash margin of at least US$500 per ounce,” said Quartermaine.

Perseus acquired an 80% stake in Nyanzaga last year for A$258 million, with the Tanzanian government retaining the remaining 20%. The project holds probable ore reserves of approximately 40.08 Mt at a grade of 2.02 g/t, expected to deliver around 2.6 Moz of gold over its life.

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The company has financed its recent investments, including Nyanzaga, from internal resources—demonstrating a robust balance sheet and disciplined capital management. Its strategic focus remains on acquiring or developing high-quality assets in mining-friendly jurisdictions, with a strong emphasis on community engagement, environmental responsibility, and local partnerships.

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With the Nyanzaga project, Perseus Mining not only reaffirms its long-term commitment to Tanzania but also strengthens its position as a leading African gold producer. As construction ramps up, the project is expected to deliver economic benefits locally and contribute significantly to Perseus’s production profile in the years to come.

Perseus’s commitment to Tanzania is part of a broader African strategy. The company currently operates three gold mines: Yaouré and Sissingué in Côte d’Ivoire, and Edikan in Ghana. In January 2025, the company reached a final investment decision on the CMA underground project at Yaouré, further solidifying its presence in West Africa.

In addition to its producing assets, Perseus is advancing the undeveloped Meyas Sand Gold Project in Sudan, though progress there remains contingent on political and security developments. The company’s portfolio reflects a balanced mix of production, development, and exploration assets across the continent.