OVERVIEW
ASX-listed Perseus Mining has announced that a Final Investment Decision (FID) has been taken to develop the Nyanzaga Gold Project (NGP) in Tanzania, following an update of the NGP Feasibility Study (FS).
Perseus has committed to invest approximately US$523 million (including contingency) to develop and prepare for the operation of the mine that is expected to produce first gold in Q1 2027. The NGP development will be solely financed via interest free, intercompany loans provided by Perseus from its existing cash and bullion balance of US$801 million as of 31 March 2025.
Perseus’s CEO Jeff Quartermaine said: “Perseus is very excited by its decision to proceed with the development of the Nyanzaga Gold Project and is looking forward to working alongside the Government of Tanzania to deliver a world class mining operation. Acquired in May 2024 through the successful takeover of OreCorp Limited, 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 favourable destination for foreign investment.
Importantly, the addition of a high-quality, long-life gold mine such as the Nyanzaga Gold Mine to Perseus’s existing asset portfolio, that currently includes the Yaouré, Sissingué and Edikan gold mines, as well as the undeveloped Meyas Sand Gold Project, represents a significant upgrade for Perseus and is consistent with the Company’s strategy for building a sustainable, geopolitically diversified but African-focused gold business involving 3-4 operating mines that produce between 500–600koz of gold per annum at a cash margin of not less than US$500 per ounce, for every ounce produced.
With the development of the Nyanzaga Gold Project, Perseus continues to strengthen its claim to be recognised as one of the leading gold producers operating on the African continent.”
