From Yahoo Finance: 2025-04-28 10:30:00

Perseus Mining has approved a $523m investment to develop the Nyanzaga Gold Project in Tanzania. The project is expected to produce 2.01 million ounces of gold over an 11-year period, with an average all-in site cost of $1,211/oz. Gold production is set to begin in Q1 2027, funded by interest-free loans from Perseus’ cash reserves.

The NGP will be an open-pit mining operation, with Perseus holding an 80% stake and the Government of Tanzania holding 20%. The project’s capital costs are estimated at $472m, with an additional $51m in pre-production capital. Perseus has a successful track record of operating gold mines in Africa.

Perseus has already invested $27.5m in the NGP, focusing on strengthening the project team and initiating early works such as site establishment and bulk earthworks. The decision to proceed with the development is supported by strong financial metrics, including an estimated pre-tax NPV of $404m and an IRR of 26% based on a gold price assumption of $2,100/oz.

The Nyanzaga Gold Project will be the first major gold mine development in Tanzania in 17 years, enhancing the country’s reputation as a favorable destination for foreign investment. Perseus is excited about the project and looks forward to collaborating with the Tanzanian government to deliver a world-class mining operation.



Read more at Yahoo Finance: Perseus commits $523m to develop Nyanzaga Gold Project in Tanzania