• Nyanzaga gold reserves rise 73% to 4 million ounces
• Mine life extended to 16 years, output over 200,000 ounces
• $523 million project boosts Perseus Africa production targets

Proven and probable gold reserves at Tanzania’s future Nyanzaga mine have increased to 4 million ounces, up 73% from the previous estimate of 2.3 million ounces published in April 2025. Australian operator Perseus Mining announced the update on Friday, Feb. 20, and said the project’s expected mine life has been extended to 16 years.

The revised estimate points to higher recoverable reserves once Nyanzaga comes online. Perseus had previously projected an 11-year mine life. The larger reserve base improves the project’s long-term outlook.

Under the revised 16-year plan, the company expects to produce more than 200,000 ounces of gold annually for 14 years, from fiscal 2028 through 2041.

Preliminary construction began in June 2025, with total development costs estimated at $523 million. The updated mine plan strengthens Nyanzaga’s role in Perseus’ African growth strategy. The company already operates three gold mines on the continent: Edikan in Ghana, and Yaouré and Sissingué in Côte d’Ivoire.

The extended mine life also lengthens the period over which Tanzania can benefit from mining revenues.

For 2026 through 2030, Perseus is targeting average annual production of between 515,000 and 535,000 ounces, compared with 431,684 ounces in 2024, partly reflecting Nyanzaga’s expected contribution. Delivering the project on schedule will be key, particularly amid strong gold prices after a rise of more than 60% the previous year.

Aurel Sèdjro Houenou