In 2024, Perseus Mining took over Tanzania’s future Nyanzaga gold mine through its OreCorp acquisition. The company delayed the project’s final investment decision (FID) to January 2025 before greenlighting development on April 28, 2025.
Perseus Mining committed $523 million to construct the Nyanzaga gold operation, targeting first production by Q1 2027. The budget allocates $472 million for plant and infrastructure alongside $51 million in pre-production capital. The miner will self-fund the project using its $801 million cash reserves as of March 31, 2025.
The project promises a 19% after-tax internal rate of return at $2,100/oz gold, generating a $202 million after-tax net present value. A $2,700/oz gold price scenario boosts returns to 34% IRR and $617 million NPV.
Perseus Mining aims to operate 3-4 African gold mines producing 500,000-600,000 ounces annually. Nyanzaga will yield 2 million ounces over 11 years, averaging 200,000 ounces yearly. The company currently runs Ghana’s Edikan mine and Côte d’Ivoire’s Yaouré and Sissingué operations.
Gold’s 2024 30% price surge continues into 2025, hitting a record $3,490/oz on April 22. JP Morgan predicts $4,000/oz by Q2 2026, potentially elevating Nyanzaga’s profitability.
Perseus Mining launched exploration drilling to upgrade resources and extend Nyanzaga’s lifespan. The company retains an 80% project stake while Tanzania holds a 20% free interest.
Aurel Sèdjro Houenou
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