(Ecofin Agency) - Perseus Mining acquired the Nyanzaga gold project this year, potentially its fourth gold mine in Africa. Though it delayed to secure the necessary approvals, the company intends to start gold production by early 2027.

Perseus Mining announced on December 5, 2024, that the final investment decision (FID) for the Nyanzaga gold mine has been postponed to January 2025. FID was expected for the end of this year.

Perseus reassured that the delay will not affect the planned start of gold production in 2027. “Following the FID, development works will commence immediately, leading to the production of first gold at the Nyanzaga gold mine by January 2027,” stated Perseus Mining’s CEO Jeff Quartermaine.

Ahead of the activity launch, Perseus started drilling at Nyanzaga last August to estimate the project’s mineral resources and ore reserves. Foundational engineering work (FEED) is also underway, alongside plans for relocating communities affected by the Nyanzaga project. 

The Nyanzaga gold mine could help raise Tanzania's gold output by 234,000 ounces yearly over a 10-year lifespan. This venture will be Perseus Mining's fourth gold mine on the African continent. Its other mines are in Ghana and Côte d'Ivoire.