(Ecofin Agency) - Canadian gold miner Perseus Mining, having produced over 500,000 ounces in 2023 from its three operating mines in West Africa, is actively pursuing portfolio expansion. The company made a takeover bid for the owner of a gold project in Tanzania.

Canadian gold miner Perseus Mining announced a cooperation agreement with Saudi Arabia's Ajlan & Bros Mining & Metals Company (ABM) on February 21, targeting joint investments in North Africa and Saudi Arabia.

The partnership will explore co-investing in gold projects across Algeria, Eritrea, Ethiopia, Egypt, and Sudan, prioritizing those with pre-feasibility or feasibility studies already conducted. Early-stage projects may also be considered, though specific investment amounts remain undisclosed.

"To be gaining access to these areas in partnership with a Saudi-based company gives us a high level of confidence that we will be well equipped to manage the culturally different settings that we may encounter and to navigate the challenges that arise in these jurisdictions from time to time,"  commented Perseus CEO Jeff Quartermaine.

Based in Australia, Perseus currently operates three gold mines in West Africa: Sissingué and Yaouré in Côte d'Ivoire and Edikan in Ghana. It also holds a 70% stake in Sudan's Meyas Sand gold project and is pursuing a takeover of the Nyanzaga gold project in Tanzania through OreCorp acquisition. In 2023, Perseus produced 528,486 ounces of gold from its West African mines. 

Emiliano Tossou